U.S. stocks traded lower this morning, with the Dow Jones index falling more than 900 points on Tuesday amid the ongoing Iran-U.S. conflict.

Iranian state media reported that Tehran has closed the Strait of Hormuz and warned it would fire on any vessel attempting to pass.

Following the market opening Tuesday, the Dow traded down 1.85% to 48,002.16 while the NASDAQ dipped 1.80% to 22,338.43. The S&P 500 also fell, dropping, 1.65% to 6,768.35.

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Leading and Lagging Sectors

Consumer staples shares fell by just 0.5% on Tuesday.

In trading on Tuesday, materials stocks dipped by 3.9%.

Top Headline

Best Buy Co Inc (NYSE:BBY) reported better-than-expected fourth-quarter adjusted EPS results and raised its quarterly dividend.

Best Buy reported quarterly earnings of $2.61 per share which beat the analyst consensus estimate of $2.47 per share. The company reported quarterly sales of $13.814 billion which missed the analyst consensus estimate of $13.877 billion.

Equities Trading UP
           

• MOBIX LABS, INC. (NASDAQ:MOBX) shares shot up 163% to $0.47. Mobix Labs secured a major U.S. Navy Tomahawk Missile component order as production accelerates.
• Shares of Battalion Oil Corp (NYSE:BATL) got a boost, surging 120% to $26.41 after the company announced plans to raise approximately $15 million.
• OceanPal Inc (NASDAQ:SVRN) shares were also up, gaining 63% to $0.71. SovereignAI Services LLC, OceanPal’s wholly owned AI infrastructure subsidiary, announced on Feb. 11 that it has tapped asset-management firm G-20 Group to manage a NEAR (CRYPTO: NEAR) treasury yield strategy.

Equities Trading DOWN

• Iterum Therapeutics PLC (NASDAQ:ITRM) shares dropped 38% to $0.17.
• Shares of Maia Biotechnology Inc (NYSE:MAIA) were down 29% to $1.46 as the company announced pricing of $30 million underwritten public offering of common stock.
• Theravance Biopharma Inc (NASDAQ:TBPH) was down, falling 28% to $13.70 after the company disclosed that Phase 3 CYPRESS study did not meet primary endpoint.

Commodities

In commodity news, oil traded up 8.4% to $77.23 while gold traded down 3.3% at $5,138.40.

Silver traded down 8.2% to $81.580 on Tuesday, while copper fell 2.1% to $5.8260.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 3.2%, while Spain's IBEX 35 Index fell 4.8%. London's FTSE 100 fell 2.9%, Germany's DAX fell 3.7% and France's CAC 40 declined 3.3% during the session.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan's Nikkei 225 falling 3.06%, Hong Kong's Hang Seng index dipping 1.12% and China's Shanghai Composite falling 1.43%.

Economics

The Logistics Manager's Index rose to 61.5 in February from 59.6 in the previous month.

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