U.S. stocks traded mostly higher toward the end of trading, with the S&P 500 gaining around 0.5% on Tuesday.
The Dow traded up 0.05% to 44,759.66 while the NASDAQ rose 0.59% to 19,166.93. The S&P 500 also rose, gaining, 0.47% to 6,015.37.
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Leading and Lagging Sectors
Utilities shares jumped by 1.1% on Tuesday.
In trading on Tuesday, materials shares fell by 0.7%.
Top Headline
Dick's Sporting Goods Inc. (NYSE:DKS) reported upbeat earnings for its third quarter.
The company posted third-quarter adjusted earnings per share of $2.75, beating the street view of $2.68. Quarterly sales of $3.06 billion (+0.5%) outpaced the analyst consensus of $3.03 billion.
Dick's Sporting now expects FY24 earnings per share to be between $13.65 and $13.95, up from the previous forecast of $13.55 to $13.90, compared to the consensus estimate of $13.88. The company sees FY24 net sales of $13.2 billion to $13.3 billion versus the $13.25 billion consensus and the prior view of $13.1 billion to 13.2 billion
Equities Trading UP
- Poseida Therapeutics, Inc. (NASDAQ:PSTX) shares shot up 226% to $9.32 after the company announced it will be acquired by Roche in a $1.5 billion deal, with stockholders receiving up to $13 per share in cash.
- Shares of Hesai Group (NASDAQ:HSAI) got a boost, surging 64% to $7.78 after the company reported better-than-expected third-quarter sales results.
- Embecta Corp. (NASDAQ:EMBC) shares were also up, gaining 33% to $19.13 after the company reported better-than-expected fourth-quarter financial results and issued FY25 adjusted EPS guidance above estimates.
Equities Trading DOWN
- Alector, Inc. (NASDAQ:ALEC) shares dropped 35% to $2.5650 after the company announced that the INVOKE-2 Phase 2 clinical trial evaluating the safety and efficacy of AL002 in individuals with early Alzheimer’s disease failed to meet its primary endpoint.
- Shares of Leslie’s, Inc. (NASDAQ:LESL) were down 33% to $2.37 after the company reported worse-than-expected quarterly adjusted EPS and sales.
- Kohl’s Corporation (NYSE:KSS) was down, falling 17% to $15.20 after the company reported worse-than-expected third-quarter results, cut its FY24 EPS guidance, and projected a net sales decrease of 7%-8%.
Commodities
In commodity news, oil traded down 0.7% to $68.49 while gold traded up 0.3% at $2,626.70.
Silver traded up 0.9% to $30.510 on Tuesday, while copper fell 1% to $4.1160.
Euro zone
European shares closed lower today. The eurozone's STOXX 600 slipped 0.57%, Germany's DAX fell 0.56% and France's CAC 40 slipped 0.87%. Spain's IBEX 35 Index fell 0.80%, while London's FTSE 100 fell 0.40%.
Asia Pacific Markets
Asian markets closed mostly lower on Tuesday, with Japan's Nikkei 225 falling 0.87%, Hong Kong's Hang Seng Index gaining 0.04%, China's Shanghai Composite Index falling 0.12% and India's BSE Sensex falling 0.13%.
Hong Kong’s trade deficit widened to $31 billion in October from $25.8 billion in the year-ago month.
Economics
- The FHFA house price index rose by 0.7% from the previous month for September.
- The S&P CoreLogic Case-Shiller home price index rose 4.6% year-over-year in September versus a 5.2% increase in August.
- U.S. building permits declined by 0.4% to an annual rate of 1.419 million in October.
- Sales of new single-family homes in the U.S. dipped by 17.3% to an annualized rate of 610,000 in October.
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