U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 1.8% on Tuesday.
The Dow traded up 0.73% to 31,729.20 while the NASDAQ rose 1.78% to 11,147.16. The S&P 500 also rose, gaining, 1.19% to 3,842.53.
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Leading and Lagging Sectors
Real estate shares climbed 2.9% on Tuesday. Leading the sector was strength from WeWork Inc. (NYSE:WE) and NexPoint Residential Trust, Inc. (NYSE:NXRT).
In trading on Tuesday, energy shares slipped by 0.1%.
Top Headline
General Motors Co (NYSE:GM) reported better-than-expected financial results for the third quarter.
General Motors reported third-quarter revenue of $41.89 billion, which beat average analyst estimates of $41.77 billion. The company reported quarterly earnings of $2.25 per share, which beat average estimates of $1.89 per share.
Equities Trading UP
- Medpace Holdings, Inc. (NASDAQ:MEDP) shares shot up 36% to $215.39 after the company reported better-than-expected Q3 results and issued FY22 guidance above estimates.
- Shares of Taysha Gene Therapies, Inc. (NASDAQ:TSHA) got a boost, shooting 48% to $2.23. Japan-based Astellas Pharma announced a strategic investment to support the advancement of Taysha Gene Therapies’ adeno-associated virus (AAV) gene therapy development programs for of Rett syndrome and Giant Axonal Neuropathy (GAN).
- Revelation Biosciences, Inc. (NASDAQ:REVB) shares were also up, gaining 71% to $0.4180 after the company announced results in a preclinical model of acute and chronic kidney disease. Treatment with REVTx-300 significantly reduced renal cortical fibrosis in a dose dependent manner.
Equities Trading DOWN
- Crown Holdings, Inc. (NYSE:CCK) shares tumbled 19% to $68.85 after the company reported worse-than-expected Q3 results and issued soft Q4 guidance.
- Shares of Xerox Holdings Corporation (NASDAQ:XRX) were down 18% to $13.05 after the company reported worse-than-expected Q3 results and lowered its full-year guidance.
- Hoth Therapeutics, Inc. (NASDAQ:HOTH) was down, falling 23% to $0.2508 after the company announced a 1-for-25 reverse stock split.
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Commodities
In commodity news, oil traded up 0.9% to $85.35, while gold traded up 0.4% at $1,660.50.
Silver traded up 0.3% to $19.24 on Tuesday while copper fell 0.8% to $3.4030.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 1.23%, London’s FTSE 100 fell 0.18% while Spain’s IBEX 35 Index rose 1.43%. The German DAX gained 0.73%, French CAC 40 gained 1.7% and Italy’s FTSE MIB Index gained 0.98%.
The Ifo Business Climate indicator for Germany fell to 84.3 in October, recording the weakest level since May 2020, while producer prices in Spain surged 35.6% year-over-year in September.
Economics
- The S&P CoreLogic Case-Shiller 20-city home price index rose 13.1% year-over-year in August.
- The FHFA house price index declined 0.7% from a month ago in August.
- The Conference Board's consumer confidence index fell to 102.5 in October from previous reading of 107.8.
- The Treasury is set to auction 2-year notes at 1:00 p.m. ET.
- Data on money supply for September will be released at 1:00 p.m. ET.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,123,430 cases with around 1,093,150 deaths. India confirmed a total of at least 44,644,930 cases and 528,980 deaths, while France reported over 36,606,720 COVID-19 cases with 156,500 deaths. In total, there were at least 633,352,870 cases of COVID-19 worldwide with more than 6,584,420 deaths.
