Nasdaq Turns Higher; Verizon Shares Fall After Q3 Results

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite gaining around 0.2% on Tuesday.

The Dow traded up 0.08% to 42,963.84 while the NASDAQ gained 0.18% to 18,573.16. The S&P 500, however, fell 0.02% to 5,852.75 during the session.

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Leading and Lagging Sectors

Consumer staples shares rose by 0.8% on Tuesday.

In trading on Monday, industrials shares fell by 1%.

Top Headline

Shares of Verizon Communications Inc VZ fell around 5% on Tuesday after it reported fiscal third-quarter results.

Its sales growth was flat year over year, reaching $33.33 billion, marginally missing the analyst consensus estimate of $33.43 billion. Service and other revenue growth was offset by declines in wireless equipment revenue. Adjusted EPS of $1.19 beat the analyst consensus estimate of $1.18.

Equities Trading UP

iRhythm Technologies, Inc. IRTC shares shot up 22% to $75.59 after the company announced that it was granted FDA clearance for its 510(k) submission related to prior design changes made to the Zio AT device.
Shares of Mueller Industries, Inc MLI got a boost, surging 16% to $83.35 after the company reported better-than-expected third-quarter sales results.
Sangamo Therapeutics, Inc. SGMO shares were also up, gaining 37% to $1.2499 after the company announced the FDA approved an accelerated pathway for ST-920 in Fabry disease. A BLA submission is expected in 2025.

Equities Trading DOWN

Genuine Parts Company GPC shares dropped 19% to $115.37 after the company reported mixed third-quarter financial results and cut its FY24 EPS below estimates.
Shares of Polaris Inc. PII were down 8% to $73.50 after the company reported worse-than-expected third-quarter EPS and sales and cut its 2024 guidance.
Logitech International S.A. LOGI was down, falling 8% to $84.04 following second-quarter results.

Commodities

In commodity news, oil traded up 2.1% to $72.06 while gold traded up 0.8% at $2,761.40.

Silver traded up 2.9% to $35.050 on Tuesday, while copper rose 0.7% to $4.3890.

Euro zone

European shares closed mostly lower today. The eurozone's STOXX 600 fell 0.21%, Germany's DAX fell 0.20% and France's CAC 40 fell 0.01%. Spain's IBEX 35 Index fell 0.07%, while London's FTSE 100 fell 0.14%.

Passenger car registrations in the European Union fell by 6.1% year-over-year to 809,163 units in September following a 18.3% decline in August.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 falling 1.39%, Hong Kong's Hang Seng Index gaining 0.1%, China's Shanghai Composite Index gaining 0.54% and India's BSE Sensex falling 1.15%.

The annual inflation rate in Hong Kong fell to 2.2% in September from 2.5% in the prior month.

Economics

The composite manufacturing index in the US Fifth District came in at -14 for October compared to a reading of -21 in the prior month.

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