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Midway through trading Tuesday, the Dow traded down 0.57% to 36,225.27 while the NASDAQ fell 0.62% to 15,883.96. The S&P also fell, dropping 0.52% to 4,677.42.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 47,453,950 cases with around 776,310 deaths. India confirmed a total of at least 34,376,290 cases and 461,370 deaths, while Brazil reported over 21,886,070 COVID-19 cases with 609,600 deaths. In total, there were at least 251,254,020 cases of COVID-19 worldwide with more than 5,075,040 deaths, according to data compiled by Johns Hopkins University.
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Leading and Lagging Sectors
Utilities shares gained by 0.4% on Tuesday. Meanwhile, top gainers in the sector included TransAlta Corporation (NYSE:TAC), up 5% and Companhia Energética de Minas Gerais (NYSE:CIG) up 4%.
In trading on Tuesday, consumer discretionary shares fell 1.3%.
Top Headline
Sysco Corporation (NYSE:SYY) reported weaker-than-expected earnings for its first quarter.
Sysco posted quarterly adjusted earnings of $0.83 per share, missing analysts’ estimates of $0.86 per share. The company’s quarterly sales came in $16.50 billion, versus expectations of $15.87 billion.
Equities Trading UP
Dover Motorsports, Inc. (NYSE:DVD) shares shot up 60% to $3.5843 after Speedway Motorsports announced it will acquire the company for $3.61 per share in cash.
Shares of New Relic, Inc. (NYSE:NEWR) got a boost, shooting 36% to $123.74 after the company reported better-than-expected Q2 results and issued sales guidance above estimates. JP Morgan upgraded New Relic from Underweight to Overweight and raised the price target from $70 to $150.
Roblox Corporation (NYSE:RBLX) shares were also up, gaining 32% to $101.63 after the company reported better-than-expected Q3 EPS results. The company also reported Q3 DAUs were up 31% year over year.
Check out these big movers of the day
Equities Trading DOWN
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LifeStance Health Group, Inc. (NASDAQ:LFST) shares tumbled 25% to $9.61 after the company posted a wider-than-expected Q3 loss. JP Morgan downgraded LifeStance Health Group from Overweight to Neutral and lowered the price target from $24 to $12.
Shares of Amyris, Inc. (NASDAQ:AMRS) were down 31% to $8.90 after the company reported Q3 2021 EPS results were down year over year.
Pioneer Power Solutions, Inc. (NASDAQ:PPSI) was down, falling 24% to $7.93. Pioneer Power Solutions shares jumped 219% on Monday after the company announced the launch of its E-Boost portfolio of mobile Electric Vehicle charging solutions for a full range of applications.
Commodities
In commodity news, oil traded up 0.8% to $82.55, while gold traded up 0.2% to $1,830.70.
Silver traded down 1.2% Tuesday to $24.24 while copper fell 0.9% to $4.3615.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 dropped 0.19%, the Spanish Ibex Index rose 0.05% and the German DAX 30 gained 0.05%. Meanwhile, the London’s FTSE 100 fell 0.2%, French CAC 40 rose 0.19% and Italy’s FTSE MIB fell 0.97%.
The trade surplus in Germany shrank to EUR 16.2 billion in September from EUR 20 billion a year ago, while current account surplus narrowed to EUR 19.6 billion from EUR 25 billion. French current account deficit widened to EUR 2.7 billion in September from EUR 1.4 billion in the prior month, while trade deficit widened to EUR 6.78 billion in September.
Economics
The NFIB small business optimism index dropped for the second straight month to 98.2 points in October.
Producer prices for final demand rose 0.6% in October.
The Treasury is set to auction 10-year notes at 1:00 p.m. ET.
Minneapolis Fed President Neel Kashkari will speak at 1:30 p.m. ET.
Check out the full economic calendar here
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.