Mid-Morning Market Update: Markets Slip; Citigroup Profit Misses Estimates
Following the market opening Tuesday, the Dow traded down 0.37 percent to 15,244.54 while the NASDAQ declined 0.08 percent to 3,812.38. The S&P also fell, dropping 0.30 percent to 1,704.98.
Citigroup's quarterly profit surged to $3.2 billion, or $1 per share, from $468 million, or $0.15 per share, in the year-ago quarter. Its adjusted earnings came in at $1.02 per share.
Its total net revenue surged 30% to $17.9 billion from $13.7 billion. However, analysts were projecting earnings of $1.05 per share on revenue of $18.58 billion. Citigroup's net credit losses declined 38% to $2.4 billion.
Shares of Tesla Motors (NASDAQ: TSLA) got a boost, shooting up 4 percent to $186.90 after Wedbush upgraded the stock from Neutral to Outperform and lifted the target price from $180 to $240.
Johnson & Johnson (JNJ) was also up, gaining 1.50 percent to $91.15 after the company posted upbeat Q3 earnings.
Equities Trading DOWN
Shares of Molycorp (NYSE: MCP) were down 18.75 percent to $5.77 after the company announced its plans to to sell $200 million in shares.
Caesars Entertainment (NASDAQ: CZR) was down, falling 10.77 percent to $19.98 after reporting completion of the offering of notes.
In commodity news, oil traded down 0.94 percent to $101.45, while gold traded down 0.88 percent to $1,265.40.
Silver traded down 1.56 percent Tuesday to $21.02, while copper rose 0.02 percent to $3.30.
European shares were higher today. The Spanish Ibex Index rose 0.65 percent, while Italy's FTSE MIB Index gained 0.41 percent. Meanwhile, the German DAX rose 0.84 percent and the French CAC 40 climbed 0.64 percent while U.K. shares gained 0.82 percent.
The ICSC-Goldman Sachs store sales index dropped 0.7% for the week ended Saturday versus the earlier week.
The Empire state manufacturing index fell to 1.52 in October, from a prior reading of 6.29. However, economists were expecting a reading of 7.00.
The Johnson Redbook Retail Sales Index declined 1.4% for the first week of October versus September.
The Treasury is set to auction 3-and 6-month bills.
FOMC member Fisher is expected to speak at 7:15 p.m. ET.
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