U.S. stocks traded higher this morning, with the Dow Jones surging more than 100 points on Tuesday.
Following the market opening Tuesday, The Dow traded up 0.37% to 31,617.11 while the NASDAQ rose 1.46% to 11,112.63. The S&P 500 also rose, gaining, 0.80% to 3,827.55.
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Leading and Lagging Sectors
Real estate shares climbed 2.1% on Tuesday. Leading the sector was strength from Opendoor Technologies Inc. OPEN and Redfin Corporation RDFN.
In trading on Tuesday, energy shares fell by 0.1%.
General Motors Co 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. MEDP shares shot up 35% to $214.73 after the company reported better-than-expected Q3 results and issued FY22 guidance above estimates.
- Shares of Weber Inc. WEBR got a boost, shooting 34% to $6.75 after BDT Capital Partners offered to acquire all outstanding shares of the company for $6.25 per share in cash.
- Atlis Motor Vehicles, Inc. AMV shares were also up, gaining 22% to $15.93. Atlis Motor Vehicles recently announced an expanded order from Australia-based AUSEV for 270 of the Company's 1.5 MW charging stations.
Equities Trading DOWN
- Crown Holdings, Inc. CCK shares tumbled 19% to $68.99 after the company reported worse-than-expected Q3 results and issued soft Q4 guidance.
- Shares of Xerox Holdings Corporation XRX were down 18% to $13.03 after the company reported worse-than-expected Q3 results and lowered its full-year guidance.
- Cleveland-Cliffs Inc. CLF was down, falling 13% to $13.52 after the company reported worse-than-expected Q3 results.
In commodity news, oil traded up 1.5% to $85.82, while gold traded up 0.6% at $1,664.50.
Silver traded up 0.9% to $19.36 on Tuesday while copper fell 0.5% to $3.4140.
European shares were mostly higher today. The eurozone’s STOXX 600 gained 1%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index rose 1.2%. The German DAX gained 0.4%, French CAC 40 gained 1.3% and Italy’s FTSE MIB Index gained 0.6%.
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.
- 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.
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.
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