U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 200 points on Tuesday.
The Dow traded up 0.93% to 31,792.07 while the NASDAQ rose 1.96% to 11,167.36. The S&P 500 also rose, gaining, 1.40% to 3,850.54.
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Leading and Lagging Sectors
Real estate shares climbed 3.4% on Tuesday. Leading the sector was strength from WeWork Inc. WE and Compass, Inc. COMP.
In trading on Tuesday, energy shares fell by 0.4%.
General Electric Company GE reported weaker-than-expected earnings for the third quarter.
General Electric reported Q3 FY22 adjusted sales of $18.4 billion, +7% organically, and GAAP total revenues of $19.1 billion, against the consensus of $18.72 billion. Adjusted EPS was $0.35, down from $0.53 a year ago and the consensus of $0.50.
Equities Trading UP
- Medpace Holdings, Inc. MEDP shares shot up 37% to $217.45 after the company reported better-than-expected Q3 results and issued FY22 guidance above estimates.
- Shares of Taysha Gene Therapies, Inc. TSHA got a boost, shooting 60% to $2.41. 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. REVB shares were also up, gaining 70% to $0.4143 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. CCK shares tumbled 18% to $69.79 after the company reported worse-than-expected Q3 results and issued soft Q4 guidance.
- Shares of Xerox Holdings Corporation XRX were down 15% to $13.56 after the company reported worse-than-expected Q3 results and lowered its full-year guidance.
- Hoth Therapeutics, Inc. HOTH was down, falling 23% to $0.2502 after the company announced a 1-for-25 reverse stock split.
In commodity news, oil traded up 0.8% to $85.25, while gold traded up 0.4% at $1,660.80.
Silver traded up 1.1% to $19.395 on Tuesday while copper fell 0.7% to $3.4080.
European shares were mostly higher today. The eurozone’s STOXX 600 gained 1.44%, London’s FTSE 100 fell 0.01% while Spain’s IBEX 35 Index rose 1.49%. The German DAX gained 0.94%, French CAC 40 gained 1.94% and Italy’s FTSE MIB Index gained 1.40%.
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 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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