Nasdaq Down 60 Points; Eli Lilly Lowers Earnings Forecast

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping around 50 points on Tuesday.

The Dow traded down 0.15% to 32,683.95 while the NASDAQ fell 0.55% to 10,927.54. The S&P 500 also fell, dropping, 0.23% to 3,862.98.

Also check this: Investor Optimism Drops Slightly Despite Dow Recording Best Month Since 1976

Leading and Lagging Sectors

Energy shares climbed 1% on Tuesday. Leading the sector was strength from YPF Sociedad Anónima YPF and Adams Resources & Energy, Inc. AE.

In trading on Tuesday, consumer discretionary shares fell by 1.1%.

Top Headline


Eli Lilly and Company LLY posted upbeat earnings and sales results for its third quarter on Tuesday, but lowered FY22 adjusted EPS guidance.

Eli Lilly reported Q3 sales of $6.94 billion, +2% Y/Y beating the consensus of $6.91 billion. Adjusted EPS increased 12% to $1.98, beating the consensus of $1.92.

Eli Lilly lowered FY22 adjusted EPS guidance to $7.70-$7.85 from previous guidance of $7.90-$8.05 and below the consensus of $8.08, reflecting forex impacts.

Equities Trading UP


  • Abiomed, Inc. ABMD shares shot up 50% to $378.64 after Johnson & Johnson announced it will acquire the company. Also, the company reported better-than-expected Q2 adjusted EPS results.
  • Shares of Harsco Corporation HSC got a boost, shooting 28% to $6.77 after the company reported better-than-expected Q3 sales results and raised FY22 adjusted EPS guidance.
  • Safe-T Group Ltd SFET shares were also up, gaining 46% to $0.4393 as the company said its privacy application reached over 5,000,000 downloads.


Equities Trading DOWN

  • Varonis Systems, Inc. VRNS shares tumbled 35% to $17.52 after the company reported worse-than-expected Q3 results.
  • Shares of Catalent, Inc. CTLT were down 23% to $50.51 after the company reported worse-than-expected Q1 EPS and sales results and issued FY23 sales guidance below estimates.
  • Myriad Genetics, Inc. MYGN was down, falling 16% to $17.37 after the company reported worse-than-expected Q3 EPS and sales results.

Also check out: ON Semiconductor, Global Payments And Other Big Losers From Monday


In commodity news, oil traded up 2.4% to $88.57 while gold traded up 0.8% at $1,653.50.

Silver traded up 3.1% to $19.71 on Tuesday while copper rose 2.9% to $3.4740.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.58%, London’s FTSE 100 rose 1.29% while Spain’s IBEX 35 Index rose 0.53%. The German DAX rose 0.64%, French CAC 40 rose 0.98% and Italy’s FTSE MIB Index rose 0.63%.

The S&P Global/CIPS UK manufacturing PMI rose to 46.2 in October from a preliminary reading of 45.8, while Nationwide house price index in the country climbed 7.2% year-over-year in October. Import prices in Germany surged by 29.8% year-over-year in September.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with the Japan’s Nikkei 225 gaining 0.33% and China’s Shanghai Composite Index climbing 2.62%.

The Reserve Bank of Australia increased the cash rate by 25bps to 2.85% at its November 2022 meeting, while Australian manufacturing PMI declined to 52.7 in October from 53.5 in September. The S&P Global Indian manufacturing PMI rose to 55.3 in October from 55.1 in the previous month, while Caixin China general manufacturing PMI increased to 49.2 in October from September's reading of 48.1. The au Jibun Bank Japan’s manufacturing PMI slipped to 50.7 in October from a final level of 50.8 in September.



  • The Federal Reserve started its two-day policy meeting today.
  • The S&P Global manufacturing PMI rose to 50.4 in October versus a preliminary estimates of 49.9.
  • US construction spending rose 0.2% in September.
  • The ISM manufacturing PMI declined to 50.2 in October from 50.9 in September.
  • The number of job openings in the US climbed by 437,000 to 10.72 million in September.

Check out this: Volatility In Markets Increases Ahead Of Fed Meeting

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,374,720 cases with around 1,095,310 deaths. India confirmed a total of at least 44,654,630 cases and 529,070 deaths, while France reported over 36,813,380 COVID-19 cases with 156,990 deaths. In total, there were at least 635,816,190 cases of COVID-19 worldwide with more than 6,594,930 deaths.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Afternoon Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!