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.

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Leading and Lagging Sectors

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

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

Top Headline

Eli Lilly and Company (NYSE: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

Equities Trading DOWN

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Commodities

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%.

Economics

• 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.

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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.