Crude Oil Moves Lower; Bank of America Profit Beats Expectations

U.S. stocks traded mostly lower toward the end of trading, with the Nasdaq Composite falling around 50 points on Tuesday.

The Dow traded down 0.09% to 33,954.39 while the NASDAQ fell 0.37% to 13,517.59. The S&P 500 also fell, dropping, 0.10% to 4,369.41.

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Leading and Lagging Sectors

Materials shares climbed by 1% on Tuesday.

In trading on Tuesday, information technology shares fell by 0.4%.

Top Headline

Bank of America Corp BAC reported better-than-expected earnings for its third quarter on Tuesday.

The bank said EPS for the quarter was $0.90, compared to $0.81 in the year-ago period, beating the consensus of $0.81. Revenue increased 3% year-over-year to $25.32 billion, beating the consensus of $25.14 billion.

Equities Trading UP

SciSparc Ltd. SPRC shares shot up 122% to $6.28. Aegis Capital Corp. acted as exclusive placement agent on a $5.0 million private placement for SciSparc.

Shares of Assembly Biosciences, Inc. ASMB got a boost, shooting 80% to $1.3101 after the company and Gilead announced they entered into a 12-year partnership to advance the research and development of novel antiviral therapies.

Olink Holding AB OLK shares were also up, gaining 67% to $24.95 after Thermo Fisher Scientific announced it will acquire the company.

Equities Trading DOWN

Evelo Biosciences, Inc. EVLO shares dropped 56% to $1.2694. Evelo Biosciences released top-line results from its Phase 2 clinical study with EDP2939 in moderate psoriasis.

Shares of NetScout Systems, Inc. NTCT were down 16% to $23.17 after the company reported weak preliminary results for the second quarter and lowered its FY24 guidance.

Monte Rosa Therapeutics, Inc. GLUE was down, falling 18% to $4.09 as the company announced interim data from the Phase 1 dose escalation part of its ongoing phase 1/2 study of MRT-2359 in patients with MYC-driven solid tumors.

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Commodities

In commodity news, oil traded down 0.5% to $86.23 while gold traded up 0.1% at $1,936.90.

Silver traded up 1.4% to $23.08 on Tuesday while copper fell 0.1% to $3.5805.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 fell 0.10%, London’s FTSE 100 rose 0.58% while Spain’s IBEX 35 Index rose 0.12% The German DAX rose 0.09% French CAC 40 rose 0.11%, while Italy’s FTSE MIB Index slipped 0.09%.

The ZEW Indicator of Economic Sentiment for the Eurozone rose to 2.3 in October from -8.9 in a month ago. The ZEW Indicator of Economic Sentiment for Germany climbed by 10.3 points to a reading of -1.1 in October.

Average weekly earnings, including bonuses in the UK, rose 8.1% year-over-year to GBP 661/week during the three months to August. UK’s number of job vacancies fell to 988,000 in the third quarter.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 gaining 1.20%, China’s Shanghai Composite Index gaining 0.32% and Hong Kong’s Hang Seng Index gaining 0.75%. India’s S&P BSE Sensex, meanwhile, rose 0.4%.

Total passenger vehicle sales in India climbed by 3.1% year-over-year to 316,908 in September. Singapore's non-oil domestic exports declined by 13.2% year-over-year in September following a revised 22.5% decline in August.

Economics

U.S. retail sales rose 0.7% month-over-month in September versus a revised 0.8% increase in August and topping estimates of a 0.3% increase.

U.S. industrial production rose 0.3% month-over-month in September, beating market expectations for a flat reading.

The NAHB/Wells Fargo Housing Market Index declined by 4 points to 40 in October, missing market estimates of 44.

Total business inventories rose by 0.4% month-over-month in August versus a revised 0.1% increase a month ago.

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