Crude Oil Down Over 2%; General Motors Posts Upbeat Earnings

U.S. stocks traded slightly higher midway through trading, with the Dow Jones index gaining around 50 points on Tuesday.

The Dow traded up 0.17% to 32,992.95 while the NASDAQ rose 0.06% to 13,023.65. The S&P 500 also rose, gaining, 0.07% to 4,220.02.

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Leading and Lagging Sectors

Utilities shares rose by 2.3% on Tuesday.

In trading on Tuesday, energy shares fell by 1.3%.

Top Headline

General Motors Company GM reported better-than-expected results for its third quarter.

The company posted third-quarter FY23 sales growth of 5.4% year-on-year to $44.13 billion, beating the analyst consensus estimate of $43.68 billion. Adjusted EPS of $2.28 beat the consensus estimate of $1.88.

Equities Trading UP

InMed Pharmaceuticals Inc. INM shares shot up 143% to $1.41 after the company announced it selected a lead Alzheimer's drug candidate following proof-of-concept study data.

Shares of Ascent Solar Technologies, Inc. ASTI got a boost, shooting 50% to $1.47 after the company received encouragement from the U.S. Department of Energy to submit a full application for federal funding of the Agrivoltaic Product Development Project.

LianBio LIAN shares were also up, gaining 129% to $3.1801 after the company announced it entered into an agreement with Bristol Myers Squibb for mavacamten in China and other Asian markets.

Equities Trading DOWN

TrueBlue, Inc. TBI shares dropped 25% to $10.21 as the company posted weaker-than-expected results for its third quarter.

Shares of TransUnion TRU were down 28% to $47.04 after the company reported worse-than-expected third-quarter financial results and lowered FY23 guidance.

Markforged Holding Corporation MKFG was down, falling 30% to $0.7520. Markforged sees preliminary third-quarter revenue of $20 million and projects 2023 revenue of $90 million to $95 million, which is below the low end of prior range.

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Commodities

In commodity news, oil traded down 2.4% to $83.46 while gold traded down 0.1% at $1,986.10.

Silver traded down 0.5% to $23.095 on Tuesday while copper rose 1% to $3.6205.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.44%, London’s FTSE 100 rose 0.20% while Spain’s IBEX 35 Index fell 0.22% The German DAX rose 0.54% French CAC 40 rose 0.63%, while Italy’s FTSE MIB Index rose 0.05%.

The S&P Global/CIPS UK services PMI fell to 49.2 in October from 49.3 in the prior month, while manufacturing PMI climbed to 45.2 from 44.3. Labor productivity in the UK increased by 0.7% on quarter during the second quarter.

The HCOB Eurozone manufacturing PMI declined to 43 in October from 43.4 in the prior month, while services PMI slipped to 47.8 from 48.7. Germany’s services PMI fell to 48 in October from 50.3 in the prior month, while manufacturing PMI rose to a five-month high level of 40.7 in October. The HCOB France composite PMI climbed to 45.3 in October from September’s reading of 44.1.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 rising 0.20%, Hong Kong’s Hang Seng Index fell 1.05% and China’s Shanghai Composite Index gaining 0.78%.

The au Jibun Bank Japan services PMI fell to 51.1 in October from 53.9 in the prior month, while manufacturing PMI came in unchanged at 48.5 in October.

Economics

The S&P Global manufacturing PMI for the US increased to 50 in October from 49.8 in the prior month and topping market expectations of 49.5.

The S&P Global services PMI rose to 50.9 in October versus 50.1 a month ago.

The Manufacturing Activity Index in the Richmond area fell to a reading of 3 in October versus September’s reading of 5.

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