Dow Gains 50 Points; Global Payments Posts Upbeat Earnings

U.S. stocks turned higher toward the end of trading, with the Dow Jones index gaining around 50 points on Tuesday.

The Dow traded up 0.15% to 32,978.85 while the NASDAQ rose 0.20% to 12,814.52. The S&P 500 also rose, gaining, 0.38% to 4,182.85.

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Leading and Lagging Sectors

Real estate shares jumped by 1.3% on Tuesday.

In trading on Tuesday, communication services shares fell by 0.3%.

Top Headline

Global Payments Inc GPN reported better-than-expected third-quarter earnings.

Adjusted net revenue rose 9% Y/Y to $2.232 billion, slightly beating the consensus of $2.226 billion. Adjusted EPS of $2.75 beat the consensus of $2.71.

For FY23, Global Payments raised the adjusted EPS outlook to $10.39 - $10.45 (from $10.35 - $10.44) vs. consensus of $10.38.

Equities Trading UP

SciSparc Ltd. SPRC shares shot up 68% to $5.72 after the company announced it received notice of acceptance from the Australian patent office for its patent application for Combination of Opioids and N-Acylethanolamines for pain treatment.

Shares of Cardio Diagnostics Holdings, Inc. CDIO got a boost, shooting 50% to $0.32 after the company received an Innovation Technology contract from Vizient for its novel AI-driven precision heart disease tests.

Wolfspeed, Inc. WOLF shares were also up, gaining 23% to $33.99 after the company reported first-quarter financial results and issued guidance.

Equities Trading DOWN

Kintara Therapeutics, Inc. KTRA shares dropped 79% to $0.8150. The company announced that its drug VAL-083 did not outperform existing treatments for glioblastoma, a severe brain cancer.

Shares of Galera Therapeutics, Inc. GRTX were down 55% to $0.0960 after the company said GRECO-2 trial did not pass futility analysis.

Sientra, Inc. SIEN was down, falling 56% to $0.6465 after the company reported preliminary unaudited third-quarter financial results.

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Commodities

In commodity news, oil traded down 1.2% to $81.31 while gold traded down 0.6% at $1,994.30.

Silver traded down 1.9% to $22.955 on Tuesday while copper fell 0.3% to $3.6495.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.59%, London’s FTSE 100 fell 0.08% while Spain’s IBEX 35 Index rose 0.04% The German DAX gained 0.64% French CAC 40 climbed 0.89%, while Italy’s FTSE MIB Index jumped 1.47%.

The inflation rate in the Eurozone eased to 2.9% year-over-year in October, falling to its lowest level since July 2021. The Eurozone economy contracted 0.1% on quarter during the three months to Sept. 2023, compared to revised 0.2% increase in the prior quarter.

The French economy expanded by 0.1% in the third quarter, slowing from a revised 0.6% increase in the prior quarter. France's consumer price inflation eased to 4% year-over-year in October from 4.9% in the prior month, while producer prices increased 0.7% month-over-month for September. German import prices declined 14.3% year-over-year in September, while retail sales in Germany fell 0.8% month-over-month for September.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 rising 0.53%, Hong Kong’s Hang Seng Index falling 1.69% and China’s Shanghai Composite Index falling 0.09%. India’s S&P BSE Sensex, meanwhile, slipped around 0.1%.

The Bank of Japan maintained its key short-term interest rate at -0.1%. Japanese housing starts fell by 6.8% year-over-year in September, while retail sales in Japan increased 5.8% year-over-year in September. Industrial production climbed by 0.2% month-over-month, while unemployment rate declined to 2.6% in September from 2.7% in the previous month.

The official NBS manufacturing PMI in China declined to 49.5 in October from 50.2 a month ago, while official NBS non-manufacturing PMI fell to 50.6 from 51.7. Hong Kong’s economy grew by 4.1% year-over-year in the third quarter compared to a 1.5% increase in the prior period.

Economics

The S&P CoreLogic Case-Shiller 20-city home price index climbed 2.2% year-over-year in August versus a 0.2% increase in July.

The FHFA house price index increased by 0.6% from the prior month in August versus a 0.8% rise in July.

Compensation costs for civilian workers rose by 1.1% in the third quarter.

The Chicago PMI slipped to 44 in October from 44.1.

The Dallas Fed general business activity index for Texas’s service sector fell to a reading of -18.2 in October versus -8.6 in the prior month.

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