Nasdaq Falls Over 100 Points; Burlington Shares Jump After Q3 Results

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 100 points on Tuesday.

The Dow traded down 0.25% to 35,062.35 while the NASDAQ fell 0.81% to 14,168.79. The S&P 500 also fell, dropping, 0.34% to 4,531.77.

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Leading and Lagging Sectors

Materials shares surged by 0.6% on Tuesday.

In trading on Tuesday, information technology shares fell by 1.1%.

Top Headline

Shares of Burlington Stores, Inc. BURL jumped more than 20% on Tuesday after the company reported third-quarter financial results and issued guidance.

Burlington posted adjusted earnings of $1.10 per share, beating market estimates of 99 cents per share. The company’s quarterly sales came in $2.29 billion versus estimates of $2.31 billion.

Equities Trading UP

Anghami Inc. ANGH shares shot up 50% to $2.37. OSN Group announced up to $50 million cash investment in Anghami.

Shares of Symbotic Inc. SYM got a boost, shooting 39% to $51.59 after the company reported better-than-expected fourth-quarter sales results.

Hibbett, Inc. HIBB shares were also up, gaining 11% to $59.29 following strong quarterly sales.

Equities Trading DOWN

reAlpha Tech Corp. AIRE shares dropped 42% to $4.20. reAlpha announced pricing of $8 million public offering of 1.6 million units at $5 per unit.

Shares of vTv Therapeutics Inc. VTVT were down 28% to $10.11 after the company announced a 1-for-40 reverse stock split.

Galmed Pharmaceuticals Ltd. GLMD was down, falling 30% to $0.3030. Galmed announced a delay of at least six months in the initiation of its primary sclerosing cholangitis Phase 2a study.

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Commodities

In commodity news, oil traded down 0.5% to $77.18 while gold traded up 1.2% at $ 2,003.20.

Silver traded up 1.4% to $23.935 on Tuesday while copper fell 0.2% to $3.8070.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.12%, London’s FTSE 100 fell 0.28% while Spain’s IBEX 35 Index fell 0.18% The German DAX gained 0.01% French CAC 40 fell 0.32%, while Italy’s FTSE MIB Index fell 1.23%.

Passenger car registrations in the European Union jumped 14.6% year-over-year to 855.5 thousand units for October. The UK’s public sector net borrowing, excluding banks, came in at £14.9 billion for October, compared to £10.5 billion in the year-ago month. Labor productivity in the UK declined 0.2% on quarter during the third quarter versus a 0.7% rise in the prior period.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 falling 0.10%, Hong Kong’s Hang Seng Index declining 0.25% and China’s Shanghai Composite Index falling 0.01%. India’s S&P BSE Sensex, meanwhile, rose 0.42%.

The annual inflation rate in Hong Kong increased to 2.7% in October from 2.0% a month ago.

Economics

The Chicago Fed National Activity Index declined to -0.49 in October, recording the lowest reading in seven months, versus a reading of -0.02 in September.

Sales of previously owned homes in the U.S. fell 4.1% month-over-month to an annualized rate of 3.79 million units in October.

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