US Stocks Sink Amidst Market Volatility: Dow Drops Over 150 Points

US stock markets experienced a downturn on Tuesday, with the Dow Jones Industrial Average falling over 150 points, reflecting growing concerns about the global economic outlook. The tech-heavy NASDAQ and S&P 500 also saw significant declines, indicating a broader sell-off across major indices. The Dow traded down 0.40% to 42,894.69, while the NASDAQ fell 0.93% to 18,331.05. The S&P 500 also dipped, dropping 0.44% to 5,833.93.

Sector-wise, the day saw contrasting performances. Real estate shares jumped by 1.5%, indicating investor confidence in the sector. However, energy shares fell by 2%, reflecting concerns about global oil demand and the impact of rising interest rates.

In corporate news, Goldman Sachs Group Inc. (GS) reported strong third-quarter earnings, beating analysts’ expectations. The financial services giant posted revenue of $12.70 billion, exceeding the consensus estimate of $11.87 billion. Sales increased 7% year-over-year, driven by higher net revenues in Global Banking & Markets and Asset & Wealth Management, partially offset by lower net revenues in Platform Solutions. Goldman Sachs also reported earnings per share (EPS) of $8.40, surpassing the consensus estimate of $7.03.

However, several companies experienced stock drops. Wolfspeed, Inc. (WOLF) shares soared 27% to $14.41 after the company announced a potential $750 million funding under the CHIPS and Science Act. MeiraGTx Holdings plc (MGTX) shares surged 13% to $5.24 following positive results from its gene therapy study for Parkinson’s disease. Telefonaktiebolaget LM Ericsson (ERIC) shares also rose, gaining 11% to $8.35, driven by a strong third-quarter earnings report.

On the other hand, Seelos Therapeutics, Inc. (SEEL) shares plunged 52% to $1.1663 after the company announced its delisting from Nasdaq and transfer to the Over-the-Counter Market. CareDx, Inc. (CDNA) shares dropped 17% to $25.93 following the release of preliminary third-quarter results that fell short of expectations. Pineapple Energy Inc. (PEGY) shares also declined, falling 18% to $0.1028 after the company announced a 1-for-50 reverse stock split.

In commodity markets, oil traded down 4.9% to $70.19, reflecting concerns about slowing global economic growth. Gold traded up 0.4% at $2,676.10, attracting safe-haven demand amid market uncertainty. Silver traded up 1.2% to $31.700, while copper fell 1.4% to $4.3425.

European markets were mixed on Tuesday. The eurozone’s STOXX 600 slipped 0.40%, Germany’s DAX dipped 0.01%, and France’s CAC 40 fell 1.10%. Spain’s IBEX 35 Index rose 0.64%, while London’s FTSE 100 fell 0.37%.

Asian markets closed mostly lower on Tuesday. Japan’s Nikkei 225 gained 0.77%, but Hong Kong’s Hang Seng Index fell 3.67%, China’s Shanghai Composite Index dipped 2.53%, and India’s BSE Sensex fell 0.19%.

The NY Empire State Manufacturing Index declined to -11.9 in October from 11.5 in the previous month, highlighting concerns about slowing manufacturing activity in the region.

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