US stock markets opened lower on Tuesday, with the Dow Jones Industrial Average falling over 150 points, reflecting a cautious sentiment among investors. The Dow traded down 0.38% to 42,768.98, while the tech-heavy NASDAQ slipped 0.43% to 18,459.79. The broader S&P 500 also declined, dropping 0.49% to 5,825.05.
Sector-wise, consumer staples shares exhibited a slight increase, rising by 0.1% on Tuesday, while consumer discretionary shares continued their downward trend from the previous session, falling by 0.9%. This suggests a mixed outlook on consumer spending and potentially contrasting expectations for the holiday season.
One notable bright spot in the market was General Motors Company (GM), which reported better-than-expected third-quarter results. The automaker’s adjusted earnings per share came in at $2.96, exceeding analyst estimates of $2.43. Quarterly sales also surpassed expectations, reaching $48.757 billion, a 10.5% increase compared to the previous year, and beating the analyst consensus estimate of $44.585 billion. General Motors also raised its 2024 adjusted EPS guidance from $9.50 – $10.50 to $10.00 – $10.50, exceeding the current analyst consensus of $10.00.
On the equities trading front, there were significant fluctuations in various companies. Genprex, Inc. (GNPX) shares skyrocketed 153% to $3.8400, while Ensysce Biosciences, Inc. (ENSC) shares surged 144% to $0.5015. Sangamo Therapeutics, Inc. (SGMO) shares also saw a substantial gain, climbing 50% to $1.3663 after the company announced that the FDA had approved an accelerated pathway for ST-920 in Fabry disease. A Biologics License Application (BLA) submission is expected in 2025.
However, several companies experienced significant drops in their share prices. GRI Bio, Inc. (GRI) shares plummeted 29% to $0.9370, while JE Cleantech Holdings Limited (JCSE) shares fell 25% to $1.67. IN8bio, Inc. (INAB) also saw a significant decline, falling 24% to $0.3598.
In commodity markets, oil prices rose by 1.1% to $71.34, while gold gained 0.6% to $2,754.70. Silver traded up 2% to $34.760, and copper rose 0.8% to $4.3940.
European markets also traded lower on Tuesday, with the eurozone’s STOXX 600 index falling 0.4%. Germany’s DAX index declined 0.1%, and France’s CAC 40 index dropped 0.2%. Spain’s IBEX 35 Index fell 0.5%, while London’s FTSE 100 fell 0.2%. Passenger car registrations in the European Union fell by 6.1% year-over-year to 809,163 units in September, following an 18.3% decline in August.
Asian markets closed mixed on Tuesday. Japan’s Nikkei 225 fell 1.39%, while Hong Kong’s Hang Seng Index gained 0.1%. China’s Shanghai Composite Index rose 0.54%, and India’s BSE Sensex fell 1.15%. The annual inflation rate in Hong Kong fell to 2.2% in September from 2.5% in the previous month.
No major economic reports are scheduled for release today.