The U.S. stock market closed lower on Tuesday, with the tech-heavy Nasdaq Composite leading the decline. The index dropped around 150 points, or 0.84%, ending the day at 18,347.17. The Dow Jones Industrial Average also fell, dropping 0.30% to 42,937.44, while the S&P 500 slipped 0.43% to 5,834.67.
One bright spot in the market was the real estate sector, which saw gains of 2%. However, energy stocks were among the biggest losers, declining by 2.3% on the day.
Earnings Highlights:
Johnson & Johnson (JNJ) reported strong third-quarter results, beating analysts’ expectations. The pharmaceutical giant posted adjusted earnings per share (EPS) of $2.42, down 9.0% year-over-year but surpassing the consensus estimate of $2.21. Revenue also came in above expectations, reaching $22.47 billion, up 5.2% year-over-year, compared to the consensus forecast of $22.16 billion.
Equities Trading UP:
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Wolfspeed, Inc. (WOLF):
Shares of Wolfspeed soared by 21% to $13.78 after the company announced that it had signed a preliminary memorandum of terms for potential direct funding of up to $750 million under the CHIPS and Science Act. This funding would support the company’s efforts to expand its domestic semiconductor manufacturing capacity.*
MeiraGTx Holdings plc (MGTX):
Shares of MeiraGTx jumped 14% to $5.28 following positive news about its gene therapy study for Parkinson’s disease. The company confirmed the safety and tolerability of its treatment in the study.*
Telefonaktiebolaget LM Ericsson (ERIC):
Shares of Ericsson rose 13% to $8.56 after the company reported better-than-expected third-quarter earnings.Equities Trading DOWN:
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Seelos Therapeutics, Inc. (SEEL):
Shares of Seelos Therapeutics plummeted by 43% to $1.4050 after the company announced that it would be delisted from Nasdaq and its shares would begin trading on the Over-the-Counter Market.*
CareDx, Inc (CDNA):
Shares of CareDx fell 14% to $26.85 as the company reported preliminary third-quarter results that disappointed investors.*
Pineapple Energy Inc. (PEGY):
Shares of Pineapple Energy dropped 14% to $0.1070 after the company announced a 1-for-50 reverse stock split.Commodities:
Oil prices declined by 4.5% to $70.54 per barrel. Gold prices, however, rose by 0.4% to $2,676.80 per ounce. Silver prices also increased, gaining 1.2% to $31.69 per ounce. Copper prices fell 1.6% to $4.3360 per pound.
Eurozone:
European shares closed mostly lower on Tuesday. The eurozone’s STOXX 600 index slipped 0.80%, Germany’s DAX index fell 0.11%, and France’s CAC 40 index declined 1.05%. Spain’s IBEX 35 index, however, rose 0.67%, while London’s FTSE 100 index fell 0.52%..
Asia Pacific Markets:
Asian markets closed mixed on Tuesday. Japan’s Nikkei 225 index gained 0.77%, while 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%..
Economics:
The NY Empire State Manufacturing Index declined to -11.9 in October, down from 11.5 in the previous month and exceeding market estimates of 3.8. This suggests that manufacturing activity in New York state weakened significantly in October.