US stocks traded with mixed results on Tuesday, with the Dow Jones index falling around 200 points, signaling a day of uncertainty in the market. The Dow dropped 0.49% to 42,855.88, while the tech-heavy NASDAQ rose 0.20% to 18,539.77. The S&P 500 also saw gains, climbing 0.10% to 5,865.71.
The energy sector was a major drag on the market, with energy shares falling 2.6%. This decline came amid a broader trend of falling oil prices, which dropped 5% to $70.14. In contrast, real estate shares saw a positive performance, jumping 0.9% on the day.
One bright spot for investors was Bank of America Corp (BAC), which reported better-than-expected earnings for its third quarter. The company posted quarterly net income of $6.9 billion and earnings per share (EPS) of $0.81, exceeding analyst estimates of $0.77. While net income fell 12% year-over-year due to higher provisions for loan losses and rising expenses, revenue, net of interest expense, increased 1.0% year over year to $25.49 billion, beating analyst expectations of $25.29 billion. This positive performance boosted Bank of America’s stock on Tuesday.
The day also saw some notable stock movements. Zapata Computing Holdings Inc. (ZPTA) shares soared 157% to $0.1985, while Digital Brands Group, Inc. (DBGI) shares rose 91% to $0.3049. Safe and Green Development Corporation (SGD) also saw gains, rising 39% to $5.55 after announcing the completion of all site work for the first phase of its Sugar Phase I project in South Texas.
On the other end of the spectrum, Seelos Therapeutics, Inc. (SEEL) shares plummeted 44% to $1.3637 after the company announced its delisting from Nasdaq and transfer of listing to the Over-the-Counter Market. Notable Labs, Ltd. (NTBL) shares also experienced a significant decline, dropping 26% to $0.2892. Pineapple Energy Inc. (PEGY) fell 19% to $0.1017 after announcing a 1-for-50 reverse stock split.
Looking beyond the US, European shares were mixed. The eurozone’s STOXX 600 slipped 0.1%, Germany’s DAX gained 0.3%, and France’s CAC 40 fell 0.8%. Spain’s IBEX 35 Index rose 0.5%, while London’s FTSE 100 fell 0.4%.
Asian markets also closed mostly lower on Tuesday. Japan’s Nikkei 225 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%.
The NY Empire State Manufacturing Index, a key gauge of economic activity in the New York state manufacturing sector, declined to -11.9 in October from 11.5 in the previous month, exceeding market estimates of 3.8. This suggests a possible slowdown in manufacturing activity in the region.