US stock markets traded in a mixed manner on Tuesday, with the Dow Jones Industrial Average edging lower while the tech-heavy Nasdaq Composite Index saw gains. The Dow closed down 0.04% at 42,370.65, while the Nasdaq rose 0.06% to 18,577.63. The S&P 500 also experienced a slight decline, closing down 0.05% at 5,820.82.
McDonald’s Delivers Strong Third-Quarter Results
Fast food giant McDonald’s Corporation (MCD) reported impressive third-quarter earnings on Tuesday, exceeding analyst expectations. The company announced adjusted earnings per share of $3.23, surpassing the consensus estimate of $3.20. Quarterly sales reached $6.90 billion, surpassing analysts’ prediction of $6.82 billion.
McDonald’s revenue grew by 3% (2% in constant currencies) compared to the previous year. This positive performance suggests continued strong demand for the company’s products despite inflationary pressures.
Sector Performances
Communication services shares saw a positive performance on Tuesday, rising by 0.5%. On the other hand, utilities shares experienced a decline, falling by 1.6%.
Notable Stock Movements
Several stocks experienced significant price fluctuations on Tuesday. GlycoMimetics, Inc. (GLYC) shares surged by an astounding 211% to $0.5292 after the company announced its merger with Crescent Biopharma and secured $200 million in funding to bolster its oncology pipeline.
BIO-key International, Inc. (BKYI) shares also saw a strong surge, climbing by 99% to $1.3104. The company announced a $910,000 order from a long-standing financial services customer for its biometric customer identification technology.
Shuttle Pharmaceuticals Holdings, Inc. (SHPH) shares rose by 40% to $1.85 after finalizing agreements with all six planned locations for administering its Phase 2 clinical trial of Ropidoxuridine.
On the downside, 1847 Holdings LLC (EFSH) shares plummeted by 65% to $0.4426 after the company priced an $11.1 million public offering at $1.26 per unit. Hanryu Holdings, Inc. (HRYU) shares fell by 43% to $0.2893, while Primega Group Holdings Limited (PGHL) saw a drop of 42% to $10.99.
Commodities
In the commodity market, oil prices rose by 0.3% to $67.61, while gold prices increased by 0.8% to $2,778.10. Silver also saw a gain of 1.7% to $34.580, while copper prices fell by 0.1% to $4.3625.
European Markets
European shares closed lower on Tuesday. The eurozone’s STOXX 600 index slipped by 0.2%, Germany’s DAX index fell by 0.1%, and France’s CAC 40 index declined by 0.1%. Spain’s IBEX 35 Index dropped by 0.5%, while London’s FTSE 100 index fell by 0.4%.
