Nasdaq Turns Higher; Verizon Shares Fall After Q3 Results

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite gaining around 0.2% on Tuesday.

The Dow traded up 0.08% to 42,963.84 while the NASDAQ gained 0.18% to 18,573.16. The S&P 500, however, fell 0.02% to 5,852.75 during the session.

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Leading and Lagging Sectors

Consumer staples shares rose by 0.8% on Tuesday.

In trading on Monday, industrials shares fell by 1%.

Top Headline

Shares of Verizon Communications Inc VZ fell around 5% on Tuesday after it reported fiscal third-quarter results.

Its sales growth was flat year over year, reaching $33.33 billion, marginally missing the analyst consensus estimate of $33.43 billion. Service and other revenue growth was offset by declines in wireless equipment revenue. Adjusted EPS of $1.19 beat the analyst consensus estimate of $1.18.

Equities Trading UP
                       

• iRhythm Technologies, Inc. IRTC shares shot up 22% to $75.59 after the company announced that it was granted FDA clearance for its 510(k) submission related to prior design changes made to the Zio AT device.
• Shares of Mueller Industries, Inc MLI got a boost, surging 16% to $83.35 after the company reported better-than-expected third-quarter sales results.
• Sangamo Therapeutics, Inc. SGMO shares were also up, gaining 37% to $1.2499 after the company announced the FDA approved an accelerated pathway for ST-920 in Fabry disease. A BLA submission is expected in 2025.

Equities Trading DOWN

• Genuine Parts Company GPC shares dropped 19% to $115.37 after the company reported mixed third-quarter financial results and cut its FY24 EPS below estimates.
• Shares of Polaris Inc. PII were down 8% to $73.50 after the company reported worse-than-expected third-quarter EPS and sales and cut its 2024 guidance.
• Logitech International S.A. LOGI was down, falling 8% to $84.04 following second-quarter results.

Commodities

In commodity news, oil traded up 2.1% to $72.06 while gold traded up 0.8% at $2,761.40.

Silver traded up 2.9% to $35.050 on Tuesday, while copper rose 0.7% to $4.3890.

Euro zone

European shares closed mostly lower today. The eurozone's STOXX 600 fell 0.21%, Germany's DAX fell 0.20% and France's CAC 40 fell 0.01%. Spain's IBEX 35 Index fell 0.07%, while London's FTSE 100 fell 0.14%.

Passenger car registrations in the European Union fell by 6.1% year-over-year to 809,163 units in September following a 18.3% decline in August.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 falling 1.39%, Hong Kong's Hang Seng Index gaining 0.1%, China's Shanghai Composite Index gaining 0.54% and India's BSE Sensex falling 1.15%.

The annual inflation rate in Hong Kong fell to 2.2% in September from 2.5% in the prior month.

Economics

The composite manufacturing index in the US Fifth District came in at -14 for October compared to a reading of -21 in the prior month.

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