Dow Dips Over 200 Points; Home Depot Posts Upbeat Earnings

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling more than 200 points on Tuesday.

The Dow traded down 0.54% to 44,053.04 while the NASDAQ fell 0.01% to 19,299.60. The S&P 500 also fell, dropping, 0.09% to 5,995.74.

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Leading and Lagging Sectors

Communication services shares surged by 0.5% on Tuesday.

In trading on Tuesday, materials shares fell by 1.4%.

Top Headline

Home Depot Inc HD reported better-than-expected third-quarter earnings and lifted its full-year 2024 outlook.

HD reported third-quarter sales growth of 6.6% year-over-year to $40.217 billion, beating the consensus estimate of $39.173 billion. Adjusted EPS was $3.78 (-1.8% year over year), beating the consensus of $3.64.

Home Depot raised its sales guidance from $156.49 billion – $158.01 billion to $158.78 billion versus the $157.33 billion consensus. It expects comparable sales to decline approximately ~2.5% (prior expected to decline 3% – 4%).

HD now expects adjusted EPS of $15.10 (representing decline of approximately 1% from $15.25 in FY23) versus the consensus of $14.84. The company sees a gross margin of ~33.5% and an adjusted operating margin of 13.8%.

Equities Trading UP
                       

• BTC Digital Ltd. BTCT shares shot up 379% to $12.07 after gaining around 36% on Monday.
• Shares of Genius Group Limited GNS got a boost, surging 74% to $1.0950 after the company announced the adoption of a Bitcoin treasury reserve strategy, with Bitcoin as its primary treasury reserve asset.
• Taysha Gene Therapies, Inc. TSHA shares were also up, gaining 39% to $2.2650. Needham reiterated a Buy rating on the stock and Cantor Fitzgerald reiterated an Overweight rating.

Equities Trading DOWN

• Neurogene Inc. NGNE shares dropped 47% to $37.98. The company issued interim efficacy data from its first four low-dose pediatric participants in NGN-401 gene therapy clinical trial for Rett Syndrome.
• Shares of Pagaya Technologies Ltd. PGY were down 35% to $10.99 after the company reported third-quarter results.
• Autozi Internet Technology (Global) Ltd. AZI was down, falling 30% to $2.02.

Commodities

In commodity news, oil traded up 0.1% to $68.10 while gold traded down 0.5% at $2,605.40.

Silver traded up 0.5% to $30.790 on Tuesday, while copper fell 1.9% to $4.1465.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 tumbled 1.98%, Germany's DAX fell 2.13% and France's CAC 40 tumbled 2.69%. Spain's IBEX 35 Index fell 1.85%, while London's FTSE 100 dipped 1.22%.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan's Nikkei 225 falling 0.40%, Hong Kong's Hang Seng Index falling 2.84%, China's Shanghai Composite Index dipping 1.39% and India's BSE Sensex falling 1.03%.

Economics

• U.S. consumer inflation expectations for the year ahead eased to 2.9% in October compared to 3% in each of the prior four months.
• The RealClearMarkets/TIPP Economic Optimism Index rose 13.4% in November to a reading of 53.2, recording the highest reading in over three years.

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