US Stocks Mixed; Best Buy Posts Downbeat Earnings

U.S. stocks traded mixed this morning, with the Dow Jones index falling around 200 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.47% to 44,528.35 while the NASDAQ rose 0.48% to 19,149.12. The S&P 500 also rose, gaining, 0.22% to 6,000.53.

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Leading and Lagging Sectors

Information technology shares jumped by 0.7% on Tuesday.

In trading on Tuesday, materials shares fell by 0.8%.

Top Headline

Best Buy Co., Inc BBY reported weaker-than-expected earnings for its fiscal 2025 third-quarter.

The company posted adjusted EPS of $1.26, missing the consensus of $1.29. Enterprise comparable sales fell 2.9%. Quarterly sales decreased to $9.45 billion from $9.76 billion a year ago, missing the analyst consensus of $9.63 billion.

Best Buy trimmed its fiscal year 2025 revenue outlook from $41.3 billion – $41.9 billion to $41.1 billion – $41.5 billion compared to the consensus of $41.59 billion.

The company revised the adjusted EPS outlook from $6.10 – $6.35 to $6.10 – $6.25, compared to the consensus of $6.25. Comparable sales are expected to decline between 3.5% and 2.5%, compared to prior guidance for a decline between 3.0% and 1.5%.

Equities Trading UP
                       

• Poseida Therapeutics, Inc. PSTX shares shot up 225% to $9.28 after the company announced it will be acquired by Roche in a $1.5 billion deal, with stockholders receiving up to $13 per share in cash.
• Shares of T Stamp Inc. IDAI got a boost, surging 121% to $0.3984.
• Primega Group Holdings Limited PGHL shares were also up, gaining 92% to $20.25.

Equities Trading DOWN

• Alector, Inc. ALEC shares dropped 36% to $2.53 after the company announced that the INVOKE-2 Phase 2 clinical trial evaluating the safety and efficacy of AL002 in individuals with early Alzheimer’s disease failed to meet its primary endpoint.
• Shares of Quantum Corporation QMCO were down 26% to $16.16.
• Citius Pharmaceuticals, Inc. CTXR was down, falling 18% to $2.7513.

Commodities

In commodity news, oil traded up 0.6% to $69.33 while gold traded up 0.5% at $2,630.60.

Silver traded up 1% to $30.535 on Tuesday, while copper rose 1.2% to $4.1490.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 slipped 0.1%, Germany's DAX fell 0.2% and France's CAC 40 slipped 0.1%. Spain's IBEX 35 Index fell 0.5%, while London's FTSE 100 fell 0.1%.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan's Nikkei 225 falling 0.87%, Hong Kong's Hang Seng Index gaining 0.04%, China's Shanghai Composite Index falling 0.12% and India's BSE Sensex falling 0.13%.

Hong Kong’s trade deficit widened to $31 billion in October from $25.8 billion in the year-ago month.

Economics

• The FHFA house price index rose by 0.7% from the previous month for September.
• The S&P CoreLogic Case-Shiller home price index rose 4.6% year-over-year in September versus a 5.2% increase in August.
• U.S. building permits declined by 0.4% to an annual rate of 1.419 million in October.

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