Nasdaq Surges Over 100 Points; Pfizer Earnings Top Views

U.S. stocks traded mostly higher midway through trading, with the Nasdaq Composite gaining more than 100 points on Tuesday.

The Dow traded down 0.07% to 42,357.35 while the NASDAQ rose 0.74% to 18,704.19. The S&P 500 also rose, gaining, 0.34% to 5,843.35.

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Leading and Lagging Sectors

Communication services shares rose by 1.2% on Tuesday.

In trading on Tuesday, utilities shares fell by 1.6%.

Top Headline

Pfizer Inc. PFE reported better-than-expected results for its third quarter.

The company posted third-quarter adjusted EPS of $1.06, a turnaround from loss of 17 cents a year ago, beating the consensus of 62 per share. The U.S. drugmaker reported sales of $17.70 billion, up 31% year-over-year (up 32% operationally), beating the consensus of $14.95 billion.

Equities Trading UP
                       

• GlycoMimetics, Inc. GLYC shares shot up 161% to $0.4352 after the company announced it will merge with Crescent Biopharma and secured $200 in funding to advance its oncology pipeline.
• Shares of BIO-key International, Inc. BKYI got a boost, surging 95% to $1.3100 after the company announced it received a $910K order from a long-time financial services customer to upgrade its biometric customer identification technology.
• GeneDx Holdings Corp. WGS shares were also up, gaining 47% to $82.32 after the company reported better-than-expected third-quarter financial results and raised its FY24 revenue guidance.

Equities Trading DOWN

• 1847 Holdings LLC EFSH shares dropped 66% to $0.4235 after the company priced an $11.1 million public offering at $1.26 per unit.
• Shares of TransMedics Group, Inc. TMDX were down 30% to $87.89 after the company reported worse-than-expected third-quarter financial results and issued FY24 revenue guidance with its midpoint below estimates.
• Janus International Group, Inc. JBI was down, falling 28% to $7.45 after the company reported worse-than-expected third-quarter financial results and cut its FY24 sales guidance below estimates.

Commodities

In commodity news, oil traded up 0.2% to $67.51 while gold traded up 1% at $2,782.00.

Silver traded up 1.9% to $34.630 on Tuesday, while copper rose 0.1% to $4.3650.

Euro zone

European shares were lower today. The eurozone's STOXX 600 slipped 0.37%, Germany's DAX fell 0.18% and France's CAC 40 slipped 0.29%. Spain's IBEX 35 Index fell 0.74%, while London's FTSE 100 fell 0.52%.

Retail sales in Spain rose by 4.1% year-over-year in September, while retail sales volumes in the UK fell by 6% in October following a 4% increase in September.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 0.77%, Hong Kong's Hang Seng Index gaining 0.49%, China's Shanghai Composite Index falling 1.08% and India's BSE Sensex surging 0.45%.

Hong Kong’s trade deficit shrank to $53.2 billion in September from $64.6 billion in the year-ago month.

Economics

• The number of job openings declined by 418,000 to 7.443 million in September versus a revised 7.861 million in the previous month and below market estimates of 7.99 million.
• The FHFA house price index rose 0.3% in August, above market estimates of a 0.2% rise.
• The S&P CoreLogic Case-Shiller home price index rose 5.2% year-over-year in August versus a 5.9% gain in July.
• U.S. wholesale inventories declined by 0.1% month-over-month to $905 billion in September compared to revised 0.2% gain in the earlier month.
• The U.S. trade deficit increased to $108.2 billion in September from the $94.2 billion gap in the previous month.
• The Dallas Fed general business activity index for Texas’ service sector climbed to 2 in October compared to a reading of -2.6 in the prior month.

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