Mid-Day Market Update: Crude Oil Rises 1%; Commvault Systems Shares Slide

Midway through trading opening Tuesday, the Dow traded up 0.18% to 35,804.04 while the NASDAQ rose 0.24% to 15,263.65. The S&P also rose, gaining 0.34% to 4,581.95.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 46,417,520 cases with around 757,840 deaths. India confirmed a total of at least 34,202,200 cases and 455,100 deaths, while Brazil reported over 21,735,560 COVID-19 cases with 605,880 deaths. In total, there were at least 244,972,070 cases of COVID-19 worldwide with more than 4,973,480 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares gained by 0.9% on Tuesday. Meanwhile, top gainers in the sector included ReNew Energy Global plc RNW, up 5% and Azure Power Global Limited AZRE up 2%.

In trading on Tuesday, communication services shares fell 0.6%.

Top Headline

General Electric Co GE reported better-than-expected earnings for its third quarter and raised earnings outlook for FY21.

General Electric reported a third-quarter FY21 revenue decline of 1% year-over-year to $18.43 billion, missing the consensus of $19.25 billion. Adjusted EPS improved to $0.57 from $0.38 in 3Q20, beating the consensus of $0.43.

For FY21, GE expects Industrial organic revenue growth to be approximately flat (prior view Low single-digit growth). Adjusted Industrial profit margin expansion of 350+ basis points (prior 250+ bps expansion). It expects adjusted EPS to $1.80–$2.10 (prior $1.20–$2.00) vs. consensus of $1.94. GE Industrial free cash flow of $3.75 billion –$4.75 billion (prior $3.5 billion–$5 billion).

Equities Trading UP

Wallbox N.V. WBX shares shot up 57% to $17.40. Uber and Wallbox N.V. disclosed a strategic partnership to simplify the transition to EVs for Bay Area ride share drivers using Uber.

Shares of Inspira Technologies Oxy B.H.N. Ltd. IINN got a boost, shooting 48% to $3.4755 after the company signed an agreement with Waas Group for the development 1,040 ART systems in Spain and Portugal.

Perion Network Ltd.. PERI shares were also up, gaining 28% to $28.30 after the company posted upbeat Q3 results and issued strong sales forecast.

Check out these big movers of the day

Equities Trading DOWN

Phunware, Inc. PHUN shares tumbled 34% to $4.7201 after a company filing showed registration for a roughly $48.5 million share common stock shelf offering.

Shares of Commvault Systems, Inc. CVLT were down 20% to $60.92 following downbeat quarterly results.

Vertex Energy, Inc. VTNR was down, falling 18% to $4.3650 after the company announced a proposed private offering of $155 million principal amount at maturity of convertible senior notes.

Commodities

In commodity news, oil traded up 1% to $84.58, while gold traded down 0.9% to $1,789.80.

Silver traded down 2.2% Tuesday to $24.050 while copper fell 0.6% to $4.4990.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.75%, the Spanish Ibex Index rose 1.16% and the German DAX 30 gained 1.01%. Meanwhile, the London’s FTSE 100 rose 0.76%, French CAC 40 rose 0.8% and Italy’s FTSE MIB gained 0.58%.

Spain's producer price inflation rose to 23.6% year-over-year in September from a revised 17.9% in the prior month.

Economics

The S&P CoreLogic Case-Shiller 20-city home price index rose 19.7% year-over-year in August.

The Federal Housing Finance Agency house price index rose 1.0% from a month ago in August.

New home sales in the US jumped 14% to an annual rate of 800,000 in September.

The Conference Board’s consumer confidence index climbed to 113.8 in October from 109.3 a month ago.

The Treasury is set to auction 2-year notes at 1:00 p.m. ET.

Data on money supply for September will be released at 1:00 p.m. ET.

Check out the full economic calendar here