US Stocks Open Higher; Dow Rises Over 100 Points

U.S. stocks traded higher this morning, with the Dow Jones surging more than 100 points on Tuesday.

Following the market opening Tuesday, The Dow traded up 0.37% to 31,617.11 while the NASDAQ rose 1.46% to 11,112.63. The S&P 500 also rose, gaining, 0.80% to 3,827.55.

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Leading and Lagging Sectors

Real estate shares climbed 2.1% on Tuesday. Leading the sector was strength from Opendoor Technologies Inc. OPEN and Redfin Corporation RDFN.

In trading on Tuesday, energy shares fell by 0.1%.

Top Headline

 

General Motors Co GM reported better-than-expected financial results for the third quarter.

General Motors reported third-quarter revenue of $41.89 billion, which beat average analyst estimates of $41.77 billion. The company reported quarterly earnings of $2.25 per share, which beat average estimates of $1.89 per share.

 

Equities Trading UP

 

• Medpace Holdings, Inc. MEDP shares shot up 35% to $214.73 after the company reported better-than-expected Q3 results and issued FY22 guidance above estimates.
• Shares of Weber Inc. WEBR got a boost, shooting 34% to $6.75 after BDT Capital Partners offered to acquire all outstanding shares of the company for $6.25 per share in cash.
• Atlis Motor Vehicles, Inc. AMV shares were also up, gaining 22% to $15.93. Atlis Motor Vehicles recently announced an expanded order from Australia-based AUSEV for 270 of the Company's 1.5 MW charging stations.

 

Equities Trading DOWN

• Crown Holdings, Inc. CCK shares tumbled 19% to $68.99 after the company reported worse-than-expected Q3 results and issued soft Q4 guidance.
• Shares of Xerox Holdings Corporation XRX were down 18% to $13.03 after the company reported worse-than-expected Q3 results and lowered its full-year guidance.
• Cleveland-Cliffs Inc. CLF was down, falling 13% to $13.52 after the company reported worse-than-expected Q3 results.

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Commodities

In commodity news, oil traded up 1.5% to $85.82, while gold traded up 0.6% at $1,664.50.

Silver traded up 0.9% to $19.36 on Tuesday while copper fell 0.5% to $3.4140.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 1%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index rose 1.2%. The German DAX gained 0.4%, French CAC 40 gained 1.3% and Italy’s FTSE MIB Index gained 0.6%.

The Ifo Business Climate indicator for Germany fell to 84.3 in October, recording the weakest level since May 2020, while producer prices in Spain surged 35.6% year-over-year in September.

 

Economics

 

• The S&P CoreLogic Case-Shiller 20-city home price index rose 13.1% year-over-year in August.
• The FHFA house price index declined 0.7% from a month ago in August.
• The Conference Board's consumer confidence index fell to 102.5 in October from previous reading of 107.8.
• 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.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,123,430 cases with around 1,093,150 deaths. India confirmed a total of at least 44,644,930 cases and 528,980 deaths, while France reported over 36,606,720 COVID-19 cases with 156,500 deaths. In total, there were at least 633,352,870 cases of COVID-19 worldwide with more than 6,584,420 deaths.