Nasdaq Turns Lower; Expeditors International Posts Upbeat Q3 Results

U.S. stocks pared gains toward the end of trading, with the S&P and the Nasdaq Composite turning lower on Tuesday.

The Dow traded up 0.43% to 32,967.31 while the NASDAQ fell 0.36% to 10,526.28. The S&P 500 also fell, dropping, 0.06% to 3,804.43.

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Leading and Lagging Sectors

Materials shares gained 2.5% on Tuesday. Leading the sector was strength from Pactiv Evergreen Inc. PTVE and Equinox Gold Corp. EQX.

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

Top Headline

 

Expeditors International of Washington, Inc. EXPD reported better-than-expected Q3 EPS and sales results.

Expeditors International posted quarterly earnings of $2.54 per share, beating analysts’ estimates of $1.95 per share. The company’s quarterly sales came in at $4.36 billion, versus expectations of $4.29 billion.

 

Equities Trading UP

 

• TaskUs, Inc. TASK shares shot up 34% to $21.47 after the company reported better-than-expected Q3 results. The company also issued Q4 and FY22 sales guidance above analyst estimates.
• Shares of SkyWater Technology, Inc. SKYT got a boost, shooting 31% to $11.35 after the company reported better-than-expected Q3 EPS and sales results.
• GrowGeneration Corp. GRWG shares were also up, gaining 32% to $4.3750 after the company reported better-than-expected Q3 sales.

 

Equities Trading DOWN

• Bioventus Inc. BVS shares tumbled 53% to $3.34 after the company reported downbeat Q3 results and lowered FY22 guidance.
• Shares of R1 RCM Inc. RCM were down 46% to $7.90 after the company reported worse-than-expected Q3 EPS and sales results and cut FY22 revenue guidance below estimates.
• Unisys Corporation UIS was down, falling 47% to $4.76 following downbeat quarterly sales.

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Commodities

In commodity news, oil traded down 1.5% to $90.40 while gold traded up 2.2% at $1,716.90.

Silver traded up 3% to $21.545 on Tuesday while copper rose 2.2% to $3.6815.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.78%, London’s FTSE 100 rose 0.08% while Spain’s IBEX 35 Index rose 0.46%. The German DAX gained 1.15%, French CAC 40 rose 0.39% and Italy’s FTSE MIB Index jumped 0.86%.

Eurozone retail sales increased by 0.4% from a month ago in September, while retail sales in Italy rose 0.5% from a month earlier in September. French current account deficit widened to EUR 7.3 billion in September versus a revised EUR 5.9 billion in the prior month. Payroll employment in the French private sector increased by 0.4% to 20.81 million in the third quarter.

Retail sales in the UK rose by 1.2% from a year ago in October, compared to September’s 1.8% growth.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with the Japan’s Nikkei climbing 1.25% and Hong Kong’s Hang Seng Index dropping 0.23%. China’s Shanghai Composite Index dropped 0.43%.

The index of leading economic indicators in Japan fell to 97.4 in September versus a final reading of 101.1 in the prior month, while index of coincident economic indicators fell to 101.1 from a final 101.8. The NAB business confidence index in Australia fell 5 points to 0 for the month of October, while Westpac-Melbourne Institute Index of Consumer Sentiment fell 6.9% to 78 in November. Average cash earnings in Japan climbed by 2.1% year-over-year in September, while household spending in the country rose by 2.3% from the earlier year in September.

Economics

The NFIB Small Business Optimism Index dropped to a three-month low level of 91.3 in October from 92.1 in the previous month.

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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 99,681,440 cases with around 1,098,380 deaths. India confirmed a total of at least 44,662,140 cases and 530,510 deaths, while France reported over 36,971,720 COVID-19 cases with 157,420 deaths. In total, there were at least 638,189,250 cases of COVID-19 worldwide with more than 6,607,260 deaths.