Crude Oil Edges Higher; Caterpillar Earnings Top Views

U.S. stocks edged lower midway through trading, with the S&P 500 trading slightly lower on Tuesday.

The Dow traded down 0.11% to 32,892.75 while the NASDAQ fell 0.23% to 12,760.61. The S&P 500 also fell, dropping, 0.01% to 4,166.81.

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Leading and Lagging Sectors

 

Real estate shares jumped by 1.3% on Tuesday.

In trading on Tuesday, communication services shares fell by 0.3%.

 

Top Headline

 

Caterpillar Inc CAT reported upbeat earnings for the third quarter.

Caterpillar reported a third-quarter FY23 revenue increase of 12% year-over-year to $16.81 billion, beating the consensus of $16.59 billion. The company’s adjusted earnings of $5.52 per share, compared to $3.95 a year ago, topped the consensus of $4.79.

For the fourth quarter, Caterpillar expects slightly higher sales and revenues vs 4Q22; Adjusted operating profit margin to be lower than 3Q23.

 

Equities Trading UP

 

SciSparc Ltd. SPRC shares shot up 57% to $5.35 after the company announced it received notice of acceptance from the Australian patent office for its patent application for Combination of Opioids and N-Acylethanolamines for pain treatment.

Shares of Cardio Diagnostics Holdings, Inc. CDIO got a boost, shooting 52% to $0.3245 after the company received an Innovation Technology contract from Vizient for its novel AI-driven precision heart disease tests.

Wolfspeed, Inc. WOLF shares were also up, gaining 27% to $35.27 after the company reported first-quarter financial results and issued guidance.

 

Equities Trading DOWN

 

Kintara Therapeutics, Inc. KTRA shares dropped 76% to $0.9071. The company announced that its drug VAL-083 did not outperform existing treatments for glioblastoma, a severe brain cancer.

Shares of Galera Therapeutics, Inc. GRTX were down 59% to $0.0872 after the company said GRECO-2 trial did not pass futility analysis.

Sientra, Inc. SIEN was down, falling 54% to $0.6645 after the company reported preliminary unaudited third-quarter financial results.

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Commodities

 

In commodity news, oil traded up 0.6% to $82.84 while gold traded up 0.2% at $2,009.50.

Silver traded down 0.4% to $23.315 on Tuesday while copper fell 0.3% to $3.6460.

Euro zone

 

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.54%, London’s FTSE 100 fell 0.04% while Spain’s IBEX 35 Index fell 0.14% The German DAX gained 0.51% French CAC 40 climbed 0.93%, while Italy’s FTSE MIB Index jumped 1.37%.

The inflation rate in the Eurozone eased to 2.9% year-over-year in October, falling to its lowest level since July 2021. The Eurozone economy contracted 0.1% on quarter during the three months to Sept. 2023, compared to revised 0.2% increase in the prior quarter.

The French economy expanded by 0.1% in the third quarter, slowing from a revised 0.6% increase in the prior quarter. France's consumer price inflation eased to 4% year-over-year in October from 4.9% in the prior month, while producer prices increased 0.7% month-over-month for September. German import prices declined 14.3% year-over-year in September, while retail sales in Germany fell 0.8% month-over-month for September.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 rising 0.53%, Hong Kong’s Hang Seng Index falling 1.69% and China’s Shanghai Composite Index falling 0.09%. India’s S&P BSE Sensex, meanwhile, slipped around 0.1%.

The Bank of Japan maintained its key short-term interest rate at -0.1%. Japanese housing starts fell by 6.8% year-over-year in September, while retail sales in Japan increased 5.8% year-over-year in September. Industrial production climbed by 0.2% month-over-month, while unemployment rate declined to 2.6% in September from 2.7% in the previous month.

The official NBS manufacturing PMI in China declined to 49.5 in October from 50.2 a month ago, while official NBS non-manufacturing PMI fell to 50.6 from 51.7. Hong Kong’s economy grew by 4.1% year-over-year in the third quarter compared to a 1.5% increase in the prior period.

 

Economics

 

The S&P CoreLogic Case-Shiller 20-city home price index climbed 2.2% year-over-year in August versus a 0.2% increase in July.

The FHFA house price index increased by 0.6% from the prior month in August versus a 0.8% rise in July.

Compensation costs for civilian workers rose by 1.1% in the third quarter.

The Chicago PMI slipped to 44 in October from 44.1.

The Dallas Fed general business activity index for Texas’s service sector fell to a reading of -18.2 in October versus -8.6 in the prior month.

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