Dow Gains 50 Points; Global Payments Posts Upbeat Earnings

U.S. stocks turned higher toward the end of trading, with the Dow Jones index gaining around 50 points on Tuesday.

The Dow traded up 0.15% to 32,978.85 while the NASDAQ rose 0.20% to 12,814.52. The S&P 500 also rose, gaining, 0.38% to 4,182.85.

Check This Out: $2.8M Bet On This Healthcare Stock? Check Out These 4 Stocks Insiders Are Buying

 

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

 

Global Payments Inc GPN reported better-than-expected third-quarter earnings.

Adjusted net revenue rose 9% Y/Y to $2.232 billion, slightly beating the consensus of $2.226 billion. Adjusted EPS of $2.75 beat the consensus of $2.71.

For FY23, Global Payments raised the adjusted EPS outlook to $10.39 - $10.45 (from $10.35 - $10.44) vs. consensus of $10.38.

 

Equities Trading UP

 

SciSparc Ltd. SPRC shares shot up 68% to $5.72 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 50% to $0.32 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 23% to $33.99 after the company reported first-quarter financial results and issued guidance.

 

Equities Trading DOWN

 

Kintara Therapeutics, Inc. KTRA shares dropped 79% to $0.8150. 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 55% to $0.0960 after the company said GRECO-2 trial did not pass futility analysis.

Sientra, Inc. SIEN was down, falling 56% to $0.6465 after the company reported preliminary unaudited third-quarter financial results.

Also Check This Out: Top 3 Consumer Stocks That Could Sink Your Portfolio In Q4

 

Commodities

 

In commodity news, oil traded down 1.2% to $81.31 while gold traded down 0.6% at $1,994.30.

Silver traded down 1.9% to $22.955 on Tuesday while copper fell 0.3% to $3.6495.

 

Euro zone

 

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.59%, London’s FTSE 100 fell 0.08% while Spain’s IBEX 35 Index rose 0.04% The German DAX gained 0.64% French CAC 40 climbed 0.89%, while Italy’s FTSE MIB Index jumped 1.47%.

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.

Now Read This: These 3 Real Estate Stocks Delivering High-Dividend Yields Are Recommended By Wall Street's Most Accurate Analysts

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsTrading IdeasMid Afternoon Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!