US Stocks Mixed; D.R. Horton Earnings Top Views

U.S. stocks traded mixed this morning, with the Dow Jones falling around 50 points on Tuesday

Following the market opening Tuesday, the Dow traded down 0.18% to 34,035.79 while the NASDAQ rose 0.14% to 13,537.65. The S&P 500 also fell, dropping, 0.22% to 4,356.26.

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Leading and Lagging Sectors

 

Information technology shares rose by 0.2% on Tuesday.

In trading on Tuesday, energy shares fell by 2.1%.

Top Headline

D.R. Horton, Inc. DHI reported better-than-expected earnings for its fourth quarter on Tuesday.

D.R. Horton posted quarterly earnings of $4.45 per share, topping market estimates of $3.93 per share. The company’s quarterly sales came in at $10.50 billion versus expectations of $10.01 billion.

D.R. Horton said it sees FY24 consolidated revenues of approximately $36 billion to $37 billion, versus estimates of $36.20 billion.

 

Equities Trading UP

PaxMedica, Inc. PXMD shares shot up 117% to $6.62. PaxMedica announced the publication of its autism spectrum disorder Phase 2 study results in the Annals of General Psychiatry.

Shares of Senti Biosciences, Inc. SNTI got a boost, shooting 86% to $0.5442 after the company reported a new strategic collaboration with Celest Therapeutics for the clinical development of SENTI-301A in China. Senti is eligible to receive up to $156 million in milestones and royalties.

Tharimmune, Inc. THAR shares were also up, gaining 50% to $0.2360 as the company disclosed the execution of an exclusive worldwide licensing agreement with Avior Inc. d/b/a Avior Bio, LLC to develop, market and commercialize a clinical-stage asset, AV104.

Equities Trading DOWN

Ventyx Biosciences, Inc. VTYX shares dropped 82% to $2.5201 after the company announced efficacy results from the Phase 2 trial of VTX958 in plaque psoriasis did not meet the internal target to support further development of VTX958 in psoriasis.

Shares of Alto Ingredients, Inc. ALTO were down 56% to $2.18 after the company reported mixed third-quarter financial results.

Worldwide Webb Acquisition Corp. WWAC was down, falling 40% to $4.43.

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Commodities

In commodity news, oil traded down 1.8% to $79.36 while gold traded down 0.9% at $1,971.70.

Silver traded down 2.5% to $22.645 on Tuesday while copper fell 1.4% to $3.6665.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index fell 0.2% The German DAX fell 0.3% French CAC 40 fell 0.5%, while Italy’s FTSE MIB Index fell 0.1%.

Industrial producer prices in the Eurozone declined by 12.4% year-over-year in September versus an 11.5% decline a month ago, while the HCOB construction PMI declined to 42.7 in October from 43.6 in September.

The S&P Global France construction PMI declined to 41 in October from 43.7 in September, while German construction PMI fell to 38.3 in October, recording the lowest reading since April 2020. Industrial production in Germany fell 1.4% month-over-month for September, while UK’s Halifax House Price Index fell by 3.2% year-over-year in October.

 

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan’s Nikkei 225 falling 1.34%, Hong Kong’s Hang Seng Index declining 1.65% and China’s Shanghai Composite Index falling 0.04%. India’s S&P BSE Sensex, meanwhile, fell around 0.03%.

China's trade surplus in October 2023 narrowed to $56.53 billion from $82.35 billion in the year-ago-month. Chinese foreign exchange reserves fell to $3.101 trillion in October from the previous month's reading of $3.115 trillion, while foreign exchange reserves in Hong Kong increased to $416 billion in October.

Economics

The Logistics Manager’s Index in the U.S. rose to 56.5 in October versus 52.4 in the prior month.

The Manheim Used Vehicle Value Index fell 2.3% month-over-month for October.

The trade deficit in the U.S. increased to $61.5 billion in September versus a revised $58.7 billion gap in the prior month and compared to market estimates of $59.9 billion.

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