Crude Oil Rises Sharply; 3M Posts Upbeat Earnings

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling around 50 points on Tuesday.

The Dow traded down 0.09% to 42,891.94 while the NASDAQ slipped 0.28% to 18,488.16. The S&P 500 also fell, dropping, 0.30% to 5,836.28.

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Leading and Lagging Sectors

Energy shares rose by 0.5% on Tuesday.

In trading on Monday, industrials shares fell by 1.1%.

Top Headline

3M Company MMM reported better-than-expected third-quarter adjusted EPS and sales and revised FY24 EPS guidance.

The company reported net sales of $6.294 billion, a slight increase of 0.4% year-over-year. Adjusted net sales totaled $6.068 billion, up 1.5% on year and marginally beating the consensus of $6.057 billion. Adjusted EPS was $1.98, up 18% Y/Y, beating the consensus of $1.90.

Equities Trading UP
                       

• iRhythm Technologies, Inc. IRTC shares shot up 20% to $74.21 after the company announced that it was granted FDA clearance for its 510(k) submission related to prior design changes made to the Zio AT device.
• Shares of Mueller Industries, Inc MLI got a boost, surging 16% to $83.91 after the company reported better-than-expected third-quarter sales results.
• Sangamo Therapeutics, Inc. SGMO shares were also up, gaining 40% to $1.2787 after the company announced the FDA approved an accelerated pathway for ST-920 in Fabry disease. A BLA submission is expected in 2025.

Equities Trading DOWN

• Genuine Parts Company GPC shares dropped 20% to $114.60 after the company reported mixed third-quarter financial results and cut its FY24 EPS below estimates.
• Shares of Polaris Inc. PII were down 11% to $71.71 after the company reported worse-than-expected third-quarter EPS and sales and cut its 2024 guidance.
• Logitech International S.A. LOGI was down, falling 10% to $83.01 following second-quarter results.

Commodities

In commodity news, oil traded up 2.8% to $72.54 while gold traded up 0.5% at $2,753.70.

Silver traded up 2.4% to $34.900 on Tuesday, while copper rose 0.3% to $4.3745.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.21%, Germany's DAX fell 0.20% and France's CAC 40 fell 0.01%. Spain's IBEX 35 Index fell 0.07%, while London's FTSE 100 fell 0.14%.

Passenger car registrations in the European Union fell by 6.1% year-over-year to 809,163 units in September following a 18.3% decline in August.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 falling 1.39%, Hong Kong's Hang Seng Index gaining 0.1%, China's Shanghai Composite Index gaining 0.54% and India's BSE Sensex falling 1.15%.

The annual inflation rate in Hong Kong fell to 2.2% in September from 2.5% in the prior month.

Economics

The composite manufacturing index in the US Fifth District came in at -14 for October compared to a reading of -21 in the prior month.

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