Gold Gains 1%; Phillips 66 Shares Fall After Q3 Results

U.S. stocks traded mostly higher toward the end of trading, with the Nasdaq Composite gaining more than 150 points on Tuesday.

The Dow traded down 0.11% to 42,341.64 while the NASDAQ rose 0.85% to 18,724.32. The S&P 500 also rose, gaining, 0.35% to 5,843.93.

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Leading and Lagging Sectors

Communication services shares rose by 1.5% on Tuesday.

In trading on Tuesday, utilities shares fell by 1.8%.

Top Headline

Phillips 66 PSX shares fell around 5% on Tuesday after it reported third-quarter FY24 results.

Adjusted EPS of $2.04 topped the consensus of $1.66. Midstream segment adjusted pre-tax income stood at $672 million, vs. $753 million in the second quarter of FY24, owing to seasonal maintenance costs and lower equity earnings.

The Chemicals segment adjusted pre-tax income stood at $342 million versus $222 million in the prior quarter, led by higher margins and lower costs.

Equities Trading UP
                       

• GlycoMimetics, Inc. GLYC shares shot up 172% to $0.4608 after the company announced it will merge with Crescent Biopharma and secured $200 in funding to advance its oncology pipeline.
• Shares of BIO-key International, Inc. BKYI got a boost, surging 60% to $1.08 after the company announced it received a $910K order from a long-time financial services customer to upgrade its biometric customer identification technology.
• GeneDx Holdings Corp. WGS shares were also up, gaining 46% to $81.57 after the company reported better-than-expected third-quarter financial results and raised its FY24 revenue guidance.

Equities Trading DOWN

• 1847 Holdings LLC EFSH shares dropped 63% to $0.4655 after the company priced an $11.1 million public offering at $1.26 per unit.
• Shares of TransMedics Group, Inc. TMDX were down 31% to $87.61 after the company reported worse-than-expected third-quarter financial results and issued FY24 revenue guidance with its midpoint below estimates.
• Janus International Group, Inc. JBI was down, falling 32% to $7.00 after the company reported worse-than-expected third-quarter financial results and cut its FY24 sales guidance below estimates.

Commodities

In commodity news, oil traded down 0.1% to $67.36 while gold traded up 1% at $2,782.00.

Silver traded up 1.5% to $34.50 on Tuesday, while copper fell 0.1% to $4.3595.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 slipped 0.57%, Germany's DAX fell 0.27% and France's CAC 40 slipped 0.61%. Spain's IBEX 35 Index fell 0.91%, while London's FTSE 100 fell 0.80%.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 0.77%, Hong Kong's Hang Seng Index gaining 0.49%, China's Shanghai Composite Index falling 1.08% and India's BSE Sensex surging 0.45%.

Economics

• The number of job openings declined by 418,000 to 7.443 million in September versus a revised 7.861 million in the previous month and below market estimates of 7.99 million.
• The FHFA house price index rose 0.3% in August, above market estimates of a 0.2% rise.
• The S&P CoreLogic Case-Shiller home price index rose 5.2% year-over-year in August versus a 5.9% gain in July.
• U.S. wholesale inventories declined by 0.1% month-over-month to $905 billion in September compared to revised 0.2% gain in the earlier month.
• The U.S. trade deficit increased to $108.2 billion in September from the $94.2 billion gap in the previous month.
• The Dallas Fed general business activity index for Texas’ service sector climbed to 2 in October compared to a reading of -2.6 in the prior month.

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