Dow Dips 200 Points; Bank of America Posts Upbeat Earnings

U.S. stocks traded lower this morning, with the Dow Jones index falling around 200 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.49% to 42,855.88.

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Leading and Lagging Sectors

Real estate shares jumped by 0.9% on Tuesday.

In trading on Tuesday, energy shares fell by 2.6%.

Top Headline

Bank of America Corp BAC reported better-than-expected earnings for its third quarter.

The company posted quarterly net income of $6.9 billion and EPS of $0.81, beating the analyst consensus estimate of $0.77. Net income fell 12% year-on-year due to higher provisions for loan losses and rising expenses.

Revenue, net of interest expense, increased 1.0% year over year to $25.49 billion, beating the analyst consensus estimate of $25.29 billion.

Equities Trading UP
                       

• Zapata Computing Holdings Inc. ZPTA shares shot up 157% to $0.1985.
• Shares of Digital Brands Group, Inc. DBGI got a boost, surging 91% to $0.3049.
• Safe and Green Development Corporation SGD shares were also up, gaining 39% to $5.55 after the company announced that all site work has been completed for the first phase of its Sugar Phase I project in South Texas.

Equities Trading DOWN

• Seelos Therapeutics, Inc. SEEL shares dropped 44% to $1.3637. Seelos Therapeutics announced notice of delisting from Nasdaq and transfer of listing to Over-the-Counter Market.
• Shares of Notable Labs, Ltd. NTBL were down 26% to $0.2892.
• Pineapple Energy Inc. PEGY was down, falling 19% to $0.1017 after the company announced a 1-for-50 reverse stock split.

Commodities

In commodity news, oil traded down 5% to $70.14 while gold traded up 0.1% at $2,668.60.

Silver traded up 0.5% to $31.46 on Tuesday, while copper fell 1.2% to $4.3515.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 slipped 0.1%, Germany's DAX gained 0.3% and France's CAC 40 fell 0.8%. Spain's IBEX 35 Index rose 0.5%, while London's FTSE 100 fell 0.4%.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan's Nikkei 225 gaining 0.77%, Hong Kong's Hang Seng Index falling 3.67%, China's Shanghai Composite Index dipping 2.53% and India's BSE Sensex falling 0.19%.

Economics

The NY Empire State Manufacturing Index declined to -11.9 in October from 11.5 in the previous month and topping market estimates of 3.8.

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