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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