Nasdaq Gains 100 Points; Lowe's Earnings Beat Views

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite gaining by around 100 points on Tuesday.

The Dow traded down 0.34% to 43,244.07 while the NASDAQ rose 0.53% to 18,892.31. The S&P 500 also rose, gaining, 0.14% to 5,902.02.

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Leading and Lagging Sectors

Information technology shares rose by 0.2% on Tuesday.

In trading on Tuesday, materials shares fell by 0.9%.

Top Headline

Lowe's Companies, Inc. LOW posted better-than-expected earnings for its third quarter on Tuesday.

The company reported third-quarter adjusted earnings per share of $2.89 beating the street view of $2.82. Quarterly sales of $20.170 billion outpaced the analyst consensus estimate of $19.424 billion.

Lowe's has revised its fiscal year 2024 outlook for its adjusted earnings per share (EPS) guidance from a range of $11.70 – $11.90 to a range of $11.80 – $11.90, compared with the consensus estimate of $11.85. Additionally, the company raised its sales forecast from a range of $82.70 billion – $83.20 billion to a new range of $83.00 billion – $83.50 billion, compared with the consensus estimate of $83.05 billion.

Equities Trading UP
                       

• Super Micro Computer, Inc. SMCI shares shot up 28% to $27.54 after the company announced the appointment of BDO USA as its independent auditor and the filing of a compliance plan with Nasdaq.
• Shares of PainReform Ltd. PRFX got a boost, surging 195% to $1.5999. The company announced a 1-for-4 reverse stock split.
• Interactive Strength Inc. TRNR shares were also up, gaining 48% to $3.75. The company, which makes specialty fitness equipment under the CLMBR and FORME brands, disclosed that Armah Sports Group‘s B_FIT is installing CLMBRs in three of its nine locations in Saudi Arabia.

Equities Trading DOWN

• NWTN Inc. NWTN shares dropped 12% to $1.06. NWTN received Nasdaq staff delisting determination for non-compliance with Listing Rule 5250(c)(1).
• Shares of Incyte Corporation INCY were down 11% to $68.17 after the company announced that data from its Phase 2 study evaluating MRGPRX4 (INCB000547) in cholestatic pruritus does not support further development.
• Codere Online Luxembourg, S.A. CDRO was down, falling 9% to $6.93 after the company received a Nasdaq delisting notice due to its public reports rule.

Commodities

In commodity news, oil traded up 0.6% to $69.58 while gold traded up 0.6% at $2,630.60.

Silver traded up 0.1% to $31.255 on Tuesday, while copper fell 0.3% to $4.1080.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.91%, Germany's DAX fell 1.28% and France's CAC 40 fell 1.26%. Spain's IBEX 35 Index fell 1.47%, while London's FTSE 100 fell 0.36%.

Hourly labor costs in the Eurozone rose by 4.6% year-over-year in the third quarter compared to a revised 5% gain in the prior quarter. Annual inflation in the Eurozone rose to 2% in October from 1.7% in September.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan's Nikkei 225 gaining 0.51%, Hong Kong's Hang Seng Index gaining 0.44%, China's Shanghai Composite Index gaining 0.67%  and India's BSE Sensex gaining 0.31%.

Malaysia’s trade surplus narrowed to MYR 12.0 billion in October from MYR 13.0 billion in the year-ago month.

Economics

• Housing starts in the U.S. declined by 3.1% to 1.311 million in October versus a revised 1.353 million in the previous month.
• U.S. building permits declined by 0.6% to an annual rate of 1.416 million in October.

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