Nasdaq Rises 100 Points; Abercrombie & Fitch Shares Fall After Q3 Results

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

The Dow traded down 0.26% to 44,621.76 while the NASDAQ rose 0.52% to 19,154.38. The S&P 500 also rose, gaining, 0.37% to 6,009.72.

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Leading and Lagging Sectors

Utilities shares jumped by 1.1% on Tuesday.

In trading on Tuesday, materials shares fell by 0.8%.

Top Headline

Shares of Abercrombie & Fitch Co ANF fell around 4% on Tuesday after the company reported third-quarter earnings.

Sales grew 14% year over year (Y/Y) to $1.21 billion, beating the analyst consensus estimate of $1.18 billion. Comparable sales jumped 16%. Adjusted EPS of $2.50 beat the analyst consensus estimate of $2.22.

Equities Trading UP
                       

• Poseida Therapeutics, Inc. PSTX shares shot up 228% to $9.37 after the company announced it will be acquired by Roche in a $1.5 billion deal, with stockholders receiving up to $13 per share in cash.
• Shares of Hesai Group HSAI got a boost, surging 64% to $7.78 after the company reported better-than-expected third-quarter sales results.
• Embecta Corp. EMBC shares were also up, gaining 28% to $18.40 after the company reported better-than-expected fourth-quarter financial results and issued FY25 adjusted EPS guidance above estimates.

Equities Trading DOWN

• Alector, Inc. ALEC shares dropped 34% to $2.5950 after the company announced that the INVOKE-2 Phase 2 clinical trial evaluating the safety and efficacy of AL002 in individuals with early Alzheimer’s disease failed to meet its primary endpoint.
• Shares of Leslie’s, Inc. LESL were down 31% to $2.4050 after the company reported worse-than-expected quarterly adjusted EPS and sales.
• Kohl’s Corporation KSS was down, falling 19% to $14.92 after the company reported worse-than-expected third-quarter results, cut its FY24 EPS guidance, and projected a net sales decrease of 7%-8%.

Commodities

In commodity news, oil traded up 0.9% to $69.56 while gold traded up 0.4% at $2,629.10.

Silver traded up 0.9% to $30.50 on Tuesday, while copper fell 0.5% to $4.1365.

Euro zone

European shares were lower today. The eurozone's STOXX 600 slipped 0.50%, Germany's DAX fell 0.49% and France's CAC 40 slipped 0.69%. Spain's IBEX 35 Index fell 0.80%, while London's FTSE 100 fell 0.35%.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan's Nikkei 225 falling 0.87%, Hong Kong's Hang Seng Index gaining 0.04%, China's Shanghai Composite Index falling 0.12% and India's BSE Sensex falling 0.13%.

Hong Kong’s trade deficit widened to $31 billion in October from $25.8 billion in the year-ago month.

Economics

• The FHFA house price index rose by 0.7% from the previous month for September.
• The S&P CoreLogic Case-Shiller home price index rose 4.6% year-over-year in September versus a 5.2% increase in August.
• U.S. building permits declined by 0.4% to an annual rate of 1.419 million in October.
• Sales of new single-family homes in the U.S. dipped by 17.3% to an annualized rate of 610,000 in October.

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