Toward the end of trading Tuesday, the Dow traded down 0.30 percent to 18,167.45 while the NASDAQ declined 0.58 percent to
5,279.29. The S&P also fell, dropping 0.40 percent to 2,142.82.
Leading and Lagging Sectors
Tuesday afternoon, Non-cyclical consumer goods & services shares gained by 0.52 percent.
In trading on Tuesday, cyclical consumer goods & services shares fell by 1.09 percent. Meanwhile, top losers in the sector
included Sonic Corporation (NASDAQ: SONC), down 18
percent, and Under Armour Inc (NYSE: UA), down 13
percent.
Top Headline
General Motors Company (NYSE: GM) reported
stronger-than-expected earnings for the third quarter on Tuesday.
GM’s net income climbed to $2.8 billion, or $1.76 per share in the latest quarter. Excluding items, the company earned $1.72 per
share, beating analysts' estimates of $1.45 per share.
Its revenue increased 10 percent to $42.8 billion in the quarter, beating estimates by $3.51 billion.
Equities Trading UP
Second Sight Medical Products Inc (NASDAQ: EYES)
shares shot up 16 percent to $3.30 following news that the company has successfully implanted and activated a wireless visual
cortical stimulator in a human subject.
Shares of Clayton Williams Energy, Inc. (NYSE: CWEI)
got a boost, shooting up 28 percent to $94.93 after the company announced an agreement to sell Giddings Area assets for $400
million and named Patrick Cooke as COO.
Crane Co. (NYSE: CR) shares were also up, gaining 12
percent to $67.56 on stronger-than-expected Q3 earnings.
Equities Trading DOWN
Dipexium Pharmaceuticals Inc (NASDAQ: DPRX) shares
dropped 78 percent to $2.87 after the company disclosed that top-line data from OneStep Phase 3 trials of Locilex failed to meet
the primary endpoint.
Shares of Pacific Mercantile Bancorp (NASDAQ: PMBC) were down 24 percent to $5.78. Pacific Mercantile Bancorp reported a Q3 loss
of $30.5 million on revenue of $10.2 million for its third quarter.
Sonic Corporation (NASDAQ: SONC) was down, falling
around 17 percent to $21.93. Sonic reported upbeat earnings for its fourth quarter, but revenue missed expectations.
Commodities
In commodity news, oil traded down 1.44 percent to $49.79 while gold traded up 0.96 percent to $1,275.80.
Silver traded up 1.03 percent Tuesday to $17.79, while copper rose 2.13 percent to $2.14.
Eurozone
European shares closed mostly lower today. The eurozone’s STOXX 600 slipped 0.35 percent, the Spanish Ibex Index fell 0.83
percent, while Italy’s FTSE MIB Index dropped 0.44 percent. Meanwhile the German DAX slipped 0.04 percent, and the French CAC 40
dropped 0.26 percent while U.K. shares rose 0.45 percent.
Economics
The Johnson Redbook Retail Sales Index declined 0.1 percent during the first three weeks of October versus September.
The S&P Corelogic Case-Shiller home price index gained 0.4 percent in August. However, economists were expecting a 0.2
percent monthly growth.
The Conference Board’s consumer confidence index declined to 98.60 in October, versus economists’ estimates for a reading of
101.00.
The Richmond Fed manufacturing index rose to a reading of -4.00 in October, versus a prior reading of -8.00. Economists expected
a reading of -5.00.
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