Dow Jumps Over 500 Points; Home Depot Earnings Top Views
U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 500 points on Tuesday.
The Dow traded up 1.60% to 34,885.58 while the NASDAQ rose 2.50% to 14,111.61. The S&P 500 also rose, gaining, 2.06% to 4,502.40.
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Leading and Lagging Sectors
Real estate shares surged by 5% on Tuesday.
In trading on Tuesday, energy shares rose by just 0.5%.
Top Headline
Home Depot Inc (NYSE:HD) reported better-than-expected third-quarter results.
Home Depot reported a FY23 sales decline of 3% year-on-year to $37.71 billion, beating the analyst consensus estimate of $35.66 billion. EPS of $3.81 beat the analyst consensus of $3.58.
Equities Trading UP
BioCardia, Inc. (NASDAQ:BCDA) shares shot up 168% to $1.0708 after the company announced the FDA approval of its Phase 3 clinical trial of its CardiAMP autologous cell therapy for the treatment of patients with ischemic heart failure.
Shares of INVO Bioscience, Inc. (NASDAQ:INVO) got a boost, shooting 27% to $2.05 after the company posted a narrower loss for the third quarter.
Theseus Pharmaceuticals, Inc. (NASDAQ:THRX) shares were also up, gaining 50% to $3.20 after the company announced process to explore strategic alternatives.
Equities Trading DOWN
The Beauty Health Company (NASDAQ:SKIN) shares dropped 61% to $1.5350 after the company reported weaker-than-expected financial results for its third quarter and revised its net sales outlook. Also, the company suspended its long-term full-year 2025 forecast.
Shares of Kubient, Inc. (NASDAQ:KBNT) were down 50% to $0.1096. Kubient announced voluntary delisting from Nasdaq Capital Market.
Applied UV, Inc. (NASDAQ:AUVI) was down, falling 44% to $0.1507. Applied UV announced pricing of $6.4 million upsized underwritten public offering of 42,666,666 units at $0.15 per unit.
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Commodities
In commodity news, oil traded up 0.1% to $78.35 while gold traded up 0.8% at $1,966.30.
Silver traded up 3.5% to $23.14 on Tuesday while copper rose 0.4% to $3.6820.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 gained 1.34%, London’s FTSE 100 rose 0.20% while Spain’s IBEX 35 Index rose 1.71% The German DAX rose 1.76% French CAC 40 rose 1.39%, while Italy’s FTSE MIB Index climbed 1.45%.
The ZEW Indicator of Economic Sentiment for the Eurozone surged to 13.8 in November versus 2.3 in the previous month. The GDP in the Eurozone contracted 0.1% on quarter during the three months to September, while number of employed persons increased by 0.3% to 168.7 million people during the same period.
The ZEW Indicator of Economic Sentiment for Germany climbed by 10.9 points to a reading of +9.8 in November, while Spanish annual consumer price inflation was confirmed at 3.5% for October. The number of job vacancies in the UK fell to 957,000 in August to October. Average weekly earnings, including bonuses in the UK, rose 7.9% year-over-year to GBP 673 per week while unemployment rate came in at 4.2% in the third quarter.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 rising 0.34%, Hong Kong’s Hang Seng Index falling 0.17% and China’s Shanghai Composite Index gaining 0.31%.
Indian wholesale prices fell by 0.52% year-over-year in October versus market expectations of a 0.2% decline.
Economics
The annual inflation rate in the U.S. eased to 3.2% in October versus 3.7% in both September and August, and compared to market estimates of 3.3%.
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