Dow Dips 200 Points; Bank of America Posts Upbeat Earnings

Author: Avi Kapoor | October 15, 2024 08:49am

U.S. stocks traded lower this morning, with the Dow Jones index falling around 200 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.49% to 42,855.88.

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Leading and Lagging Sectors

Real estate shares jumped by 0.9% on Tuesday.

In trading on Tuesday, energy shares fell by 2.6%.

Top Headline

Bank of America Corp (NYSE:BAC) reported better-than-expected earnings for its third quarter.

The company posted quarterly net income of $6.9 billion and EPS of $0.81, beating the analyst consensus estimate of $0.77. Net income fell 12% year-on-year due to higher provisions for loan losses and rising expenses.

Revenue, net of interest expense, increased 1.0% year over year to $25.49 billion, beating the analyst consensus estimate of $25.29 billion.

Equities Trading UP
                       

• Zapata Computing Holdings Inc. (NASDAQ:ZPTA) shares shot up 157% to $0.1985.
• Shares of Digital Brands Group, Inc. (NASDAQ:DBGI) got a boost, surging 91% to $0.3049.
• Safe and Green Development Corporation (NASDAQ:SGD) shares were also up, gaining 39% to $5.55 after the company announced that all site work has been completed for the first phase of its Sugar Phase I project in South Texas.

Equities Trading DOWN

• Seelos Therapeutics, Inc. (NASDAQ:SEEL) shares dropped 44% to $1.3637. Seelos Therapeutics announced notice of delisting from Nasdaq and transfer of listing to Over-the-Counter Market.
• Shares of Notable Labs, Ltd. (NASDAQ:NTBL) were down 26% to $0.2892.
• Pineapple Energy Inc. (NASDAQ:PEGY) was down, falling 19% to $0.1017 after the company announced a 1-for-50 reverse stock split.

Commodities

In commodity news, oil traded down 5% to $70.14 while gold traded up 0.1% at $2,668.60.

Silver traded up 0.5% to $31.46 on Tuesday, while copper fell 1.2% to $4.3515.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 slipped 0.1%, Germany's DAX gained 0.3% and France's CAC 40 fell 0.8%. Spain's IBEX 35 Index rose 0.5%, while London's FTSE 100 fell 0.4%.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan's Nikkei 225 gaining 0.77%, Hong Kong's Hang Seng Index falling 3.67%, China's Shanghai Composite Index dipping 2.53% and India's BSE Sensex falling 0.19%.

Economics

The NY Empire State Manufacturing Index declined to -11.9 in October from 11.5 in the previous month and topping market estimates of 3.8.

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Posted In: BAC DBGI NTBL PEGY SEEL SGD ZPTA