Nasdaq Down 150 Points; Johnson & Johnson Reports Better-Than-Expected Q3 Results

Author: Avi Kapoor | October 15, 2024 01:14pm

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling around 150 points on Tuesday.

The Dow traded down 0.30% to 42,937.44 while the NASDAQ fell 0.84% to 18,347.17. The S&P 500 also fell, dropping, 0.43% to 5,834.67.

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Leading and Lagging Sectors

Real estate shares jumped by 2% on Tuesday.

In trading on Tuesday, energy shares fell by 2.3%.

Top Headline

Johnson & Johnson (NYSE:JNJ) reported upbeat results for its third quarter.

The company posted adjusted EPS of $2.42, down 9.0% year-over-year, beating the consensus of $2.21. The pharmaceutical giant reported sales of $22.47 billion, up 5.2% year over year and beating the consensus of $22.16 billion.

Equities Trading UP
                       

• Wolfspeed, Inc. (NYSE:WOLF) shares shot up 21% to $13.78 after the company announced it signed a signed a non-binding preliminary memorandum of terms for up to $750 million in proposed direct funding under the CHIPS and Science Act.
• Shares of MeiraGTx Holdings plc (NASDAQ:MGTX) got a boost, surging 14% to $5.28 after safety and tolerability was confirmed in its gene therapy study for Parkinson’s.
• Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) shares were also up, gaining 13% to $8.56 following a third-quarter earnings beat.

Equities Trading DOWN

• Seelos Therapeutics, Inc. (NASDAQ:SEEL) shares dropped 43% to $1.4050. Seelos Therapeutics announced notice of delisting from Nasdaq and transfer of listing to Over-the-Counter Market.
• Shares of CareDx, Inc (NASDAQ:CDNA) were down 14% to $26.85 as the company reported preliminary results for the third quarter.
• Pineapple Energy Inc. (NASDAQ:PEGY) was down, falling 14% to $0.1070 after the company announced a 1-for-50 reverse stock split.

Commodities

In commodity news, oil traded down 4.5% to $70.54 while gold traded up 0.4% at $2,676.80.

Silver traded up 1.2% to $31.69 on Tuesday, while copper fell 1.6% to $4.3360.

Euro zone

European shares closed mostly lower today. The eurozone's STOXX 600 slipped 0.80%, Germany's DAX slipped 0.11% and France's CAC 40 fell 1.05%. Spain's IBEX 35 Index rose 0.67%, while London's FTSE 100 fell 0.52%.

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: CDNA ERIC JNJ MGTX PEGY SEEL WOLF