Gold Gains 1%; Phillips 66 Shares Fall After Q3 Results

Author: Avi Kapoor | October 29, 2024 01:41pm

U.S. stocks traded mostly higher toward the end of trading, with the Nasdaq Composite gaining more than 150 points on Tuesday.

The Dow traded down 0.11% to 42,341.64 while the NASDAQ rose 0.85% to 18,724.32. The S&P 500 also rose, gaining, 0.35% to 5,843.93.

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Leading and Lagging Sectors

Communication services shares rose by 1.5% on Tuesday.

In trading on Tuesday, utilities shares fell by 1.8%.

Top Headline

Phillips 66 (NYSE:PSX) shares fell around 5% on Tuesday after it reported third-quarter FY24 results.

Adjusted EPS of $2.04 topped the consensus of $1.66. Midstream segment adjusted pre-tax income stood at $672 million, vs. $753 million in the second quarter of FY24, owing to seasonal maintenance costs and lower equity earnings.

The Chemicals segment adjusted pre-tax income stood at $342 million versus $222 million in the prior quarter, led by higher margins and lower costs.

Equities Trading UP
                       

• GlycoMimetics, Inc. (NASDAQ:GLYC) shares shot up 172% to $0.4608 after the company announced it will merge with Crescent Biopharma and secured $200 in funding to advance its oncology pipeline.
• Shares of BIO-key International, Inc. (NASDAQ:BKYI) got a boost, surging 60% to $1.08 after the company announced it received a $910K order from a long-time financial services customer to upgrade its biometric customer identification technology.
• GeneDx Holdings Corp. (NASDAQ:WGS) shares were also up, gaining 46% to $81.57 after the company reported better-than-expected third-quarter financial results and raised its FY24 revenue guidance.

Equities Trading DOWN

• 1847 Holdings LLC (NASDAQ:EFSH) shares dropped 63% to $0.4655 after the company priced an $11.1 million public offering at $1.26 per unit.
• Shares of TransMedics Group, Inc. (NASDAQ:TMDX) were down 31% to $87.61 after the company reported worse-than-expected third-quarter financial results and issued FY24 revenue guidance with its midpoint below estimates.
• Janus International Group, Inc. (NYSE:JBI) was down, falling 32% to $7.00 after the company reported worse-than-expected third-quarter financial results and cut its FY24 sales guidance below estimates.

Commodities

In commodity news, oil traded down 0.1% to $67.36 while gold traded up 1% at $2,782.00.

Silver traded up 1.5% to $34.50 on Tuesday, while copper fell 0.1% to $4.3595.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 slipped 0.57%, Germany's DAX fell 0.27% and France's CAC 40 slipped 0.61%. Spain's IBEX 35 Index fell 0.91%, while London's FTSE 100 fell 0.80%.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 0.77%, Hong Kong's Hang Seng Index gaining 0.49%, China's Shanghai Composite Index falling 1.08% and India's BSE Sensex surging 0.45%.

Economics

• The number of job openings declined by 418,000 to 7.443 million in September versus a revised 7.861 million in the previous month and below market estimates of 7.99 million.
• The FHFA house price index rose 0.3% in August, above market estimates of a 0.2% rise.
• The S&P CoreLogic Case-Shiller home price index rose 5.2% year-over-year in August versus a 5.9% gain in July.
• U.S. wholesale inventories declined by 0.1% month-over-month to $905 billion in September compared to revised 0.2% gain in the earlier month.
• The U.S. trade deficit increased to $108.2 billion in September from the $94.2 billion gap in the previous month.
• The Dallas Fed general business activity index for Texas’ service sector climbed to 2 in October compared to a reading of -2.6 in the prior month.

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Posted In: BKYI EFSH GLYC JBI PSX TMDX WGS