Midway through trading Tuesday, the Dow traded down 0.19% to 35,550.02 while the NASDAQ fell 1.45% to 15,624.16. The S&P also fell, dropping 0.63% to 4,653.33.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 48,748,550 cases with around 794,860 deaths. India confirmed a total of at least 34,526,480 cases and 466,140 deaths, while Brazil reported over 22,019,870 COVID-19 cases with 612,840 deaths. In total, there were at least 258,560,440 cases of COVID-19 worldwide with more than 5,178,050 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
In trading on Tuesday, information technology shares fell 1.4%.
Best Buy Co., Inc. (NYSE: BBY) reported upbeat results for its third quarter on Monday.
Best Buy posted quarterly earnings of $2.08 per share, beating analysts’ estimates of $1.91 per share. The company’s quarterly sales came in at $11.91 billion, versus expectations of $11.56 billion.
Best Buy boosted its full-year enterprise comparable sales growth outlook to a range of 10.5% to 11.5%.
Equities Trading UP
Pasithea Therapeutics Corp. (NASDAQ: KTTA) shares shot up 242% to $7.55 after the company announced its subsidiary Pasithea Clinics has been approved to provide esketamine nasal spray for the treatment of resistant depression in adults.
Shares of Petros Pharmaceuticals, Inc. (NASDAQ: PTPI) got a boost, shooting 69% to $2.25. The company filed proxy statement for annual meeting after the market close on Monday.
Aptevo Therapeutics Inc. (NASDAQ: APVO) shares were also up, gaining 36% to $8.84 after the company announced a clinical update for its Phase 1b Expansion trial evaluating APVO436 for acute myeloid leukemia (AML).
Equities Trading DOWN
Abercrombie & Fitch Co. (NYSE: ANF) shares tumbled 16% to $39.45 after the company reported Q3 earnings results.
Shares of Best Buy Co., Inc. (NYSE: BBY) were down 16% to $116.06 after the company reported third-quarter FY22 Enterprise sales growth of 0.5% year-on-year, to $11.91 billion, beating the analyst consensus of $11.56 billion. Enterprise comparable sales increased 1.6% versus 23.0% growth last year.
Zoom Video Communications, Inc. (NASDAQ: ZM) was down, falling 17% to $200.69. Zoom Video reported better-than-expected results for its third quarter on Monday. The company reported its customers that contribute more than $100,000 in the trailing 12 months totaled 2,507, up 94% year-over-year. B of A Securities downgraded Zoom from Buy to Neutral and lowered the price target from $385 to $270.
In commodity news, oil traded up 1.5% to $77.91, while gold traded down 1.1% to $1,785.70.
Silver traded down 3.9% Tuesday to $23.35 while copper rose 0.8% to $4.4310.
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.97%, the Spanish Ibex Index gained 0.29% and the German DAX 30 dropped 0.94%. Meanwhile, the London’s FTSE 100 rose 0.39%, French CAC 40 fell 0.49% and Italy’s FTSE MIB dipped 1.24%.
The IHS Markit Eurozone composite PMI climbed to 55.8 in November compared to October’s six-month low level of 54.2, while manufacturing PMI rose to 58.6 in November from 58.3 in October. Germany’s composite PMI climbed to 52.8 in November versus an eight-month low of 52.0 in October, while French composite PMI rose to 56.3 in November from 54.7 in October.
The IHS Markit manufacturing PMI rose to 59.1 in November from a 10-month low level of 58.4 in October, while services PMI fell to 57.0 from 58.7.
The Richmond Fed Manufacturing Index fell to 8 in November from 9 in the previous month
The Treasury is set to auction 7-year notes at 1:00 p.m. ET.
Data on money supply for October will be released at 1:00 p.m. ET.
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