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Crude Oil Prices Decline Over 2% as General Motors Surpasses Earnings Expectations

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Crude Oil Prices Decline Over 2% as General Motors Surpasses Earnings Expectations

U.S. Stocks Show Modest Upside Momentum, Dow Jones Up by 50 Points

U.S. stocks traded slightly higher midway through trading, with the Dow Jones index gaining around 50 points on Tuesday. The Dow traded up 0.17% to 32,992.95 while the NASDAQ rose 0.06% to 13,023.65. The S&P 500 also rose, gaining 0.07% to 4,220.02.

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Leading and Lagging Sectors

Utilities shares rose by 2.3% on Tuesday. In contrast, energy shares fell by 1.3%.

Top Headline: General Motors Reports Impressive Q3 Earnings

General Motors Company (GM) reported better-than-expected results for its third quarter. The company posted third-quarter FY23 sales growth of 5.4% year-on-year to $44.13 billion, beating the analyst consensus estimate of $43.68 billion. Adjusted EPS of $2.28 beat the consensus estimate of $1.88.

Equities Trading UP

InMed Pharmaceuticals Inc. (INM) shares surged 143% to $1.41 after the company announced it selected a lead Alzheimer’s drug candidate following proof-of-concept study data. Shares of Ascent Solar Technologies, Inc. (ASTI) also received a boost, shooting 50% to $1.47 after the company received encouragement from the U.S. Department of Energy to submit a full application for federal funding of the Agrivoltaic Product Development Project. LianBio (LIAN) shares were up 129% to $3.1801 after the company entered into an agreement with Bristol Myers Squibb for mavacamten in China and other Asian markets.

Equities Trading DOWN

TrueBlue, Inc. (TBI) shares dropped 25% to $10.21 as the company posted weaker-than-expected results for its third quarter. Shares of TransUnion (TRU) were down 28% to $47.04 after the company reported worse-than-expected third-quarter financial results and lowered FY23 guidance. Markforged Holding Corporation (MKFG) fell 30% to $0.7520 due to preliminary third-quarter revenue of $20 million, below the low end of the prior range.

Commodities

In commodity news, oil traded down 2.4% to $83.46 while gold traded down 0.1% at $1,986.10. Silver traded down 0.5% to $23.095 on Tuesday while copper rose 1% to $3.6205.

Euro Zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.44%, London’s FTSE 100 rose 0.20%, Spain’s IBEX 35 fell 0.22%, the German DAX rose 0.54%, French CAC 40 rose 0.63%, and Italy’s FTSE MIB Index rose 0.05%. Economic indicators include S&P Global/CIPS UK services PMI, which fell to 49.2 in October, while manufacturing PMI climbed to 45.2. Labor productivity in the UK increased by 0.7% in Q2.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 rising 0.20%, Hong Kong’s Hang Seng Index falling 1.05%, and China’s Shanghai Composite Index gaining 0.78%. The au Jibun Bank Japan services PMI fell to 51.1 in October, while manufacturing PMI remained unchanged at 48.5.

Economics

The S&P Global manufacturing PMI for the US increased to 50 in October, surpassing market expectations. The S&P Global services PMI rose to 50.9 in October. The Manufacturing Activity Index in the Richmond area fell to a reading of 3 in October compared to September’s reading of 5.