Nasdaq Down 1%; Medtronic Earnings Top Views
Avi Kapoor 11 months ago
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U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 400 points on Tuesday.
The Dow traded down 0.91% to 46,164.40 while the NASDAQ declined 1.01% to 22,479.09. The S&P 500 also fell, dropping, 0.62% to 6,630.25.
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Leading and Lagging Sectors
Health care shares rose by 0.5% on Tuesday.
In trading on Tuesday, consumer discretionary stocks fell by 1.8%.
Top Headline
Medtronic Plc (NYSE:MDT) on Tuesday reported strong second-quarter 2026 results.
The company's sales reached $8.96 billion, surpassing the consensus estimate of $8.87 billion. This marks a 6.6% increase year-over-year, with organic growth of 5.5%. Adjusted earnings of $1.36 per share also beat expectations of $1.31.
Equities Trading UP
- Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shares shot up 13% to $15.26 after the company announced a strategic alliance with EVIDENT Group to embed its daata capabilities within EVIDENT’s platform.
- Shares of Can-Fite BioPharma Ltd. (NYSE:CANF) got a boost, surging 18% to $0.4263 after the company announced that a patient treated with Namodenoson has reached an overall survival of 9 years to date with complete response to treatment.
- James Hardie Industries plc (NYSE:JHX) shares were also up, gaining 7% to $17.90 after the company reported better-than-expected second-quarter financial results. The company named Ryan Lada as CFO.
Equities Trading DOWN
- Energizer Holdings, Inc. (NYSE:ENR) shares dropped 24% to $18.20 after the company reported mixed fourth-quarter financial results and issued first-quarter EPS guidance below estimates. Also, the company issued FY26 EPS guidance below estimates.
- Shares of Invivyd, Inc. (NASDAQ:IVVD) were down 13% to $2.4750 after the company announced the pricing of its $125 million underwritten public offering.
- LifeMD, Inc. (NASDAQ:LFMD) was down, falling 23% to $3.6311 after the company reported worse-than-expected third-quarter financial results and issued fourth-quarter sales guidance below estimates. Also, company cut its FY25 sales guidance below estimates.
Commodities
In commodity news, oil traded down 0.7% to $59.48 while gold traded down 0.3% at $4,062.50.
Silver traded down 0.9% to $50.255 on Tuesday, while copper fell 0.7% to $4.9770.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 1.77%, while Spain's IBEX 35 Index fell 2.32%. London's FTSE 100 fell 1.42%, Germany's DAX 40 declined 1.78% and France's CAC 40 dipped 1.97% during the session.
Asia Pacific Markets
Asian markets closed lower on Tuesday, with Japan's Nikkei 225 falling 3.22%, Hong Kong's Hang Seng falling 1.72%, China's Shanghai Composite declining 0.81% and India's BSE Sensex falling 0.33%.
Economics
- U.S. initial jobless claims came in at 232,000 in the week ending Oct. 18.
- U.S. private employers announced 2,500 job cuts per week on average in the four weeks ending Nov. 1, compared to an 11.25K fall in the previous period.
- The Federal Reserve Bank of New York's general business activity index rose to -21.7 in November from -23.6 in the previous month.
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