U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling more than 200 points on Tuesday.
The Dow traded down 0.54% to 44,053.04 while the NASDAQ fell 0.01% to 19,299.60. The S&P 500 also fell, dropping, 0.09% to 5,995.74.
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Leading and Lagging SectorsCommunication services shares surged by 0.5% on Tuesday.
In trading on Tuesday, materials shares fell by 1.4%.
Top Headline
Home Depot Inc (NYSE:HD) reported better-than-expected third-quarter earnings and lifted its full-year 2024 outlook.
HD reported third-quarter sales growth of 6.6% year-over-year to $40.217 billion, beating the consensus estimate of $39.173 billion. Adjusted EPS was $3.78 (-1.8% year over year), beating the consensus of $3.64.
Home Depot raised its sales guidance from $156.49 billion – $158.01 billion to $158.78 billion versus the $157.33 billion consensus. It expects comparable sales to decline approximately ~2.5% (prior expected to decline 3% – 4%).
HD now expects adjusted EPS of $15.10 (representing decline of approximately 1% from $15.25 in FY23) versus the consensus of $14.84. The company sees a gross margin of ~33.5% and an adjusted operating margin of 13.8%.
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CommoditiesIn commodity news, oil traded up 0.1% to $68.10 while gold traded down 0.5% at $2,605.40.
Silver traded up 0.5% to $30.790 on Tuesday, while copper fell 1.9% to $4.1465.
Euro zone
European shares closed lower today. The eurozone's STOXX 600 tumbled 1.98%, Germany's DAX fell 2.13% and France's CAC 40 tumbled 2.69%. Spain's IBEX 35 Index fell 1.85%, while London's FTSE 100 dipped 1.22%.
Asia Pacific Markets
Asian markets closed lower on Tuesday, with Japan's Nikkei 225 falling 0.40%, Hong Kong's Hang Seng Index falling 2.84%, China's Shanghai Composite Index dipping 1.39% and India's BSE Sensex falling 1.03%.
Economics
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