U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling around 0.2% on Tuesday.

The Dow traded down 0.25% to 51,718.96 while the NASDAQ fell 0.19% to 27,194.25. The S&P 500 also fell, dropping, 0.14% to 7,796.43.

Leading and Lagging Sectors

Communication services shares jumped by 1% on Tuesday.

In trading on Tuesday, health care stocks fell by 1.1%.

Top Headline

Citigroup Inc. (NYSE:C) reported better-than-expected earnings for the third quarter.

The company posted quarterly earnings of $2.85 per share which beat the analyst consensus estimate of $2.67 per share. The company reported quarterly sales of $23.845 billion which beat the analyst consensus estimate of $23.719 billion.

Equities Trading UP
           

• Bumble Inc. (NASDAQ:BMBL) shares shot up 56% to $5.95 as the company agreed to be taken private by Ithaca Holdings for $6.05 per share in cash.
• Shares of BIO-Key International Inc (NASDAQ:BKYI) got a boost, surging 139% to $3.95 after the company announced Middle East government security agency has selected BIO-key’s Multi-Factor Authentication and Single Sign-On platform to strengthen its identity security.
• Fermi Inc. (NASDAQ:FRMI) shares were also up, gaining 21% to $3.9450 after the company announced signing of a credit support agreement with AMD for the first phase of its Texas AI and energy project.

Equities Trading DOWN

• Pershing Square Inc. (NYSE:PS) shares dipped 11% to $48.36 after B of A Securities downgraded the stock from Neutral to Underperform and lowered its price target from $54 to $38.
• Shares of Cipher Digital Inc (NASDAQ:CIFR) were down 14% to $11.22 after the company announced a proposed private offering of $850 million of 0.00% convertible senior notes due 2032, along with a concurrent exchange of a portion of its convertible notes due 2030.
• Syndax Pharmaceuticals Inc (NASDAQ:SNDX) was down, falling 17% to $13.76 after the company announced that the MAXPIRe Phase 2 trial of axatilimab in idiopathic pulmonary fibrosis did not meet its primary endpoint of the annualized rate of decline in forced vital capacity.

Commodities 

In commodity news, oil traded up 0.4% to $94.13 while gold traded down 0.2% at $4,184.00.

Silver traded down 0.9% to $59.945 on Tuesday, while copper fell 0.1% to $6.7430.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.1%, while Spain’s IBEX 35 Index slipped 0.3%, London’s FTSE 100 rose 0.1%, Germany’s DAX gained 0.2%, while France’s CAC 40 slipped 0.1%.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 falling 1.82%, Hong Kong’s Hang Seng Index gaining 0.30%, China’s SSE Composite Index rising 0.1% and India’s BSE Sensex surging 1.54%.

Economics

• The U.S. NFIB small business optimism index fell to 97.9 in September, recording the lowest level in three months, and compared to 98.7 in August.
• U.S. existing home sales increased by 1.5% to an annualized rate of 3.99 million units in September, versus market estimates of 3.95 million.

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