Wall Street ended higher on Tuesday, led by the Dow as investors shifted towards healthcare and other value stocks. The S&P 500 also gained, while the Nasdaq slipped as technology stocks paused after a rebound in the previous session. Healthcare shares gained, while small-caps and defensive sectors also outperformed.
Elon Musk's SpaceX on Tuesday reported a 161% rise in revenue for the third quarter, beating estimates, buoyed by a surge in its AI business and steady growth at its Starlink
Copper prices remained range bound as uncertainty over potential US tariffs and inflation risks from higher oil prices kept traders cautious. China’s copper scrap shortage supported refined copper demand, while record high US inventories and cautious buying limited gains. Goldman Sachs expects copper prices to average $15,400 a ton in 2027.
Indian markets plunged on Monday as the Sensex fell nearly 900 points and the Nifty dropped below 22,900, wiping out nearly Rs 5 lakh crore in market value. Private bank selling, weak global cues and earnings uncertainty weighed on sentiment.
Northrop Grumman and RTX have raised their annual profit forecasts due to strong military demand. The companies reported record backlogs of $109.6 billion and $340 billion respectively. Sustained commercial aerospace services demand has also contributed to their growth. GE Aerospace, while performing well, has warned about potential declines in demand due to high fuel prices.
Emerging markets are displaying surprising economic resilience in light of the Federal Reserve's tightening measures. Stronger fiscal fundamentals and high bond yields provide emerging market central banks with greater flexibility. Some countries are even considering rate cuts, which may not have been possible in the past. Investor sentiment is shifting towards emerging markets as they are viewed more favorably compared to developed economies.
Wall Street's main indexes saw increases driven by a rally in healthcare stocks that reached record highs. Easing oil prices contributed to a recovery from the previous week's technology led selloff. Major companies like General Motors and Steel Dynamics reported disappointing earnings forecasts, while 3M and Equifax exceeded expectations. Investors are closely monitoring upcoming corporate earnings reports from several high-profile companies.
Hilton Worldwide plans to shift its stock listing from the NYSE to Nasdaq, with shares set to begin trading under the HLT ticker on November 5. The hotel operator says Nasdaq's focus on technology and innovation aligns with its growth strategy as it strengthens its technology and innovation efforts.
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