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Wall St closed higher overnight, having regained some ground on a poor month strongly impacted by rising interest rates. Rising treasury yields are pressuring equities on Wall St to end a volatile trading month on the New York Stock Exchange. The Dow Jones is up 0.38%, the tech-heavy-Nasdaq closed the session nearly half a percent higher and the S&P500 ended the day 0.65% in the green. Stocks are heading for a third straight losing month, marking the first three-month losing streak for both the Dow Jones and S&P500 since March 2020.
Earnings season continued on Tuesday with Caterpillar exceeding estimates for the third quarter, however signalling fourth-quarter revenue would only be slightly higher than a year ago which caused shares in the company to fall 5% on Tuesday.
JetBlue also fell 14% after the airline’s third-quarter results missed expectations on both the top and bottom lines.
In Europe markets logged the worst monthly performance in a year for the month of October despite mostly rising on the final trading day of the month, as investors digested a slew of economic data against earning results.
The STOXX600 rose 0.6%, Germany’s DAX rose 0.64%, the French CAC added 0.9% and, in the UK, the FTSE100 fell just 0.08%, weighed down by BP falling 4.5% after the mining giant missed third quarter estimates.
The ASX200 closed slightly higher on Tuesday by 0.1% buoyed by real estate and consumer staples stocks rallying despite China’s industrial activity falling into contraction mode in October. At the other end of the market, the materials sector fell over 1% on Tuesday, tracking the declining price of iron ore.
Gold miner St Barbara fell over 10% after posting higher all-in-sustaining-costs at both of its mines in PNG and Canada.
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