Dow Jumps 200 Points; 3M Posts Upbeat Q4 Results
U.S. stocks traded higher this morning, with the Dow Jones index gaining around 200 points on Tuesday.
Following the market opening Tuesday, the Dow traded up 0.46% to 43,686.85 while the NASDAQ rose 0.48% to 19,724.74. The S&P 500 also rose, gaining, 0.54% to 6,029.04.
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Leading and Lagging Sectors
Communication services shares surged by 1.9% on Tuesday.
In trading on Tuesday, energy shares fell by 0.4%.
Top Headline
3M Company (NYSE:MMM) reported better-than-expected fourth-quarter 2024 results and initiated 2025 guidance.
The company reported net sales of $6.01 billion, a slight increase of 0.13% year-over-year. Adjusted net sales totaled $5.808 billion, up 2.2% YoY, beating the consensus of $5.781 billion. Adjusted EPS was $1.68, down 2% YoY, beating the consensus of $1.66.
3M said it anticipates adjusted total sales growth of 0.5% to 1.5%, driven by adjusted organic sales growth of 2% to 3%. The company projects adjusted EPS in the range of $7.60 to $7.90 versus consensus of $7.78.
Equities Trading UP
- Asset Entities Inc (NASDAQ:ASST) shares shot up 121% to $1.02.
- Shares of Helius Medical Technologies Inc (NASDAQ:HSDT)got a boost, surging 94% to $1.46 after the company announced it exceeded its initial enrollment target for its stroke pivotal study.
- InMed Pharmaceuticals Inc (NASDAQ:INM) shares were also up, gaining 38% to $6.83 after the company announced that INM-901 reduced Alzheimer ‘s-related inflammation in a preclinical study.
Equities Trading DOWN
- Canoo Inc (NASDAQ:GOEV) shares dropped 74% to $0.35 after the electric vehicle company filed for Chapter 7 bankruptcy.
- Shares of FTAI Aviation Ltd (NASDAQ:FTAI) were down 28% to $81.11 after the company announced it may delay its FY24 10-K filing.
- New Oriental Education & Tech Grp (NYSE:EDU) was down, falling 25% to $45.68 after the company reported a second-quarter EPS miss.
Commodities
In commodity news, oil traded down 2.3% to $76.06 while gold traded down 0.4% at $2,736.80.
Silver traded up 0.2% to $31.21 on Tuesday, while copper fell 1.7% to $4.2925.
Euro zone
European shares were mixed today. The eurozone's STOXX 600 surged 0.1%, Germany's DAX 40 fell 0.1% and France's CAC 40 gained 0.2%. Spain's IBEX 35 Index fell 0.5%, while London's FTSE 100 gained 0.1%.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 falling 0.31%, China's Shanghai Composite Index gaining 0.18%, Hong Kong's Hang Seng Index climbing 0.31% and India's BSE Sensex falling 0.55%.
Economics
No major economic reports are scheduled for release today.
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