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US Stocks Edge Higher; PepsiCo Cuts 2024 Revenue Outlook - PepsiCo (NASDAQ:PEP)

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining around 0.5% on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.08% to 41,986.44 while the NASDAQ rose 0.55% to 18,022.24. The S&P 500 also rose, gaining, 0.42% to 5,719.76.

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Leading and Lagging Sectors

Top Headline

PepsiCo Inc PEP reported mixed third-quarter results and lowered its 2024 organic revenue guidance.

The company reported a third-quarter net revenue decline of 0.6% year-over-year to $23.319 billion and organic growth of 1.3%, missing the consensus estimate of $23.825 billion. Adjusted EPS of $2.31 beat the consensus estimate of $2.29.

Equities Trading UP

Equities Trading DOWN

were down 25% to $3.5200. MMTec, Inc. MTC was down, falling 24% to $0.4400.

Commodities

In commodity news, oil traded down 2% to $75.60 while gold traded down 0.1% at $2,663.90.

Silver traded down 1.8% to $31.440 on Tuesday, while copper fell 1.9% to $4.4790.

Euro zone

France's trade deficit increased to €7.4 billion in August versus a revised €6.0 billion gap in the previous month. Germany's industrial production rose by 2.9% month-over-month in August, compared to a revised 2.9% fall in the previous month,

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan's Nikkei 225 falling 1%, Hong Kong's Hang Seng Index dipping 9.41%, China's Shanghai Composite Index falling 4.59% and India's BSE Sensex gaining 0.72%.

The gauge for Japan's service sector fell to 47.8 in September compared to 49.0 in the prior month. Japan's current account surplus widened to JPY 3,803.6 billion in August from JPY 2,293.8 billion in the year-ago month.

Economics

The NFIB Small Business Optimism Index rose to 91.5 in September compared to 91.2 in August, and down from market estimates of 91.7.

The trade deficit in the U.S. shrank to $70.4 billion in August, recording the lowest level in five months, compared to a revised $78.9 billion gap in July and versus market estimates of a $70.6 billion shortfall.