Gold Prices Drop 2.2% as 3M Exceeds Expectations with $2.39 EPS During Market Decline

U.S. stocks went down at the end of trading on Tuesday. Big stock indexes like the Dow Jones Industrial Average, NASDAQ, and S&P 500 were all lower.

The Dow Jones went down by about 1% to 38,005.55, NASDAQ dropped by 1.09% to 15,808.29, and the S&P 500 decreased by 0.85% to 5,072.88. This shows that investors are being careful because it’s earnings season and the Federal Reserve is going to meet soon.

Gold Prices Drop 2.2% as 3M Exceeds Expectations with $2.39 EPS During Market Decline
3M Company reported earnings exceeding expectations, with adjusted sales of $7.72 billion and EPS of $2.39, outperforming the anticipated $2.10. (Credits: iStock)

In the healthcare sector, there was a small increase of 0.1%. This is different from the energy sector, which went down by a significant 2.1%. One of the noteworthy earnings reports came from 3M Company.

They reported a slight drop in sales compared to last year, down to $8.00 billion. But they beat expectations with adjusted sales of $7.72 billion and earnings per share (EPS) of $2.39, which was higher than the expected $2.10.

European and Asian markets also ended lower, with European inflation steady at 2.4% and a modest growth in Germany’s economy. (Credits: iStock)

In stock trading, Akili, Inc., GeneDx Holdings Corp., and Global Mofy Metaverse Limited saw big gains. However, Chegg, Inc., NRx Pharmaceuticals, Inc., and Medifast, Inc. saw notable drops. In the commodities market, oil went down by 0.7% to $82.08, gold decreased by 2.2% to $2,306.60, and silver and copper also went down.

European and Asian markets ended lower. In Europe, the inflation rate stayed at 2.4%, and Germany’s economy grew modestly.

In the U.S., economic indicators like the Chicago Business Barometer and the S&P CoreLogic Case-Shiller 20-city home price index showed mixed results. The Chicago Business Barometer went down, but the home price index showed a year-over-year increase.

Sajda Parveen
Sajda Parveen
Sajda Praveen is a market expert. She has over 6 years of experience in the field and she shares her expertise with readers. You can reach out to her at [email protected]
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