Market Overview

Mid-Afternoon Market Update: Gold Rises 2%; Tuniu Shares Drop After Q3 Results

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Toward the end of trading Tuesday, the Dow traded up 0.93% to 29,913.85 while the NASDAQ rose 1.57% to 12,390.31. The S&P also rose, gaining 1.42% to 3,673.15.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 13,545,790 cases with around 268,100 deaths. India confirmed a total of at least 9,462,800 confirmed cases and 137,620 deaths, while Brazil reported over 6,335,870 COVID-19 cases with 173,120 deaths. In total, there were at least 63,315,180 cases of COVID-19 worldwide with over 1,469,830 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Communication services shares climbed 2.4% on Tuesday. Meanwhile, top gainers in the sector included National CineMedia, Inc. (NASDAQ: NCMI), up 11%, and Liberty TripAdvisor Holdings, Inc. (NASDAQ: LTRPA), up 11%.

In trading on Tuesday, consumer staples shares rose by just 0.5%.

Top Headline

Nio Inc – ADR (NYSE: NIO) reported another monthly record deliveries for its electric vehicles.

The company’s November deliveries jumped 109.3% year-over-year to a record monthly number of 5,291 units. This represented a 4.7% month-over-month increase from the 5,055 vehicles the company delivered in October.

 

Equities Trading UP

BlackBerry Limited (NYSE: BB) shares shot up 47% to $8.63. BlackBerry announced a new partnership with Amazon.com for its new intelligent vehicle data platform in a multi-year global agreement. The two companies will partner on BlackBerry’s intelligent vehicle data platform called IVY.

Shares of Corporación América Airports S.A. (NYSE: CAAP) got a boost, shooting 47% to $4.61 after the company reported an agreement to extend the Aeropuertos Argentina 2000 concession for 10-years until 2038.

Moleculin Biotech, Inc. (NASDAQ: MBRX) shares were also up, gaining 21% to $0.9469 after the company announced FDA approved 3 rare pediatric disease designations for WP1066.

 

Equities Trading DOWN

ECMOHO Limited (NASDAQ: MOHO) shares tumbled 19% to $2.1601 after the company swung to a loss in the third quarter.

Shares of Minerva Neurosciences, Inc. (NASDAQ: NERV) were down 25% to $2.92 after the company reported outcome of Type C meeting with the FDA and next steps in the development of Roluperidone.

Tuniu Corporation (NASDAQ: TOUR) was down, falling 21% to $2.2373 after reporting Q3 results.

 

Commodities

In commodity news, oil traded down 1.5% to $44.67, while gold traded up 2.1% to $1,818.10.

Silver traded up 6.6% Tuesday to $24.08 while copper rose 1.4% to $3.4845.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.65%, the Spanish Ibex Index rose 0.79%, while Italy’s FTSE MIB Index gained 0.18%. Meanwhile, the German DAX 30 climbed 0.69%, French CAC 40 rose 1.14% and London’s FTSE 100 gained 1.89%.

The Eurozone manufacturing PMI rose to 53.8 in November versus a preliminary of 53.6. Spanish manufacturing activity shrank to 49.8 in November, while German manufacturing PMI declined to 57.8 in November from 58.2 in October. The UK’s Nationwide House Price Index rose 6.5% year-over-year in November.

 

Economics

The IHS Markit manufacturing PMI was confirmed at 56.7 for November.

The ISM manufacturing PMI dropped to 57.5 in November versus 59.3 in October.

US construction spending rose 1.3% to an annual rate of $1.44 trillion in October.

 

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