Crude Oil Drops Over 2%; Akouos Shares Spike Higher

Crude Oil Drops Over 2%; Akouos Shares Spike Higher

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining around 300 points on Tuesday.

The Dow traded up 1.02% to 30,492.91 while the NASDAQ rose 0.57% to 10,736.71. The S&P 500 also rose, gaining, 0.94% to 3,712.55.

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Leading and Lagging Sectors


Industrials shares climbed 2.1% on Tuesday. Leading the sector was strength from KULR Technology Group, Inc. KULR and ADS-TEC Energy PLC ADSE.


In trading on Tuesday, health care shares rose by just 0.4%.


Top Headline

 

The Goldman Sachs Group, Inc. GS reported better-than-expected Q3 results.

Goldman Sachs Group posted quarterly sales of $11.98 billion, versus market estimates of $11.43 billion.

 

Equities Trading UP

 

  • Akouos, Inc. AKUS shares shot up 89% to $13.27. Eli Lilly And Co LLY agreed to acquire Akouos for a 78% premium over Monday’s closing price of $7.01.
  • Shares of AVEO Pharmaceuticals, Inc. AVEO got a boost, shooting 41% to $14.77 after LG Chem announced it will acquire AVEO Oncology for $15 per share in cash.
  • Quoin Pharmaceuticals, Ltd. QNRX shares were also up, gaining 24% to $2.34 after the company announced plans to initiate a second clinical trial in Netherton Syndrome patients.


Equities Trading DOWN

  • Salarius Pharmaceuticals, Inc. SLRX shares tumbled 43% to $2.83 after the company announced a pause in new patient enrollment in its Phase 1/2 trial of seclidemstat in Ewing Sarcoma and FET-rearranged sarcomas following the death of a patient.
  • Shares of Cosmos Holdings Inc. COSM were down 47% to $0.0799 after the company announced pricing of a $7.5 million upsized public offering at $0.12 per share.
  • Sierra Metals Inc. SMTS was down, falling 38% to $0.3051 after the company provided a financial and operations update and announced a strategic review process.


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Commodities

In commodity news, oil traded down 2.2% to $83.56, while gold traded down 0.5% at $1,655.90.


Silver traded down 0.6% to $18.605 on Tuesday while copper fell 1.6% to $3.3625.


Euro zone


European shares closed higher today. The eurozone’s STOXX 600 rose 0.34%, London’s FTSE 100 rose 0.24% while Spain’s IBEX 35 Index jumped 0.72%. The German DAX climbed 0.92%, French CAC 40 rose 0.44% and Italy’s FTSE MIB Index gained 0.93%.

Passenger car registrations in the European Union surged 9.6% year-over-year to 787,870 units in September. The ZEW Indicator of Economic Sentiment for the Eurozone rose to -59.7 in October versus September's 14-year low level of -60.7, while German ZEW Indicator of Economic Sentiment increased by 2.7 points to -59.2 in October.

Spanish trade deficit increased to EUR 7.94 billion in August from EUR 3.88 billion in the year-ago month, while Italy reported a trade deficit of EUR 9.57 billion in August versus a year-ago surplus EUR 1.02 billion.

 

Economics

 

  • Industrial production in the US rose 0.4% from a month ago in September versus a revised 0.1% decline in August and above analysts’ estimates of a 0.1% growth. Manufacturing production climbed 0.4% from a month ago in September.
  • The NAHB housing market index declined for the 10th consecutive month to a reading of 38 in October, down from market estimates of 43.
  • The Treasury International Capital report for August will be released at 4:00 p.m. ET.
  • Minneapolis Fed President Neel Kashkari will speak at 5:30 p.m. ET.


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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,877,880 cases with around 1,090,800 deaths. India confirmed a total of at least 44,632,430 cases and 528,910 deaths, while France reported over 36,268,020 COVID-19 cases with 155,980 deaths. In total, there were at least 630,430,620 cases of COVID-19 worldwide with more than 6,573,170 deaths.

 

Posted In: Mid-Afternoon Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets