U.S. stocks traded higher this morning, with the Dow Jones gaining more than 300 points on Tuesday.
Following the market opening Tuesday, the Dow traded up 0.91% to 33,841.32 while the NASDAQ rose 2.05% to 11,425.38. The S&P 500 also rose, gaining, 1.45% to 4,014.65.
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Leading and Lagging Sectors
Communication services shares jumped 2.3% on Tuesday. Leading the sector was strength from Sea Limited SE and TrueCar, Inc. TRUE.
In trading on Tuesday, energy shares rose by just 0.5%.
The Producer Price Index for final demand increased 0.2% month-over-month in October, compared to a revised 0.2% rise in the previous month. Analysts, meanwhile, were expecting for a 0.4% increase.
Equities Trading UP
- Pineapple Energy Inc. PEGY shares shot up 48% to $3.48 after the company reported Q3 financial results.
- Shares of 4D Molecular Therapeutics, Inc. FDMT got a boost, shooting 31% to $17.72 after Goldman Sachs upgraded the stock from Neutral to Buy and announced a $68 price target.
- Sea Limited SE shares were also up, gaining 27% to $58.11 after the company reported better-than-expected Q3 results.
Equities Trading DOWN
- AMMO, Inc. POWW shares tumbled 27% to $2.2888 after the company reported worse-than-expected Q2 sales and issued FY23 guidance below estimates.
- Shares of Clearmind Medicine Inc. CMND were down 26% to $5.88.
- Daxor Corporation DXR was down, falling 17% to $9.35 after the company announced pricing of a $2 million underwritten public offering.
In commodity news, oil traded down 1.2% to $84.82 while gold traded down 0.1% at $1,774.40.
Silver traded down 1.3% to $21.825 on Tuesday while copper fell 0.6% to $3.8115.
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.2%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index slipped 0.1%. The German DAX climbed 0.2%, French CAC 40 rose 0.4% and Italy’s FTSE MIB Index gained 0.2%.
The ZEW Indicator of Economic Sentiment for the Eurozone rose to -38.7 in November from – 59.7 in the previous month. The Eurozone recorded a trade deficit of EUR 34.4 billion in September, its third highest on record. The Eurozone economy grew by 0.2% on quarter during the three months to September.
The ZEW Indicator of Economic Sentiment for Germany climbed by 22.5 points to a reading of -36.7 in November. The annual inflation rate in France accelerated to 6.2% in October from 5.6% gain in September, while annual inflation rate in Spain declined to 7.3% in October. Wholesale price inflation in Germany fell to 17.4% in October versus a 19.9% increase in September. The unemployment rate in the UK rose to 3.6% during the three months to September, while unemployment rate in France fell to 7.3% in the third quarter.
Asia Pacific Markets
Asian markets closed higher on Tuesday, with the Japan’s Nikkei gaining 0.10% and Hong Kong’s Hang Seng Index gaining 4.1%. China’s Shanghai Composite Index gained 1.64%.
Indian trade deficit increased to $26.91 billion in October from $25.71 billion in the prior month. Industrial production in Japan fell by 1.7% month-over-month during September, while the country’s economy contracted 1.2% on an annualized basis in the third quarter. China's retail trade fell by 0.5% year-over-year in October, while industrial production rose 5.0% year-over-year in October.
- The Producer Price Index for final demand increased 0.2% month-over-month in October, compared to a revised 0.2% rise in the previous month. Analysts, meanwhile, were expecting for a 0.4% increase.
- The NY Empire State Manufacturing Index rose 13.6 points to 4.5 in November versus market estimates of -5.0.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,935,040 cases with around 1,100,290 deaths. India confirmed a total of at least 44,667,250 cases and 530,530 deaths, while France reported over 37,133,190 COVID-19 cases with 157,820 deaths. In total, there were at least 640,785,630 cases of COVID-19 worldwide with more than 6,616,830 deaths.
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