S&P 500 Rises 0.8%; Sea Shares Spike Higher

U.S. stocks traded mostly higher toward the end of trading, with the Nasdaq Composite gaining around 1.5% on Tuesday.

The Dow traded up 0.09% to 33,565.48 while the NASDAQ rose 1.52% to 11,366.69. The S&P 500 also rose, gaining, 0.82% to 3,989.72.

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Leading and Lagging Sectors

Communication services shares jumped 2.5% on Tuesday. Leading the sector was strength from Sea Limited SE and HUYA Inc. HUYA.

In trading on Tuesday, health care rose by just 0.1%.

Top Headline

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 38% to $3.2499 after the company reported Q3 financial results.
• Shares of SenesTech, Inc. SNES got a boost, shooting 103% to $0.2911. SenesTech reported a 1-for-20 reverse stock split.
• Sea Limited SE shares were also up, gaining 41% to $64.65 after the company reported better-than-expected Q3 results.

Equities Trading DOWN

• AMMO, Inc. POWW shares tumbled 26% to $2.33 after the company reported worse-than-expected Q2 sales and issued FY23 guidance below estimates.
• Shares of Exela Technologies, Inc. XELA were down 28% to $0.2935 after the company reported worse-than-expected Q3 sales results.
• Inuvo, Inc. INUV was down, falling 20% to $0.3475 after the company announced weak quarterly results.

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Commodities

In commodity news, oil traded up 0.4% to $86.19 while gold traded down 0.2% at $1,773.40.

Silver traded down 2.6% to $21.54 on Tuesday while copper fell 0.5% to $3.8135.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.37%, London’s FTSE 100 fell 0.21% while Spain’s IBEX 35 Index gained 0.27%. The German DAX climbed 0.46%, French CAC 40 rose 0.49% and Italy’s FTSE MIB Index gained 0.42%.

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.

Economics

• 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.

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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 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.