US Stocks Open Higher As Dow Surges 250 Points

U.S. stocks traded higher this morning, with the Dow Jones gaining around 250 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.77% to 33,958.82 while the NASDAQ rose 0.26% to 11,052.96. The S&P 500 also rose, gaining, 0.62% to 3,974.62.

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Leading and Lagging Sectors

Energy shares rose by 2% on Tuesday. Leading the sector was strength from Peabody Energy Corporation BTU and Comstock Resources, Inc. CRK.

In trading on Tuesday, real estate slipped by 0.1%.

Top Headline

The Richmond Fed Manufacturing Activity Index rose to -9 in November from -10 in the previous month.

Equities Trading UP

• Palisade Bio, Inc. PALI shares shot up 102% to $4.4829 after the company announced the FDA granted Fast Track designation to LB1148 for the acceleration of time to return of bowel function following surgery.
• Shares of Aenza S.A.A. AENZ got a boost, shooting 42% to $3.47.
• Bonso Electronics International Inc. BNSO shares were also up, gaining 24% to $3.8650.

Equities Trading DOWN

• MacroGenics, Inc. MGNX shares tumbled 20% to $5.09 after Cowen & Co. downgraded the stock from Outperform to Market Perform.
• Shares of Agora, Inc. API were down 19% to $2.72 after the company posted downbeat Q3 results and issued weak FY22 sales forecast.
• AGBA Group Holding Limited AGBA was down, falling 17% to $5.22. AGBA Acquisition Limited recently completed its business combination with TAG Holdings Limited.

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Commodities

In commodity news, oil traded up 2% to $81.60 while gold traded up 0.3% at $1,745.20.

Silver traded up 1.7% to $21.22 on Tuesday while copper rose 2% to $3.6430.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.8%, London’s FTSE 100 rose 1% while Spain’s IBEX 35 Index rose 1.7%. The German DAX gained 0.4%, French CAC 40 rose 0.5% and Italy’s FTSE MIB Index gained 1%.

The current account surplus in the Eurozone narrowed sharply to EUR 3.8 billion in September from EUR 33.1 billion in the year-ago month. Italy recorded a current account deficit of EUR 2.018 billion in September versus a year-ago surplus of EUR 4.967 billion.

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with the Japan’s Nikkei gaining 0.16% and Hong Kong’s Hang Seng Index falling 1.87%. China’s Shanghai Composite Index fell 0.39%.

Economics

The Richmond Fed Manufacturing Activity Index rose to -9 in November from -10 in the previous month.

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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 100,251,350 cases with around 1,102,910 deaths. India confirmed a total of at least 44,670,780 cases and 530,590 deaths, while France reported over 37,378,170 COVID-19 cases with 158,330 deaths. In total, there were at least 643,612,630 cases of COVID-19 worldwide with more than 6,628,050 deaths.