US Stocks Edge Higher Following Monday's Sell-Off

US Stocks Edge Higher Following Monday's Sell-Off

U.S. stocks traded slightly higher this morning, with the Dow Jones gaining more than 30 points on Tuesday. The blue-chip index dropped around 500 points on Monday.

Following the market opening Tuesday, the Dow traded up 0.11% to 33,886.06 while the NASDAQ rose 0.32% to 11,084.58. The S&P 500 also rose, gaining, 0.26% to 3,974.32.

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Leading and Lagging Sectors


Energy shares rose by 1.6% on Tuesday. Leading the sector was strength from Nine Energy Service, Inc. NINE and CONSOL Energy Inc. CEIX.


In trading on Tuesday, utilities shares fell by 0.8%.


Top Headline

 

The S&P CoreLogic Case-Shiller 20-city home price index rose by 10.4% from a year ago in September.

 

Equities Trading UP

 

  • Apollo Endosurgery, Inc. APEN shares shot up 65% to $9.90 after the company announced it will be acquired by Boston Scientific for $10 per share in cash.
  • Shares of Bilibili Inc. BILI got a boost, shooting 24% to $15.57 after the company reported better-than-expected Q3 adjusted EPS and sales results.
  • Citi Trends, Inc. CTRN shares were also up, gaining 22% to $28.40 after the company reported better-than-expected Q3 adjusted EPS and sales results.

 

Equities Trading DOWN

  • Coeptis Therapeutics Holdings, Inc. COEP shares tumbled 17% to $1.71.
  • Shares of CinCor Pharma, Inc. CINC were down 12% to $12.36. Oppenheimer downgraded CinCor Pharma from Outperform to Perform, while Morgan Stanley downgraded the stock from Overweight to Equal-Weight and lowered the price target from $60 to $22.
  • AGBA Group Holding Limited AGBA was down, falling 12% to $3.0350.


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Commodities

In commodity news, oil traded up 1.7% to $78.55 while gold traded up 0.8% at $1,754.70.


Silver traded up 3.2% to $21.58 on Tuesday while copper rose 1.1% to $3.6515.


Euro zone


European shares were higher today. The eurozone’s STOXX 600 gained 0.2%, London’s FTSE 100 rose 0.8% while Spain’s IBEX 35 Index rose 0.3%. The German DAX rose 0.1%, French CAC 40 rose 0.3% and Italy’s FTSE MIB Index gained 0.5%.


The consumer confidence indicator in the Eurozone increased by 3.6 points to -23.9 in November. The services confidence indicator in the Eurozone rose to 2.3 in November versus a revised 2.1 a month ago, while industry confidence indicator fell for a ninth straight month to -2.0 in November. The economic sentiment indicator in the Eurozone increased 1 point to 93.7 in November.

Consumer credit in the UK increased by GBP 0.769 billion in October. Industrial producer prices in Italy climbed 20.8% year-over-year in October, while industrial sales fell by 1.2% over a month.

 

Asia Pacific Markets


Asian markets closed mostly higher on Tuesday, with the Japan’s Nikkei dropping 0.48% and Hong Kong’s Hang Seng Index jumping 5.24%. China’s Shanghai Composite Index climbed 2.31%.

Japanese unemployment rate came in unchanged at 2.6% in October, while retail sales rose by 4.3% from a year ago in October.

 

Economics

 

  • The S&P CoreLogic Case-Shiller 20-city home price index rose by 10.4% from a year ago in September.
  • The FHFA house price index gained 0.1% from a month ago in September.
  • The Dallas Fed general business activity index for services in Texas climbed to -11 in November versus a reading of -13.6 in the previous month.

 

Check out this: Investor Sentiment Declines Amid Protests Over COVID Restrictions In China


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 100,507,920 cases with around 1,104,870 deaths. India confirmed a total of at least 44,673,170 cases and 530,610 deaths, while France reported over 37,686,600 COVID-19 cases with 158,770 deaths. In total, there were at least 646,686,640 cases of COVID-19 worldwide with more than 6,637,940 deaths.

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