US Stocks Edge Lower; Producer Prices Increase Higher Than Expected

U.S. stocks traded slightly lower this morning following the release of PPI data

Following the market opening Friday, the Dow traded down 0.13% to 33,737.70 while the NASDAQ fell 0.16% to 11,064.08. The S&P 500 also fell, dropping, 0.04% to 3,961.84.

Also check this: Cramer On This Big US Bank: 'The Book Value Is So Different From Where The Common Stock Is'


Leading and Lagging Sectors


Communication services shares rose by 0.5% on Friday. Meanwhile, top gainers in the sector included comScore, Inc. SCOR, up 8%, and Hello Group Inc. MOMO, up 20%.


In trading on Friday, consumer staples shares fell by 0.2%.


Top Headline

 

The Producer Price Index for final demand in the US increased 0.3% month-over-month in November, compared to the revised 0.3% rise in the previous month and above market expectations of 0.2%.

 

Equities Trading UP

 

  • Baudax Bio, Inc. BXRX shares shot up 29% to $5.27 after the company announced initiation of a Phase II clinical trial evaluationg BX1000 in patients undergoing surgery.
  • Shares of Arcellx, Inc. ACLX got a boost, shooting 29% to $27.89. Kite, a Gilead Sciences Inc company, announced a global strategic collaboration to co-develop and co-commercialize Arcellx’s lead late-stage product candidate, CART-ddBCMA, for relapsed or refractory multiple myeloma. Arcellx also announced interim CART-ddBCMA Phase 1 results (October 31, 2022 cutoff date), demonstrating deep and durable responses.
  • UpHealth, Inc. UPH shares were also up, gaining 54% to $3.64. Healthcare transformation expert Timothy Wilde joined UpHealth as Chief Technology Officer.

 

Equities Trading DOWN

  • Getaround Inc. GETR shares tumbled 64% to $3.20. Getaround reported closing of business combination with InterPrivate II Acquisition Corp.
  • Shares of Grom Social Enterprises, Inc. GROM were down 57% to $1.65. Grom Social Enterprises priced $5 million public offering of 1,415,682 units at a price of $2.89 per unit
  • Autolus Therapeutics plc AUTL was down, falling 36% to $1.92 after the company announced pricing of a public offering. The company’s Phase 2 pivotal FELIX trial of obecabtagene autoleucel (obe-cel) in relapsed/refractory (r/r) adult Acute Lymphoblastic Leukemia (ALL) has met its primary endpoint of Overall Remission Rate (ORR).


Also check out: S&P 500 Snaps 5-Session Losing Streak But Investor Sentiment Eases


Commodities

In commodity news, oil traded up 1.5% to $72.50 while gold traded up 0.5% at $1,810.00.


Silver traded up 1.1% to $23.51 on Friday while copper fell 0.3% to $3.8735.

 


Euro zone


European shares were higher today. The eurozone’s STOXX 600 gained 0.8%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index rose 0.5%. The German DAX gained 0.6%, French CAC 40 rose 0.4% and Italy’s FTSE MIB Index rose 0.1%.

Industrial production in Spain increased by 2.5% year-over-year in October versus a 3.6% rise in the prior month.

 

Asia Pacific Markets


Asian markets closed higher on Friday, with the Japan’s Nikkei gaining 1.18% and Hong Kong’s Hang Seng Index jumping 2.32%. China’s Shanghai Composite Index rose 0.30%.

Auto sales in China dipped by 7.9% year-over-year to 2.33 million units in November following a 6.9% increase in the previous month. China's annual inflation eased to 1.6% year-over-year in November from 2.1% a month ago, while producer prices declined 1.3% year-over-year in November.

 

Economics


The Producer Price Index for final demand in the US increased 0.3% month-over-month in November, compared to the revised 0.3% rise in the previous month and above market expectations of 0.2%.


Check out this: $2.8 Million Bet On Planet Green Holdings? Check Out These 4 Penny Stocks Insiders Are Buying


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 101,213,630 cases with around 1,109,390 deaths. India confirmed a total of at least 44,675,500 cases and 530,650 deaths, while France reported over 38,331,430 COVID-19 cases with 159,510 deaths. In total, there were at least 652,454,520 cases of COVID-19 worldwide with more than 6,654,870 deaths.

Market News and Data brought to you by Benzinga APIs
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Morning Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...