Dow Tumbles 100 Points; Silver Rises Over 2%

Dow Tumbles 100 Points; Silver Rises Over 2%

U.S. stocks traded mostly lower toward the end of trading with the Dow Jones dropping 100 points on Friday

The Dow traded down 0.30% to 33,679.02 while the NASDAQ rose 0.01% to 11,082.17. The S&P 500 also fell, dropping, 0.12% to 3,958.72.

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 1% on Friday. Meanwhile, top gainers in the sector included HUYA Inc. HUYA, up 26%, and Hello Group Inc. MOMO, up 33%.


In trading on Friday, energy shares fell by 1.8%.


Top Headline

 

The University of Michigan consumer sentiment rose to 59.1 in December from 56.8 in the previous month.

 

Equities Trading UP

 

  • ClearOne, Inc. CLRO shares shot up 111% to $1.70 after the company and Shure Incorporated announced they reached a global settlement of all pending legal disputes.
  • Shares of Arcellx, Inc. ACLX got a boost, shooting 25% to $27.00. 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.
  • Ambrx Biopharma Inc. AMAM shares were also up, gaining 529% to $2.58 after the company announced preliminary Phase 2 results from its ACE-Breast-03 study showing a 57.1% overall response rate.

 

Equities Trading DOWN

  • Getaround Inc. GETR shares tumbled 65% to $3.09. Getaround reported closing of business combination with InterPrivate II Acquisition Corp.
  • Shares of Grom Social Enterprises, Inc. GROM were down 66% to $1.33. 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 $1.91 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 down 0.1% to $71.36 while gold traded up 0.6% at $1,812.80.


Silver traded up 2.3% to $23.785 on Friday while copper fell 0.1% to $3.8795.

 


Euro zone


European shares closed higher today. The eurozone’s STOXX 600 gained 0.84%, London’s FTSE 100 rose 0.06% while Spain’s IBEX 35 Index rose 0.78%. The German DAX gained 0.74%, French CAC 40 rose 0.46% and Italy’s FTSE MIB Index rose 0.29%.

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%.
  • Wholesale inventories in the US rose by 0.5% from a month ago to $923.8 billion in October.
  • The University of Michigan consumer sentiment rose to 59.1 in December from 56.8 in the previous month.


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.

Posted In: Mid-Afternoon Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets