US Stocks Open Lower; Dow Falls Over 100 Points

U.S. stocks traded lower this morning, with the Dow Jones dropping over 100 points on Friday.

Following the market opening Friday, the Dow traded down 0.36% to 32,908.29 while the NASDAQ fell 0.80% to 10,392.30. The S&P 500 also fell, dropping, 0.40% to 3,806.96.

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Leading and Lagging Sectors

Energy shares rose by 1.4% on Friday. Meanwhile, top gainers in the sector included HighPeak Energy, Inc. HPK, up 4%, and Hallador Energy Company HNRG, up 9%.

In trading on Friday, information technology shares fell by 1.2%.

Top Headline

Personal spending rose 0.1% month-over-month in November, while personal consumption expenditure price index rose by 5.5% year-over-year in November. Personal income in the United States rose 0.4% from a month ago in November.

Equities Trading UP

• Omeros Corporation OMER shares shot up 26% to $3.2050. Omeros, last month, posted a narrower-than-expected quarterly loss.
• Shares of ORIC Pharmaceuticals, Inc. ORIC got a boost, shooting 11% to $5.32. ORIC Pharmaceuticals recently announced it entered into a clinical development collaboration for a potential Phase 2 study of ORIC-533 in multiple myeloma with Pfizer and agreed to sell about 5.38 million of its common shares at a price of $4.65 per share to Pfizer for proceeds of approximately $25 million.
• Hallador Energy Company HNRG shares were also up, gaining 11% to $10.84.

Equities Trading DOWN

• MingZhu Logistics Holdings Limited YGMZ shares tumbled 52% to $1.70. MingZhu Logistics recently announced a $34 million transportation agreement with Xinjiang Tianfu Yitong Supply Chain Management.
• Shares of Dragonfly Energy Holdings Corp. DFLI were down 25% to $11.22. Dragonfly Energy recently secured a patent from the United States Patent and Trademark Office (USPTO).
• Kalera Public Limited Company KAL was down, falling 14% to $8.27. On December 22, 2022, Kalera shareholders approved a 1-for-100 reverse stock split.

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Commodities

In commodity news, oil traded up 2.9% to $79.72 while gold traded up 0.3% at $1,800.60.

Silver traded up 0.8% to $23.805 on Friday while copper rose 0.3% to $3.7690.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index fell 0.3%. The German DAX dropped 0.2%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index slipped 0.1%.

Producer prices in Spain climbed 20.7% year-over-year in November, while the country’s quarterly economic growth was revised lower to 0.1% in the third quarter versus a preliminary reading of 0.2%. Producer prices in the French domestic markets increased 1.2% month-over-month in November.

Asia Pacific Markets

Asian markets closed lower on Friday, with the Japan’s Nikkei dropping 1.03% and Hong Kong’s Hang Seng Index falling 0.44%. China’s Shanghai Composite Index fell 0.28%.

Foreign direct investment into China surged 9.9% year-over-year to CNY 1.16 trillion during the first eleven months of the year. The core consumer price index in Japan rose 3.7% from a year ago in November.

Economics

• Personal spending rose 0.1% month-over-month in November, while personal consumption expenditure price index rose by 5.5% year-over-year in November. Personal income in the United States rose 0.4% from a month ago in November.
• Durable goods orders in the US dropped by 2.1% month-over-month in November.
• The University of Michigan consumer sentiment was revised higher to 59.7 in December from a preliminary reading of 59.1

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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 102,048,470 cases with around 1,114,930 deaths. India confirmed a total of at least 44,677,590 cases and 530,680 deaths, while France reported over 39,025,730 COVID-19 cases with 160,870 deaths. In total, there were at least 659,881,370 cases of COVID-19 worldwide with more than 6,678,920 deaths.