Dow Rises Over 100 Points; Rayonier Advanced Materials Shares Plunge

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 100 points on Tuesday.

The Dow traded up 0.40% to 33,653.27 while the NASDAQ rose 0.83% to 10,724.37. The S&P 500 also rose, gaining, 0.55% to 3,913.66.


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Leading and Lagging Sectors


Communication services shares gained by 0.9% on Tuesday. Meanwhile, top gainers in the sector included comScore, Inc. SCOR, up 11%, and comScore, Inc. SIFY, up 11%.


In trading on Tuesday, utilities shares fell by 0.7%.


Top Headline


Wholesale inventories increased by 1% from a month ago to $933.1 billion in November.

 


Equities Trading UP

 

  • Sotera Health Company SHC shares shot up 93% to $16.64 after the company announced its subsidiaries have reached agreements to settle the Ethylene Oxide cases pending against Sterigenics. Sterigenics will pay the company $408 million to settle the claims.
  • Shares of Party City Holdco Inc. PRTY got a boost, shooting 57% to $0.3243 following an Axios report suggesting The Franchise Group could be looking at acquiring the company.
  • VYNE Therapeutics Inc. VYNE shares were also up, gaining 51% to $0.2893 after the company announced the first vitiligo patient was dosed in a Phase 1a/b clinical trial of VYN201.

 

Equities Trading DOWN

  • BioAtla, Inc. BCAB shares tumbled 47% to $4.07 after the company provided clinical program updates and upcoming 2023 milestones.
  • Shares of Rayonier Advanced Materials Inc. RYAM were down 33% to $6.13. RBC Capital downgraded Rayonier Adv Materials from Outperform to Sector Perform and lowered the price target from $9 to $8.
  • BIOLASE, Inc. BIOL was down, falling 45% to $0.3799 after the company announced pricing of $9.75 million offering.


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Commodities

In commodity news, oil traded up 1.5% to $75.72 while gold traded down 0.1% at $1,876.60.


Silver traded down 0.8% to $23.69 on Tuesday while copper rose 1.2% to $4.0750.

 



Euro zone


European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.59%, London’s FTSE 100 fell 0.39% while Spain’s IBEX 35 Index gained 0.2%. The German DAX declined 0.12%, French CAC 40 fell 0.55% and Italy’s FTSE MIB Index fell 0.08%.


Industrial production in France increased 2% month-over-month in November following a revised 2.5% decline in October. Retail sales in the UK rose 6.5% from a year ago in December.

 


Asia Pacific Markets


Asian markets closed mixed on Tuesday, with the Hong Kong’s Hang Seng Index dropping 0.27%, and China’s Shanghai Composite Index falling 0.21%. Japan’s Nikkei 225 gained 0.78%.

 

Economics


The NFIB small business optimism index fell to a six-month low of 89.8 in December.


Wholesale inventories increased by 1% from a month ago to $933.1 billion in November.

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Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Afternoon Market Update
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