Nasdaq Down Over 1%; US Retail Sales Top Expectations

U.S. stocks traded lower this morning, with the Nasdaq Composite falling more than 1% on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.11% to 33,947.98 while the NASDAQ fell 1.33% to 13,387.41. The S&P 500 also fell, dropping, 0.70% to 4,343.02.

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Leading and Lagging Sectors

Energy shares climbed by 0.6% on Tuesday.

In trading on Tuesday, information technology shares fell by 2.1%.

Top Headline

U.S. retail sales rose 0.7% month-over-month in September versus a revised 0.8% increase in August and topping estimates of a 0.3% increase.

Equities Trading UP

SciSparc Ltd. SPRC shares shot up 139% to $6.75. Aegis Capital Corp. acted as exclusive placement agent on a $5.0 million private placement for SciSparc.

Shares of Assembly Biosciences, Inc. ASMB got a boost, shooting 117% to $1.58 after the company and Gilead announced they entered into a 12-year partnership to advance the research and development of novel antiviral therapies.

Olink Holding AB OLK shares were also up, gaining 66% to $24.89 after Thermo Fisher Scientific announced it will acquire the company.

Equities Trading DOWN

Evelo Biosciences, Inc. EVLO shares dropped 48% to $1.50. Evelo Biosciences released top-line results from its Phase 2 clinical study with EDP2939 in moderate psoriasis.

Shares of NetScout Systems, Inc. NTCT were down 22% to $21.64 after the company reported weak preliminary results for the second quarter and lowered its FY24 guidance.

BIO-key International, Inc. BKYI was down, falling 17% to $0.4325 after the company filed for offering of units of up to $10 million.

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Commodities

In commodity news, oil traded up 0.2% to $86.84 while gold traded up 0.1% at $1,936.60.

Silver traded up 0.3% to $22.845 on Tuesday while copper fell 0.9% to $3.5495.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.3%, London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index fell 0.2% The German DAX fell 0.4% French CAC 40 fell 0.3%, while Italy’s FTSE MIB Index slipped 0.3%.

The ZEW Indicator of Economic Sentiment for the Eurozone rose to 2.3 in October from -8.9 in a month ago. The ZEW Indicator of Economic Sentiment for Germany climbed by 10.3 points to a reading of -1.1 in October.

Average weekly earnings, including bonuses in the UK, rose 8.1% year-over-year to GBP 661/week during the three months to August. UK’s number of job vacancies fell to 988,000 in the third quarter.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan’s Nikkei 225 gaining 1.20%, China’s Shanghai Composite Index gaining 0.32% and Hong Kong’s Hang Seng Index gaining 0.75%. India’s S&P BSE Sensex, meanwhile, rose 0.4%.

Total passenger vehicle sales in India climbed by 3.1% year-over-year to 316,908 in September. Singapore's non-oil domestic exports declined by 13.2% year-over-year in September following a revised 22.5% decline in August.

Economics

U.S. retail sales rose 0.7% month-over-month in September versus a revised 0.8% increase in August and topping estimates of a 0.3% increase.

U.S. industrial production rose 0.3% month-over-month in September, beating market expectations for a flat reading.

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