US Stocks Fall; Pfizer Swings To Q3 Loss

U.S. stocks traded lower this morning, following the release of economic reports.

Following the market opening Tuesday, the Dow traded down 0.25% to 32,845.12 while the NASDAQ fell 0.50% to 12,726.17. The S&P 500 also fell, dropping, 0.14% to 4,161.09.

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Top Headline

Pfizer Inc PFE reported a loss for the third quarter.

Pfizer reported quarterly adjusted EPS loss of $(0.17) versus a consensus loss of $(0.32), down from EPS income of $0.67 in Q2 and $1.78 a year ago. The company reported a 42% slump in Q3 sales to $13.23 billion, down from $22.64 billion a year ago, beating the consensus of $12.72 billion.

Equities Trading UP

SciSparc Ltd. SPRC shares shot up 77% to $6.03 after the company announced it received notice of acceptance from the Australian patent office for its patent application for Combination of Opioids and N-Acylethanolamines for pain treatment.

Shares of Cardio Diagnostics Holdings, Inc. CDIO got a boost, shooting 48% to $0.3165 after the company received an Innovation Technology contract from Vizient for its novel AI-driven precision heart disease tests.

Avalo Therapeutics, Inc. AVTX shares were also up, gaining 23% to $0.1144 after the company announced it has completed the divestiture of AVTX-800 Series.

Equities Trading DOWN

Kintara Therapeutics, Inc. KTRA shares dropped 77% to $0.8671. The company announced that its drug VAL-083 did not outperform existing treatments for glioblastoma, a severe brain cancer.

Shares of Galera Therapeutics, Inc. GRTX were down 52% to $0.1005 after the company said GRECO-2 trial did not pass futility analysis.

Sarepta Therapeutics, Inc. SRPT was down, falling 46% to $58.26 after the company said EMBARK did not meet the primary endpoint.

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Commodities

In commodity news, oil traded up 0.1% to $82.40 while gold traded up 0.1% at $2,006.10.

Silver traded down 0.9% to $23.175 on Tuesday while copper fell 0.7% to $3.6335.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.7%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index climbed 0.6% The German DAX gained 0.6% French CAC 40 climbed 1.1%, while Italy’s FTSE MIB Index jumped 1.6%.

The inflation rate in the Eurozone eased to 2.9% year-over-year in October, falling to its lowest level since July 2021. The Eurozone economy contracted 0.1% on quarter during the three months to Sept. 2023, compared to revised 0.2% increase in the prior quarter.

The French economy expanded by 0.1% in the third quarter, slowing from a revised 0.6% increase in the prior quarter. France's consumer price inflation eased to 4% year-over-year in October from 4.9% in the prior month, while producer prices increased 0.7% month-over-month for September. German import prices declined 14.3% year-over-year in September, while retail sales in Germany fell 0.8% month-over-month for September.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 rising 0.53%, Hong Kong’s Hang Seng Index falling 1.69% and China’s Shanghai Composite Index falling 0.09%. India’s S&P BSE Sensex, meanwhile, slipped around 0.1%.

The Bank of Japan maintained its key short-term interest rate at -0.1%. Japanese housing starts fell by 6.8% year-over-year in September, while retail sales in Japan increased 5.8% year-over-year in September. Industrial production climbed by 0.2% month-over-month, while unemployment rate declined to 2.6% in September from 2.7% in the previous month.

The official NBS manufacturing PMI in China declined to 49.5 in October from 50.2 a month ago, while official NBS non-manufacturing PMI fell to 50.6 from 51.7. Hong Kong’s economy grew by 4.1% year-over-year in the third quarter compared to a 1.5% increase in the prior period.

Economics

The S&P CoreLogic Case-Shiller 20-city home price index climbed 2.2% year-over-year in August versus a 0.2% increase in July.

The FHFA house price index increased by 0.6% from the prior month in August versus a 0.8% rise in July.

Compensation costs for civilian workers rose by 1.1% in the third quarter.

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