Nasdaq Down Over 100 Points; Fortress Biotech Shares Plummet

U.S. stocks turned lower midway through trading, with the Nasdaq Composite falling more than 100 points on Friday.

The Dow traded down 0.34% to 37,583.72 while the NASDAQ fell 0.73% to 14,984.98. The S&P 500 also fell, dropping, 0.47% to 4,760.73.

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Leading and Lagging Sectors

Health care shares rose by 0.1% on Friday.

In trading on Friday, real estate shares fell by 0.7%.

Top Headline

The Chicago PMI fell to 46.9 in December from 55.8 in the previous month, and compared to market estimates of 51.

Equities Trading UP

Fisker Inc. FSR shares shot up 19% to $1.7950 after the company provided a December 2023 business update.

Shares of China Green Agriculture, Inc. CGA got a boost, surging 53% to $2.90. On Dec. 27, China Green Agriculture entered into a stock purchase agreement with Zhibiao Pan for the acquisition of all outstanding stock of Lonestar Dream for a total consideration of $49 million.

Titan Pharmaceuticals, Inc. TTNP shares were also up, gaining 17% to $0.3858. Titan Pharmaceuticals said its Board of Directors has approved a 1-for-20 reverse stock split.

Equities Trading DOWN

Global Mofy Metaverse Limited GMM shares dropped 42% to $6.48.
Global Mofy Metaverse announced a $10 million follow-on offering.

Shares of Microbot Medical Inc. MBOT were down 20% to $1.65. Microbot Medical announced exercise of outstanding preferred investment options for $2.73 million in gross proceeds priced at-the-market under Nasdaq rules.

Fortress Biotech, Inc. FBIO was down, falling 21% to $3.0850 as the company announced pricing of $11 million registered direct offering priced at-the-market under Nasdaq rules.

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Commodities

In commodity news, oil traded up 0.2% to $71.91 while gold traded down 0.5% at $2,073.90.

Silver traded down 1% to $24.13 on Friday while copper fell 0.6% to $3.9010.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.29%, London’s FTSE 100 rose 0.14% while Spain’s IBEX 35 Index rose 0.37% The German DAX rose 0.30% French CAC 40 rose 0.39% while Italy’s FTSE MIB Index rose 0.35%.

Spain posted a current account surplus of EUR 3,770 million in October versus a year-ago surplus of EUR 1,228 million. Spain's consumer price inflation eased to 3.1% year-over-year in December from 3.2% in the prior month. The Nationwide House Price Index in the U.K. fell by 1.8% year-over-year in December.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 falling 0.22%, Hong Kong’s Hang Seng Index rising 0.02% and China’s Shanghai Composite Index gaining 0.68%. India’s S&P BSE Sensex, meanwhile, fell 0.23%.

China reported a current account surplus of $62.8 billion in the third quarter, compared to the preliminary estimate of $62.6 billion.

Economics

The Chicago PMI fell to 46.9 in December from 55.8 in the previous month, and compared to market estimates of 51.

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