Dow Jumps 150 Points; Crude Oil Rises 1%
U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining around 150 points on Tuesday.
The Dow traded up 0.47% to 32,911.59 while the NASDAQ rose 0.16% to 10,562.93. The S&P 500 also rose, gaining, 0.38% to 3,828.97.
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Leading and Lagging Sectors
Energy shares rose by 1.9% on Tuesday. Meanwhile, top gainers in the sector included SEACOR Marine Holdings Inc. (NYSE:SMHI), up 12%, and VOC Energy Trust (NYSE:VOC), up 9%.
In trading on Tuesday, consumer discretionary shares tumbled by 0.7%.
Top Headline
Housing starts in the US fell 0.5% to an annualized rate of 1.427 million in November, while building permits dipped 11.2 percent from a month ago to an annual rate of 1.342 million in November.
Equities Trading UP
- Verona Pharma plc (NASDAQ: VRNA) shares shot up 34% to $18.04 after the company announced ensifentrine met primary and key secondary endpoints in the Phase 3 ENHANCE-1 trial for COPD.
- Shares of IceCure Medical Ltd (NASDAQ:ICCM) got a boost, shooting 231% to $3.13 after the company announced interim results from the ICESECRET study for the treatment of patients with small renal masses who cannot be offered kidney-preserving surgery.
- Athenex, Inc. (NASDAQ:ATNX) shares were also up, gaining 15% to $0.1558 after the company announced Quantum Leap Healthcare Collaborative reported a trial result of I-SPY2 trial for oral paclitaxel in combination with PD-1 and carboplatin in neoadjuvant breast cancer.
Equities Trading DOWN
- Magenta Therapeutics, Inc. (NASDAQ: MGTA) shares tumbled 51% to $0.1558 after the company reported it stopped dosing participants at the Cohort 4 dosing level and plans to dose additional participants at the Cohort 3 dosing level due to dose-limiting toxicities.
- Shares of Arcus Biosciences, Inc. (NYSE:RCUS) were down 30% to $21.43. Gilead Sciences and Arcus Biosciences announced results from the fourth interim analysis of the ARC-7 Phase 2 study for metastatic non-small cell lung cancer with PD-L1 tumor proportion score ≥50% without epidermal growth factor receptor or anaplastic lymphoma kinase mutations.
- Entrada Therapeutics, Inc. (NASDAQ:TRDA) was down, falling 18% to $21.43 after the company said it received a clinical hold notice from the FDA regarding its Investigational New Drug Application for ENTR-601-44 for the potential treatment of Duchenne muscular dystrophy.
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Commodities
In commodity news, oil traded up 1.2% to $76.11 while gold traded up 1.5% at $1,824.60.
Silver traded up 4.4% to $24.225 on Tuesday while copper rose 0.5% to $3.8025.
Euro zone
European shares closed mixed today. The eurozone’s STOXX 600 fell 0.4%, London’s FTSE 100 rose 0.13% while Spain’s IBEX 35 Index rose 0.59%. The German DAX fell 0.42%, French CAC 40 fell 0.35% and Italy’s FTSE MIB Index gained 0.15%.
The Eurozone recorded a current account deficit of EUR 4.4 billion in October versus a year-ago surplus of EUR 6.51 billion. Italy’s current account surplus shrank to EUR 710 million in October from EUR 3,024 million in the year-ago month.
The annual producer inflation in Germany declined to 28.2% in November from 34.5% in the previous month.
Asia Pacific Markets
Asian markets closed lower on Tuesday, with the Japan’s Nikkei dropping 2.46% and Hong Kong’s Hang Seng Index declining 1.33%. China’s Shanghai Composite Index fell 1.07%.
The annual inflation rate in Hong Kong came in at 1.8% in November, the same as in the earlier month. The Bank of Japan kept its key short-term interest rate unchanged at -0.1%.
Economics
Housing starts in the US fell 0.5% to an annualized rate of 1.427 million in November, while building permits dipped 11.2 percent from a month ago to an annual rate of 1.342 million in November.
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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 101,825,070 cases with around 1,113,300 deaths. India confirmed a total of at least 44,677,340 cases and 530,670 deaths, while France reported over 38,899,900 COVID-19 cases with 160,610 deaths. In total, there were at least 658,535,310 cases of COVID-19 worldwide with more than 6,674,360 deaths.