S&P 500 Down Over 1%; Crude Oil Falls Sharply

U.S. stocks traded lower midway through trading, with the Dow Jones dropping around 250 points on Tuesday.

The Dow traded down 0.74% to 33,694.46 while the NASDAQ fell 1.57% to 11,063.55. The S&P 500 also fell, dropping, 1.11% to 3,954.55.

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Leading and Lagging Sectors

Utilities shares rose by just 0.1% on Tuesday. Meanwhile, top gainers in the sector included Enel Chile S.A. (NYSE:ENIC), up 7%, and Azure Power Global Limited (NYSE:AZRE), up 4%.

In trading on Tuesday, communication services shares dipped by 2.3%.

Top Headline

 

The US trade gap increased to a four-month high of $78.2 billion in October versus a revised gao of $74.1 billion in September. Exports from the US fell by $1.9 billion to $256.6 billion in October, while imports rose by $2.2 billion to $334.8 billion in October.

 

Equities Trading UP

 

• Vivint Smart Home, Inc. (NYSE:VVNT) shares shot up 32% to $11.90 after NRG Energy announced it will acquire the company for $12 per share in cash.
• Shares of Signet Jewelers Limited (NYSE:SIG) got a boost, shooting 19% to $69.01 after the company reported better-than-expected Q3 results and issued FY23 guidance above estimates.
• Summit Therapeutics Inc. (NASDAQ:SMMT) shares were also up, gaining 91% to $1.50 after the company announced a definitive agreement of its partnership with Akeso to in-license its breakthrough bispecific antibody, ivonescimab.

 

Equities Trading DOWN

• Gossamer Bio, Inc. (NASDAQ:GOSS) shares tumbled 73% to $2.4975 after the company reported announced topline results for the TORREY Phase 2 study of seralutinib in patients with pulmonary arterial hypertension (PAH).
• Shares of MEI Pharma, Inc. (NASDAQ:MEIP) were down 31% to $0.2689 after the company announced discontinuation of zandelisib development outside of Japan following a recent FDA meeting.
• Barnes & Noble Education, Inc. (NYSE:BNED) was down, falling 40% to $1.54 after reporting downbeat Q2 earnings.

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Commodities

In commodity news, oil traded down 2.2% to $75.27 while gold traded up 0.2% at $1,785.10.

Silver traded down 0.1% to $22.41 on Tuesday while copper rose 0.7% to $3.8210.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.64%, London’s FTSE 100 fell 0.36% while Spain’s IBEX 35 Index fell 0.57%. The German DAX declined 0.71%, French CAC 40 fell 0.32% and Italy’s FTSE MIB Index fell 0.83%.

The S&P Global construction PMI for the Eurozone dropped to 43.6 in November from 44.9 in the previous month, while French construction PMI declined to 40.7 in November from 44.3. The S&P Global German construction PMI declined to 41.5 from 43.8, while factory orders in Germany rose by 0.8% month-over-month during October.

The S&P Global/CIPS construction PMI for the UK dropped to a three-month low of 50.4 for November, while retail sales in the country rose 4.1% year-over-year in November. The S&P Global Italy construction PMI rose to 52 in November from 48.1 in the previous month.

 

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with the Japan’s Nikkei gaining 0.24% and Hong Kong’s Hang Seng Index dropping 0.40%. China’s Shanghai Composite Index rose 0.02%.

Household spending in Japan increased by 1.2% from the previous year during October, while average cash earnings in the country climbed by 1.8% year-over-year in October.

The Reserve Bank of Australia increased the cash rate by 25 bps to 3.1% at its recent meeting. Australia unexpectedly reported a current deficit of AUD 2.3 billion during Q3, versus market estimates of a AUD 6.2 billion surplus.

 

Economics

 

• The US trade gap increased to a four-month high of $78.2 billion in October versus a revised gao of $74.1 billion in September. Exports from the US fell by $1.9 billion to $256.6 billion in October, while imports rose by $2.2 billion to $334.8 billion in October.
• The Logistics Manager’s Index declined for a second month to a reading of 53.6 in November from 57.5 in the previous month.

 

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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 100,906,110 cases with around 1,106,990 deaths. India confirmed a total of at least 44,674,870 cases and 530,630 deaths, while France reported over 38,078,560 COVID-19 cases with 159,240 deaths. In total, there were at least 650,561,350 cases of COVID-19 worldwide with more than 6,648,270 deaths.