US Stocks Open Higher As Dow Surges 250 Points

Author: Lisa Levin | November 22, 2022 11:35am

U.S. stocks traded higher this morning, with the Dow Jones gaining around 250 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.77% to 33,958.82 while the NASDAQ rose 0.26% to 11,052.96. The S&P 500 also rose, gaining, 0.62% to 3,974.62.

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Leading and Lagging Sectors

Energy shares rose by 2% on Tuesday. Leading the sector was strength from Peabody Energy Corporation (NYSE:BTU) and Comstock Resources, Inc. (NYSE:CRK).

In trading on Tuesday, real estate slipped by 0.1%.

Top Headline

 

The Richmond Fed Manufacturing Activity Index rose to -9 in November from -10 in the previous month.

 

Equities Trading UP

 

• Palisade Bio, Inc. (NASDAQ:PALI) shares shot up 102% to $4.4829 after the company announced the FDA granted Fast Track designation to LB1148 for the acceleration of time to return of bowel function following surgery.
• Shares of Aenza S.A.A. (NYSE:AENZ) got a boost, shooting 42% to $3.47.
• Bonso Electronics International Inc. (NASDAQ:BNSO) shares were also up, gaining 24% to $3.8650.

 

Equities Trading DOWN

• MacroGenics, Inc. (NASDAQ:MGNX) shares tumbled 20% to $5.09 after Cowen & Co. downgraded the stock from Outperform to Market Perform.
• Shares of Agora, Inc. (NASDAQ:API) were down 19% to $2.72 after the company posted downbeat Q3 results and issued weak FY22 sales forecast.
• AGBA Group Holding Limited (NASDAQ:AGBA) was down, falling 17% to $5.22. AGBA Acquisition Limited recently completed its business combination with TAG Holdings Limited.

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Commodities

In commodity news, oil traded up 2% to $81.60 while gold traded up 0.3% at $1,745.20.

Silver traded up 1.7% to $21.22 on Tuesday while copper rose 2% to $3.6430.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.8%, London’s FTSE 100 rose 1% while Spain’s IBEX 35 Index rose 1.7%. The German DAX gained 0.4%, French CAC 40 rose 0.5% and Italy’s FTSE MIB Index gained 1%.

The current account surplus in the Eurozone narrowed sharply to EUR 3.8 billion in September from EUR 33.1 billion in the year-ago month. Italy recorded a current account deficit of EUR 2.018 billion in September versus a year-ago surplus of EUR 4.967 billion.

 

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with the Japan’s Nikkei gaining 0.16% and Hong Kong’s Hang Seng Index falling 1.87%. China’s Shanghai Composite Index fell 0.39%.

 

Economics

The Richmond Fed Manufacturing Activity Index rose to -9 in November from -10 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 100,251,350 cases with around 1,102,910 deaths. India confirmed a total of at least 44,670,780 cases and 530,590 deaths, while France reported over 37,378,170 COVID-19 cases with 158,330 deaths. In total, there were at least 643,612,630 cases of COVID-19 worldwide with more than 6,628,050 deaths.

Posted In: AENZ AGBA API BNSO BTU CRK MGNX PALI