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News

Nasdaq Surges 2%; US Inflation Rate Slows In October

Author: Lisa Levin | November 14, 2023 10:50am

U.S. stocks traded higher this morning, with the Dow Jones gaining around 400 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 1.16% to 34,736.95 while the NASDAQ rose 2.03% to 14,047.59. The S&P 500 also rose, gaining, 1.61% to 4,482.49.

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Leading and Lagging Sectors

 

Real estate shares surged by 3.9% on Tuesday.

In trading on Tuesday, energy shares rose by just 0.2%.

 

Top Headline

 

The annual inflation rate in the U.S. eased to 3.2% in October versus 3.7% in both September and August, and compared to market estimates of 3.3%.

 

Equities Trading UP

 

BioCardia, Inc. (NASDAQ:BCDA) shares shot up 243% to $1.37 after the company announced the FDA approval of its Phase 3 clinical trial of its CardiAMP autologous cell therapy for the treatment of patients with ischemic heart failure.

Shares of INVO Bioscience, Inc. (NASDAQ:INVO) got a boost, shooting 42% to $2.2857 after the company posted a narrower loss for the third quarter.

Theseus Pharmaceuticals, Inc. (NASDAQ:THRX) shares were also up, gaining 45% to $3.1002 after the company announced process to explore strategic alternatives.

 

Equities Trading DOWN

 

The Beauty Health Company (NASDAQ:SKIN) shares dropped 58% to $1.65 after the company reported weaker-than-expected financial results for its third quarter and revised its net sales outlook. Also, the company suspended its long-term full-year 2025 forecast.

Shares of Kubient, Inc. (NASDAQ:KBNT) were down 56% to $0.0958. Kubient announced voluntary delisting from Nasdaq Capital Market.

Applied UV, Inc. (NASDAQ:AUVI) was down, falling 44% to $0.1510. Applied UV announced pricing of $6.4 million upsized underwritten public offering of 42,666,666 units at $0.15 per unit.

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Commodities

 

In commodity news, oil traded up 1.2% to $79.17 while gold traded up 0.6% at $1,962.50.

Silver traded up 2.3% to $22.875 on Tuesday while copper rose 1.1% to $3.7050.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 gained 1%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index rose 1.1% The German DAX rose 1.4% French CAC 40 rose 1%, while Italy’s FTSE MIB Index climbed 1.1%.

The ZEW Indicator of Economic Sentiment for the Eurozone surged to 13.8 in November versus 2.3 in the previous month. The GDP in the Eurozone contracted 0.1% on quarter during the three months to September, while number of employed persons increased by 0.3% to 168.7 million people during the same period.

The ZEW Indicator of Economic Sentiment for Germany climbed by 10.9 points to a reading of +9.8 in November, while Spanish annual consumer price inflation was confirmed at 3.5% for October. The number of job vacancies in the UK fell to 957,000 in August to October. Average weekly earnings, including bonuses in the UK, rose 7.9% year-over-year to GBP 673 per week while unemployment rate came in at 4.2% in the third quarter.

 

Asia Pacific Markets

 

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 rising 0.34%, Hong Kong’s Hang Seng Index falling 0.17% and China’s Shanghai Composite Index gaining 0.31%.

Indian wholesale prices fell by 0.52% year-over-year in October versus market expectations of a 0.2% decline.

 

Economics

 

The annual inflation rate in the U.S. eased to 3.2% in October versus 3.7% in both September and August, and compared to market estimates of 3.3%.

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Posted In: AUVI BCDA INVO KBNT SKIN THRX

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