US Stocks Edge Lower; Inflation Rate Slows to 3.1% In November

Author: Avi Kapoor | December 12, 2023 10:42am

U.S. stocks traded slightly lower this morning, following the release of inflation data on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.04% to 36,389.01 while the NASDAQ fell 0.18% to 14,406.14. The S&P 500 also fell, dropping, 0.27% to 4,610.13.

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Leading and Lagging Sectors

 

Industrials shares rose by 0.8% on Tuesday.

In trading on Tuesday, communication services shares fell by 1.5%.

 

Top Headline

 

The annual inflation rate in the U.S. eased to 3.1% in November, recording the lowest reading in five months, compared to 3.2% in October.

 

Equities Trading UP

 

Aditxt, Inc. (NASDAQ:ADTX) shares shot up 103% to $7.70 after the company entered into definitive agreement to acquire Evofem Biosciences.

Shares of C4 Therapeutics, Inc. (NASDAQ:CCCC) got a boost, surging 56% to $1.8350 after the company announced a license and research collaboration with Merck to discover and develop degrader-antibody conjugates.

Candel Therapeutics, Inc. (NASDAQ:CADL) shares were also up, gaining 58% to $1.32 after the company announced it received FDA Fast Track Designation for CAN-2409 in pancreatic cancer.

 

Equities Trading DOWN

 

Achieve Life Sciences, Inc. (NASDAQ:ACHV) shares dropped 39% to $3.33. Achieve Life Sciences said NDA Filing timing may be delayed to address FDA feedback on drug product candidate, Cytisinicline. Oppenheimer maintained Achieve Life Sciences with an Outperform and lowered the price target from $21 to $18.

Shares of Harbor Custom Development, Inc. (NASDAQ:HCDI) were down 40% to $0.4102. Harbor Custom Development voluntarily filed for protection under Chapter 11 Bankruptcy.

Assure Holdings Corp. (NASDAQ:IONM) was down, falling 28% to $0.3100 after climbing over 23% on Monday.

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Commodities

 

In commodity news, oil traded down 2.6% to $69.45 while gold traded up 0.4% at $2,001.30.

Silver traded up 0.7% to $23.22 on Tuesday while copper rose 0.3% to $3.7915.

 

Euro zone

 

European shares were mixed today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index fell 0.8% The German DAX fell 0.1% French CAC 40 rose 0.1%, while Italy’s FTSE MIB Index fell 0.1%.

The ZEW Indicator of Economic Sentiment for the Eurozone surged by 9.2 points to 23 in December, recording the strongest reading in ten months, while German ZEW Indicator of Economic Sentiment rose to 12.8 in December from 9.8 in November.

The number of job vacancies in the UK fell to 949,000 from September to November, while regular pay, excluding bonus payment in the UK, rose 7.3% year-over-year to GBP 620/week in the three months to October.

 

Asia Pacific Markets

 

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 0.16%, Hong Kong’s Hang Seng Index gaining 1.07% and China’s Shanghai Composite Index gaining 0.40%. India’s S&P BSE Sensex, meanwhile, fell 0.54%.

Producer prices in Japan increased 0.3% year-over-year in November following a revised 0.9% rise in October.

 

Economics

 

The annual inflation rate in the U.S. eased to 3.1% in November, recording the lowest reading in five months, compared to 3.2% in October.

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