Dow Tumbles Over 200 Points; US Trade Gap Narrows In November

Author: Avi Kapoor | January 09, 2024 10:40am

U.S. stocks traded lower this morning, with the Dow Jones falling more than 200 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.63% to 37,445.51 while the NASDAQ fell 0.66% to 14,745.96. The S&P 500 also fell, dropping, 0.55% to 4,737.17.

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Leading and Lagging Sectors

 

Health care shares rose by just 0.01% on Tuesday.

In trading on Tuesday, real estate shares fell by 1.2%.

 

Top Headline

 

The US trade gap shrank to $63.2 billion in November from $64.5 billion in the previous month and compared to market estimates of a $65 billion gap.

 

Equities Trading UP

 

Sentage Holdings Inc. (NASDAQ:SNTG) shares shot up 108% to $4.42.

Shares of Galera Therapeutics, Inc. (NASDAQ:GRTX) got a boost, surging 27% to $0.1891.

Seres Therapeutics, Inc. (NASDAQ:MCRB) shares were also up, gaining 18% to $1.8465 after the company announced preliminary key VOWST launch metrics and FDA Fast Track Designation for SER-155.

 

Equities Trading DOWN

 

Grifols, S.A. (NASDAQ:GRFS) shares dropped 33% to $7.41 following a report from Gotham City Research titled "Grifols SA: Scranton and the Undisclosed Debts."

Shares of eFFECTOR Therapeutics, Inc. (NASDAQ:EFTR) were down 23% to $0.4261 after the company announced a 1-for-25 reverse stock split.

Bit Brother Limited (NASDAQ:BETS) was down, falling 12% to $0.0057 after dipping 15% on Monday. Bit Brother announced a 1-for-1,000 reverse share split.

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Commodities

 

In commodity news, oil traded up 1.8% to $72.05 while gold traded up 0.6% at $2,046.10.

Silver traded up 0.4% to $23.41 on Tuesday while copper fell 0.4% to $3.7960.

 

Euro zone

 

European shares were lower today. The eurozone’s STOXX 600 fell 0.5%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 2% The German DAX fell 0.5% French CAC 40 fell 0.6% while Italy’s FTSE MIB Index fell 0.7%.

Industrial production in Germany fell 0.7% month-over-month in November versus a revised 0.3% decline in October. Retail sales in the UK increased 1.9% from a year ago in December.

Italy's unemployment rate fell to 7.5% in November versus a revised 7.7% in the previous month. French current account deficit shrank to EUR 2.8 billion in November 2023 versus a revised EUR 3.4 billion in the prior month, while trade deficit narrowed to €5.9 billion in November versus a revised €8.5 billion in the prior month.

 

Asia Pacific Markets

 

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 1.16%, Hong Kong’s Hang Seng Index falling 0.21% and China’s Shanghai Composite Index gaining 0.20%. India’s S&P BSE Sensex, meanwhile, rose 0.04%.

Household spending in Japan fell by 2.9% year-over-year in November following a 2.5% decline in the earlier month.

 

Economics

 

The NFIB Small Business Optimism Index rose to 91.9 in December from 90.6 in November.

The US trade gap shrank to $63.2 billion in November from $64.5 billion in the previous month and compared to market estimates of a $65 billion gap.

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Posted In: BETS EFTR GRFS GRTX MCRB SNTG