Mid-Day Market Update: Nasdaq Tumbles Over 200 Points; Pasithea Therapeutics Shares Surge

Midway through trading Tuesday, the Dow traded down 0.19% to 35,550.02 while the NASDAQ fell 1.45% to 15,624.16. The S&P also fell, dropping 0.63% to 4,653.33.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 48,748,550 cases with around 794,860 deaths. India confirmed a total of at least 34,526,480 cases and 466,140 deaths, while Brazil reported over 22,019,870 COVID-19 cases with 612,840 deaths. In total, there were at least 258,560,440 cases of COVID-19 worldwide with more than 5,178,050 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares gained by 1.9% on Tuesday. Meanwhile, top gainers in the sector included Kosmos Energy Ltd. KOS, up 7% and Peabody Energy Corporation BTU up 8%.

In trading on Tuesday, information technology shares fell 1.4%.

Top Headline

Best Buy Co., Inc. BBY reported upbeat results for its third quarter on Monday.

Best Buy posted quarterly earnings of $2.08 per share, beating analysts’ estimates of $1.91 per share. The company’s quarterly sales came in at $11.91 billion, versus expectations of $11.56 billion.

Best Buy boosted its full-year enterprise comparable sales growth outlook to a range of 10.5% to 11.5%.

Equities Trading UP

Pasithea Therapeutics Corp. KTTA shares shot up 242% to $7.55 after the company announced its subsidiary Pasithea Clinics has been approved to provide esketamine nasal spray for the treatment of resistant depression in adults.

Shares of Petros Pharmaceuticals, Inc. PTPI got a boost, shooting 69% to $2.25. The company filed proxy statement for annual meeting after the market close on Monday.

Aptevo Therapeutics Inc. APVO shares were also up, gaining 36% to $8.84 after the company announced a clinical update for its Phase 1b Expansion trial evaluating APVO436 for acute myeloid leukemia (AML).

Check out these big movers of the day

Equities Trading DOWN

Abercrombie & Fitch Co. ANF shares tumbled 16% to $39.45 after the company reported Q3 earnings results.

Shares of Best Buy Co., Inc. BBY were down 16% to $116.06 after the company reported third-quarter FY22 Enterprise sales growth of 0.5% year-on-year, to $11.91 billion, beating the analyst consensus of $11.56 billion. Enterprise comparable sales increased 1.6% versus 23.0% growth last year.

Zoom Video Communications, Inc. ZM was down, falling 17% to $200.69. Zoom Video reported better-than-expected results for its third quarter on Monday. The company reported its customers that contribute more than $100,000 in the trailing 12 months totaled 2,507, up 94% year-over-year. B of A Securities downgraded Zoom from Buy to Neutral and lowered the price target from $385 to $270.

Commodities

In commodity news, oil traded up 1.5% to $77.91, while gold traded down 1.1% to $1,785.70.

Silver traded down 3.9% Tuesday to $23.35 while copper rose 0.8% to $4.4310.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.97%, the Spanish Ibex Index gained 0.29% and the German DAX 30 dropped 0.94%. Meanwhile, the London’s FTSE 100 rose 0.39%, French CAC 40 fell 0.49% and Italy’s FTSE MIB dipped 1.24%.

The IHS Markit Eurozone composite PMI climbed to 55.8 in November compared to October's six-month low level of 54.2, while manufacturing PMI rose to 58.6 in November from 58.3 in October. Germany’s composite PMI climbed to 52.8 in November versus an eight-month low of 52.0 in October, while French composite PMI rose to 56.3 in November from 54.7 in October.

Economics

The IHS Markit manufacturing PMI rose to 59.1 in November from a 10-month low level of 58.4 in October, while services PMI fell to 57.0 from 58.7.

The Richmond Fed Manufacturing Index fell to 8 in November from 9 in the previous month

The Treasury is set to auction 7-year notes at 1:00 p.m. ET.

Data on money supply for October will be released at 1:00 p.m. ET.

Check out the full economic calendar here