Crude Oil Surges 2%; Best Buy Posts Upbeat Earnings

U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 250 points on Tuesday.

The Dow traded up 0.83% to 33,981.56 while the NASDAQ rose 0.37% to 11,065.13. The S&P 500 also rose, gaining, 0.69% to 3,977.00.

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Leading and Lagging Sectors

Energy shares rose by 2.3% on Tuesday. Leading the sector was strength from Peabody Energy Corporation BTU and Ranger Oil Corporation ROCC.

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

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Best Buy Co BBY reported better-than-expected Q3 results.

The company reported third-quarter revenue of $10.59 billion, which beat average analyst estimates of $10.31 billion. Best Buy reported third-quarter earnings of $1.38 per share, which beat average estimates of $1.03 per share.

 

Equities Trading UP

 

• Palisade Bio, Inc. PALI shares shot up 101% to $4.46 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 Cosmos Holdings Inc. COSM got a boost, shooting 67% to $0.2933 after jumping 21% on Monday. Cosmos Health agreed to sell its Sky Premium Life Luxury food supplement brand on Iberian Airlines' in-flight magazine, Ronda.
• ObsEva SA OBSV shares were also up, gaining 27% to $0.2106 after the company reported the sale of Ebopiprant license agreement to XOMA for up to $113 million.

 

Equities Trading DOWN

• MacroGenics, Inc. MGNX shares tumbled 20% to $5.09 after Cowen & Co. downgraded the stock from Outperform to Market Perform.
• Shares of Agora, Inc. API were down 21% to $2.64 after the company posted downbeat Q3 results and issued weak FY22 sales forecast.
• Eqonex Limited EQOS was down, falling 28% to $0.1506 after dipping around 24% on Monday.

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Commodities

In commodity news, oil traded up 2% to $81.66 while gold traded up 0.1% at $1,741.40.

Silver traded up 0.9% to $21.055 on Tuesday while copper rose 1.7% to $3.6310.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.81%, London’s FTSE 100 rose 1.05% while Spain’s IBEX 35 Index rose 1.75%. The German DAX gained 0.43%, French CAC 40 rose 0.47% and Italy’s FTSE MIB Index gained 1.09%.

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.