Dow Drops 100 Points; Asana Shares Plummet

U.S. stocks traded lower toward the end of trading, with the Dow Jones falling around 100 points on Friday.

The Dow traded down 0.29% to 34,294.69 while the NASDAQ fell 0.78% to 11,393.43. The S&P 500 also fell, dropping, 0.55% to 4,054.11.

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Leading and Lagging Sectors

Materials shares rose by 0.9% on Friday. Leading the sector was strength from Ivanhoe Electric Inc. IE and GoldMining Inc. GLDG.

In trading on Friday, information technology shares fell by 1.1%.

Top Headline

 

The US economy unexpectedly added 263,000 jobs in November, following a revised 284,000 gain in October and also surpassing market estimates of 200,000.

The unemployment rate came in unchanged at 3.7% in November, while average hourly earnings increased by 0.6% to $32.82 in November.

 

Equities Trading UP

 

• Samsara Inc. IOT shares shot up 22% to $12.12 after the company reported better-than-expected Q3 results and issued FY23 guidance above estimates.
• Shares of Rigel Pharmaceuticals, Inc. RIGL got a boost, shooting 34% to $0.9143 after the company reported FDA approval of REZLIDHIA for the treatment of adult patients with relapsed or refractory acute myeloid leukemia with a susceptible IDH1 mutation.
• Anavex Life Sciences Corp. AVXL shares were also up, gaining 36% to $12.02 after the company announced the ANAVEX2-73 Phase 2B/3 study met primary and key secondary endpoints, showing a statistically significant reduction of clinical decline in study of patients with early Alzheimer's disease.

 

Equities Trading DOWN

• Theratechnologies Inc. THTX shares tumbled 33% to $1.4234 after the company announced it decided to pause the enrollment of patients in its Phase 1 clinical trial of TH1902.
• Shares of Asana, Inc. ASAN were down 12% to $16.00 after the company issued Q4 and FY23 sales guidance below estimates.
• RedHill Biopharma Ltd. RDHL was down, falling 29% to $0.2587 after the company priced an $8 million underwritten public offering.

Also check out: Dow Drops Nearly 200 Points But Market Volatility Eases

Commodities

In commodity news, oil traded up 0.4% to $81.52 while gold traded down 0.3% at $1,809.40.

Silver traded up 2.5% to $23.40 on Friday while copper rose 0.7% to $3.8430.

 

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.15%, London’s FTSE 100 fell 0.03% while Spain’s IBEX 35 Index fell 0.3%. The German DAX gained 0.27%, French CAC 40 fell 0.17% and Italy’s FTSE MIB Index fell 0.26%.

Producer prices in the Eurozone declined 2.9% from a month ago in October versus a 1.6% increase in the previous month. French government budget deficit widened to EUR 143.2 billion in January-October compared to EUR 171.6 billion in the year-ago period. Industrial production in France dropped by 2.6% from the earlier month in October.

The trade surplus in Germany narrowed to €5.3 billion in October from €12.5 billion in the year-ago period.

 

Asia Pacific Markets

Asian markets closed lower on Friday, with the Japan’s Nikkei dropping 1.59% and Hong Kong’s Hang Seng Index falling 0.33%. China’s Shanghai Composite Index dropped 0.29%.

Retail sales in Australia dropped by 0.2% from a month ago to AUD 35.02 billion in October versus a growth of 0.6% in September.

 

Economics

 

• The US economy unexpectedly added 263,000 jobs in November, following a revised 284,000 gain in October and also surpassing market estimates of 200,000. The unemployment rate came in unchanged at 3.7% in November, while average hourly earnings increased by 0.6% to $32.82 in November.
• The total number of active U.S. oil rigs came in unchanged at 627 rigs this week, Baker Hughes Inc reported

 

Check out this: Investor Sentiment Drops Ahead Of US Jobs Report

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 100,743,390 cases with around 1,106,370 deaths. India confirmed a total of at least 44,673,980 cases and 530,620 deaths, while France reported over 37,916,050 COVID-19 cases with 159,020 deaths. In total, there were at least 648,749,110 cases of COVID-19 worldwide with more than 6,642,930 deaths.