US Stocks Edge Lower; Producer Prices Increase Higher Than Expected

U.S. stocks traded slightly lower this morning following the release of PPI data

Following the market opening Friday, the Dow traded down 0.13% to 33,737.70 while the NASDAQ fell 0.16% to 11,064.08. The S&P 500 also fell, dropping, 0.04% to 3,961.84.

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Leading and Lagging Sectors

Communication services shares rose by 0.5% on Friday. Meanwhile, top gainers in the sector included comScore, Inc. SCOR, up 8%, and Hello Group Inc. MOMO, up 20%.

In trading on Friday, consumer staples shares fell by 0.2%.

Top Headline

 

The Producer Price Index for final demand in the US increased 0.3% month-over-month in November, compared to the revised 0.3% rise in the previous month and above market expectations of 0.2%.

 

Equities Trading UP

 

• Baudax Bio, Inc. BXRX shares shot up 29% to $5.27 after the company announced initiation of a Phase II clinical trial evaluationg BX1000 in patients undergoing surgery.
• Shares of Arcellx, Inc. ACLX got a boost, shooting 29% to $27.89. Kite, a Gilead Sciences Inc company, announced a global strategic collaboration to co-develop and co-commercialize Arcellx’s lead late-stage product candidate, CART-ddBCMA, for relapsed or refractory multiple myeloma. Arcellx also announced interim CART-ddBCMA Phase 1 results (October 31, 2022 cutoff date), demonstrating deep and durable responses.
• UpHealth, Inc. UPH shares were also up, gaining 54% to $3.64. Healthcare transformation expert Timothy Wilde joined UpHealth as Chief Technology Officer.

 

Equities Trading DOWN

• Getaround Inc. GETR shares tumbled 64% to $3.20. Getaround reported closing of business combination with InterPrivate II Acquisition Corp.
• Shares of Grom Social Enterprises, Inc. GROM were down 57% to $1.65. Grom Social Enterprises priced $5 million public offering of 1,415,682 units at a price of $2.89 per unit
• Autolus Therapeutics plc AUTL was down, falling 36% to $1.92 after the company announced pricing of a public offering. The company’s Phase 2 pivotal FELIX trial of obecabtagene autoleucel (obe-cel) in relapsed/refractory (r/r) adult Acute Lymphoblastic Leukemia (ALL) has met its primary endpoint of Overall Remission Rate (ORR).

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Commodities

In commodity news, oil traded up 1.5% to $72.50 while gold traded up 0.5% at $1,810.00.

Silver traded up 1.1% to $23.51 on Friday while copper fell 0.3% to $3.8735.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.8%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index rose 0.5%. The German DAX gained 0.6%, French CAC 40 rose 0.4% and Italy’s FTSE MIB Index rose 0.1%.

Industrial production in Spain increased by 2.5% year-over-year in October versus a 3.6% rise in the prior month.

 

Asia Pacific Markets

Asian markets closed higher on Friday, with the Japan’s Nikkei gaining 1.18% and Hong Kong’s Hang Seng Index jumping 2.32%. China’s Shanghai Composite Index rose 0.30%.

Auto sales in China dipped by 7.9% year-over-year to 2.33 million units in November following a 6.9% increase in the previous month. China's annual inflation eased to 1.6% year-over-year in November from 2.1% a month ago, while producer prices declined 1.3% year-over-year in November.

 

Economics

The Producer Price Index for final demand in the US increased 0.3% month-over-month in November, compared to the revised 0.3% rise in the previous month and above market expectations of 0.2%.

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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 101,213,630 cases with around 1,109,390 deaths. India confirmed a total of at least 44,675,500 cases and 530,650 deaths, while France reported over 38,331,430 COVID-19 cases with 159,510 deaths. In total, there were at least 652,454,520 cases of COVID-19 worldwide with more than 6,654,870 deaths.