US Stocks Turn Higher; Nasdaq Rises 40 Points

U.S. stocks traded slightly midway through trading with the Nasdaq gaining over 40 points on Friday

The Dow traded up 0.03% to 33,790.70 while the NASDAQ rose 0.38% to 11,124.44. The S&P 500 also rose, gaining, 0.10% to 3,967.46.

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Leading and Lagging Sectors

Communication services shares rose by 1% on Friday. Meanwhile, top gainers in the sector included HUYA Inc. HUYA, up 24%, and Hello Group Inc. MOMO, up 29%.

In trading on Friday, energy shares fell by 0.8%.

Top Headline

 

Wholesale inventories in the US rose by 0.5% from a month ago to $923.8 billion in October.

 

Equities Trading UP

 

• ClearOne, Inc. CLRO shares shot up 92% to $1.55 after the company and Shure Incorporated announced they reached a global settlement of all pending legal disputes.
• Shares of Arcellx, Inc. ACLX got a boost, shooting 28% to $27.84. 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.
• Ambrx Biopharma Inc. AMAM shares were also up, gaining 717% to $3.3500 after the company announced preliminary Phase 2 results from its ACE-Breast-03 study showing a 57.1% overall response rate.

 

 

Equities Trading DOWN

• Getaround Inc. GETR shares tumbled 67% to $2.95. Getaround reported closing of business combination with InterPrivate II Acquisition Corp.
• Shares of Grom Social Enterprises, Inc. GROM were down 62% to $1.45. 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 $1.9050 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 1.1% to $72.24 while gold traded up 0.3% at $1,807.60.

Silver traded up 1.2% to $23.515 on Friday while copper fell 0.1% to $3.8805.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.75%, London’s FTSE 100 rose 0.06% while Spain’s IBEX 35 Index rose 0.6%. The German DAX gained 0.58%, French CAC 40 rose 0.2% and Italy’s FTSE MIB Index rose 0.08%.

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%.
• Wholesale inventories in the US rose by 0.5% from a month ago to $923.8 billion in October.
• The University of Michigan consumer sentiment rose to 59.1 in December from 56.8 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 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.