Crude Oil Rises Over 1%; Oak Street Health Shares Spike Higher

U.S. stocks traded slightly higher midway through trading, with the Dow Jones around than 30 points on Tuesday.

The Dow traded up 0.11% to 33,554.01 while the NASDAQ rose 0.21% to 10,657.52. The S&P 500 also rose, gaining, 0.11% to 3,896.25.

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Leading and Lagging Sectors

Health care shares gained by 0.6% on Tuesday. Meanwhile, top gainers in the sector included Sotera Health Company SHC, up 100%, and Prenetics Global Limited PRE, up 29%.

In trading on Tuesday, utilities shares fell by 0.7%.

Top Headline

Wholesale inventories increased by 1% from a month ago to $933.1 billion in November.

 

Equities Trading UP

 

• Sotera Health Company SHC shares shot up 100% to $17.32 after the company announced its subsidiaries have reached agreements to settle the Ethylene Oxide cases pending against Sterigenics. Sterigenics will pay the company $408 million to settle the claims.
• Shares of Oak Street Health, Inc. OSH got a boost, shooting 29% to $28.95 as CVS Health is reportedly exploring an acquisition of primary care center operator.
• DermTech, Inc. DMTK shares were also up, gaining 36% to $2.96  after DermTech announced the foundational assay of its DermTech Melanoma Test (DMT) is recommended for coverage by TRICARE.

 

 

Equities Trading DOWN

• BioAtla, Inc. BCAB shares tumbled 47% to $4.07 after the company provided clinical program updates and upcoming 2023 milestones.
• Shares of Rayonier Advanced Materials Inc. RYAM were down 30% to $6.38. RBC Capital downgraded Rayonier Adv Materials from Outperform to Sector Perform and lowered the price target from $9 to $8.
• BIOLASE, Inc. BIOL was down, falling 47% to $0.3701 after the company announced pricing of $9.75 million offering.

 

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Commodities

In commodity news, oil traded up 1.3% to $75.60 while gold traded down 0.1% at $1,877.10.

Silver traded down 0.6% to $23.735 on Tuesday while copper rose 1% to $4.0680.

 

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.59%, London’s FTSE 100 fell 0.39% while Spain’s IBEX 35 Index gained 0.2%. The German DAX declined 0.12%, French CAC 40 fell 0.55% and Italy’s FTSE MIB Index fell 0.08%.

Industrial production in France increased 2% month-over-month in November following a revised 2.5% decline in October. Retail sales in the UK rose 6.5% from a year ago in December.

 

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with the Hong Kong’s Hang Seng Index dropping 0.27%, and China’s Shanghai Composite Index falling 0.21%. Japan’s Nikkei 225 gained 0.78%.

 

Economics

The NFIB small business optimism index fell to a six-month low of 89.8 in December.
Wholesale inventories increased by 1% from a month ago to $933.1 billion in November.

 

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