Nasdaq Jumps 100 Points; US Trade Deficit Widens In September

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 100 points on Tuesday

The Dow traded up 0.19% to 34,159.14 while the NASDAQ rose 0.84% to 13,631.99. The S&P 500 also rose, gaining, 0.30% to 4,379.06.

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Leading and Lagging Sectors

 

Information technology shares jumped by 1% on Tuesday.

In trading on Tuesday, energy shares fell by 2.2%.

 

Top Headline

 

The trade deficit in the U.S. increased to $61.5 billion in September versus a revised $58.7 billion gap in the prior month and compared to market estimates of $59.9 billion.

 

Equities Trading UP

 

TransMedics Group, Inc. TMDX shares shot up 62% to $65.22 after the company reported better-than-expected third-quarter sales results and issued strong FY23 revenue guidance.

Shares of Senti Biosciences, Inc. SNTI got a boost, shooting 70% to $0.4974 after the company reported a new strategic collaboration with Celest Therapeutics for the clinical development of SENTI-301A in China.

Tharimmune, Inc. THAR shares were also up, gaining 49% to $0.2350 as the company disclosed the execution of an exclusive worldwide licensing agreement with Avior Inc. d/b/a Avior Bio, LLC to develop, market and commercialize a clinical-stage asset, AV104.

 

Equities Trading DOWN

 

Ventyx Biosciences, Inc. VTYX shares dropped 81% to $2.64 after the company announced efficacy results from the Phase 2 trial of VTX958 in plaque psoriasis did not meet the internal target to support further development of VTX958 in psoriasis.

Shares of Alto Ingredients, Inc. ALTO were down 58% to $2.04 after the company reported mixed third-quarter financial results.

Oportun Financial Corporation OPRT was down, falling 45% to $3.22 after reporting a loss for the third quarter.

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Commodities

 

In commodity news, oil traded down 3% to $78.38 while gold traded down 0.9% at $1,971.00.

Silver traded down 2.8% to $22.58 on Tuesday while copper fell 1.8% to $3.6530.

 

Euro zone

 

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.15%, London’s FTSE 100 fell 0.13% while Spain’s IBEX 35 Index fell 0.18% The German DAX gained 0.05% French CAC 40 fell 0.38%, while Italy’s FTSE MIB Index fell 0.59%.

Industrial producer prices in the Eurozone declined by 12.4% year-over-year in September versus an 11.5% decline a month ago, while the HCOB construction PMI declined to 42.7 in October from 43.6 in September.

The S&P Global France construction PMI declined to 41 in October from 43.7 in September, while German construction PMI fell to 38.3 in October, recording the lowest reading since April 2020. Industrial production in Germany fell 1.4% month-over-month for September, while UK’s Halifax House Price Index fell by 3.2% year-over-year in October.

 

Asia Pacific Markets

 

Asian markets closed lower on Tuesday, with Japan’s Nikkei 225 falling 1.34%, Hong Kong’s Hang Seng Index declining 1.65% and China’s Shanghai Composite Index falling 0.04%. India’s S&P BSE Sensex, meanwhile, fell around 0.03%.

China's trade surplus in October 2023 narrowed to $56.53 billion from $82.35 billion in the year-ago-month. Chinese foreign exchange reserves fell to $3.101 trillion in October from the previous month's reading of $3.115 trillion, while foreign exchange reserves in Hong Kong increased to $416 billion in October.

 

Economics

 

The Logistics Manager’s Index in the U.S. rose to 56.5 in October versus 52.4 in the prior month.

The Manheim Used Vehicle Value Index fell 2.3% month-over-month for October.

The trade deficit in the U.S. increased to $61.5 billion in September versus a revised $58.7 billion gap in the prior month and compared to market estimates of $59.9 billion.

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