Dow Falls 100 Points; ISM Services PMI Increases In November

U.S. stocks traded mixed midway through trading, with the Dow Jones index falling around 100 points on Tuesday.

The Dow traded down 0.28% to 36,103.52 while the NASDAQ rose 0.32% to 14,230.64. The S&P 500 also fell, dropping, 0.03% to 4,568.46.

Check This Out: Dave & Buster's Gears Up For Q3 Print; Here's A Look At Recent Price Target Changes By The Most Accurate Analysts

 

Leading and Lagging Sectors

 

Consumer discretionary shares rose by 0.7% on Tuesday.

In trading on Tuesday, materials shares dipped by 1%.

 

Top Headline

 

The ISM services PMI rose to 52.7 in November from 51.8 in the previous month and topping market estimates of 52.

 

Equities Trading UP

 

Clearmind Medicine Inc. CMND shares shot up 49% to $5.72 after the company announced results in its cocaine addiction treatment.

Shares of Allarity Therapeutics, Inc. ALLR got a boost, shooting 12% to $0.6850 after the company announced initial results from its ongoing Phase 2 clinical trial evaluating the efficacy of stenoparib in women with advanced ovarian cancer.

Mercurity Fintech Holding Inc. MFH shares were also up, gaining 30% to $1.53. The company announced a $6 million private placement financing.

 

Equities Trading DOWN

 

Replimune Group, Inc. REPL shares dropped 48% to $6.40 after the company announced results from the primary analysis of the CERPASS trial evaluating RP1 in combination with cemiplimab for the treatment of locally advanced or metastatic CSCC and provided initial data for all patients in the anti-PD1 failed melanoma cohort of the IGNYTE clinical trial.

Shares of iBio, Inc. IBIO were down 41% to $1.5887 after the company announced pricing of a $4.5 million public offering.

Designer Brands Inc. DBI was down, falling 32% to $8.72 after the company reported worse-than-expected third-quarter financial results and lowered FY23 adjusted EPS guidance.

Also Check This Out: Top 5 Tech Stocks That Could Lead To Your Biggest Gains In December

 

Commodities

 

In commodity news, oil traded up 0.9% to $73.72 while gold traded up 0.1% at $2,043.60.

Silver traded down 0.6% to $24.77 on Tuesday while copper fell 0.8% to $3.8055.

 

Euro zone

 

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.35%, London’s FTSE 100 fell 0.32% while Spain’s IBEX 35 Index rose 0.68% The German DAX rose 0.71% French CAC 40 rose 0.66%, while Italy’s FTSE MIB Index rose 0.50%.

Industrial producer prices in the Eurozone fell by 9.4% year-over-year in October versus a 12.4% decline a month ago. The HCOB Eurozone services PMI was revised higher to 48.7 in November compared to a preliminary level of 48.2, and versus 47.8 in October.

The S&P Global/CIPS UK services PMI was rose to 50.9 in November versus a preliminary reading of 50.5, while French services PMI came at 45.4 in November versus preliminary estimates of 45.3. German services PMI was revised higher to 49.6 in November versus a preliminary reading of 48.7.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 falling 1.37%, Hong Kong’s Hang Seng Index falling 1.91% and China’s Shanghai Composite Index falling 1.67%. India’s S&P BSE Sensex, meanwhile, climbed 0.63%.

The S&P Global India services PMI fell to 56.9 in November compared to prior month’s reading of 58.4, while Caixin China General service PMI rose to 51.5 in November versus 50.4 a month ago. The au Jibun Bank Japan services PMI was revised lower to 50.8 in November compared to a preliminary reading of 51.7, while S&P Global Hong Kong SAR PMI climbed to 50.1 in November compared to 48.9 a month ago. The Reserve Bank of Australia held its cash rates at 4.35% during its recent meeting.

 

Economics

 

The number of job openings fell by 617,000 from the prior month to 8.733 million for October, down from market estimates of 9.3 million.

The S&P Global composite PMI came in at 50.7 in November, unchanged from the prior month's reading.

The ISM Services PMI rose to 52.7 in November from 51.8 in the previous month and topping market estimates of 52.

The RealClearMarkets/TIPP Economic Optimism Index fell to 40.0 in December from 44.5 a month ago.

Now Read This: Block To Rally Around 54%? Here Are 10 Top Analyst Forecasts For Tuesday