US Stocks Mixed; Producer Prices Unchanged For November

U.S. stocks traded mixed this morning, following the release of PPI data on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.05% to 36,561.18 while the NASDAQ rose 0.42% to 14,594.61. The S&P 500 also rose, gaining, 0.14% to 4,650.04.

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Leading and Lagging Sectors

 

Information technology shares rose by 0.5% on Wednesday.

In trading on Wednesday, materials shares fell by 0.8%.

 

Top Headline

 

U.S. producer prices came in steady for November from October, versus a revised 0.4% decline in the prior period, and versus market estimates of a 0.1% rise,

 

Equities Trading UP

 

C4 Therapeutics, Inc. CCCC shares shot up 44% to $3.3677 after the company announced data from the CFT7455 Phase 1 trial in relapsed/refractory multiple myeloma. Following the update, Stifel analyst Bradley Canino upgraded C4 Therapeutics from Hold to Buy and raised the price target from $2 to $12.

Shares of Shattuck Labs, Inc. STTK got a boost, surging 131% to $4.88 after the company announced initial topline dose-expansion data from its ongoing Phase 1A/B clinical trial of SL-172154 in combination with AZA in frontline HR-MDS and TP53m AML patients.

ReShape Lifesciences Inc. RSLS shares were also up, gaining 63% to $0.4100 after the company announced it received FDA PMA supplement approval for its next-generation Lap-Band 2.0 FLEX.

 

Equities Trading DOWN

 

Hywin Holdings Ltd. HYW shares dropped 32% to $3.84.

Shares of Blackboxstocks Inc. BLBX were down 22% to $3.00. Blackboxstocks announced it executed a definitive agreement to acquire Evtec Aluminium Limited.

Processa Pharmaceuticals, Inc. PCSA was down, falling 21% to $0.6350 as the company announced outcomes from meeting with the FDA regarding the company's next Phase 2 study supporting the advancement of next generation capecitabine for cancer patients.

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Commodities

 

In commodity news, oil traded up 0.4% to $68.88 while gold traded up 0.3% at $1,998.90.

Silver traded down 0.3% to $22.945 on Wednesday while copper fell 0.1% to $3.7860.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 rose 0.3%, London’s FTSE 100 rose 0.4% while Spain’s IBEX 35 Index rose 0.1% The German DAX rose 0.2% French CAC 40 rose 0.2%, while Italy’s FTSE MIB Index rose 0.2%.

Industrial production in the Eurozone fell by 0.7% month-over-month in October versus a 1.0% decline in the prior period. German current account surplus increased to EUR 21.4 billion in October from EUR 9.6 billion in the year-ago month.

Industrial production in the U.K. fell by 0.8% month-over-month in October, while UK's trade deficit increased to £4.480 billion in October. The British economy contracted by 0.3% in October versus September.

 

Asia Pacific Markets

 

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 0.25%, Hong Kong’s Hang Seng Index falling 0.89% and China’s Shanghai Composite Index falling 1.15%. India’s S&P BSE Sensex, meanwhile, rose 0.05%.

Total passenger vehicle sales in India rose by 4.3% year-over-year to 288,062 in November. The Bank of Japan's index for big manufacturers' sentiment rose to 12 in the fourth quarter versus a reading of 9 in the prior quarter.

 

Economics

 

Mortgage applications in the U.S. rose by 7.4% in the week ending Dec. 8.

U.S. producer prices came in steady for November from October, versus a revised 0.4% decline in the prior period, and versus market estimates of a 0.1% rise.

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