Mid-Day Market Update: Nasdaq Tumbles 200 Points; MIND Technology Shares Jump

Midway through trading Tuesday, the Dow traded down 0.17% to 35,588.72 while the NASDAQ fell 1.3% to 15,213. The S&P also fell, dropping 0.80% to 4,631.69.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 51,018,280 cases with around 819,310 deaths. India confirmed a total of at least 34,703,640 cases and 475,880 deaths, while Brazil reported over 22,191,940 COVID-19 cases with 616,980 deaths. In total, there were at least 271,213,560 cases of COVID-19 worldwide with more than 5,331,800 deaths.

Leading and Lagging Sectors

Financial shares climbed 0.8% on Tuesday. Meanwhile, top gainers in the sector included CNFinance Holdings Limited CNF, up 10% and CNFinance Holdings Limited KPLT up 7%.

In trading on Tuesday, information technology shares fell 1.6%.

Top Headline

Producer prices for final demand rose 0.8% from a month ago in November, the most since July. Analysts, meanwhile, were expecting for a 0.5% increase.

 

Equities Trading UP

Terminix Global Holdings, Inc. TMX shares shot up 20% to $45.04 after the company announced it will be acquired by Rentokil for $55 per share in cash and stock.

Shares of Landec Corporation LNDC got a boost, shooting 14% to $10.73. Landec completed the sale of its Curation Food's fresh packaged salads and vegetables business for $73.5 million in cash to Taylor Farms Retail Inc.

MIND Technology, Inc. MIND shares were also up, gaining 17% to $1.5981 after the company reported it entered into a Cooperative Research and Development Agreement with the United States Navy's Naval Surface Warfare Center, Panama City Division.

Check out these big movers of the day

Equities Trading DOWN

Adagio Therapeutics, Inc. ADGI shares tumbled 77% to $7.92 after the company said based on the in vitro findings related to Omicron, it plans to pause patient recruitment in its Phase 2/3 COVID-19 treatment trial at clinical sites in South Africa.

Shares of Cabaletta Bio, Inc. CABA were down 68% to $4.0625 after the company reported top-line data on biologic activity from the two lowest dose cohorts in the DesCAARTes Phase 1 clinical trial of DSG3-CAART for the treatment of patients with mucosal Pemphigus Vulgaris.

Generation Bio Co. GBIO was down, falling 53% to $6.53 after the company provided an update on preclinical studies for its hemophilia A program.

Commodities

In commodity news, oil traded down 1.1% to $70.53, while gold traded down 0.9% to $1,772.50.

Silver traded down 1.9% Tuesday to $21.895 while copper rose 0.3% to $4.2980.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 slipped 0.48%, the Spanish Ibex Index surged 0.87% and the German DAX 30 dropped 0.66%. Meanwhile, the London’s FTSE 100 gained 0.26%, French CAC 40 fell 0.25% and Italy’s FTSE MIB gained 0.29%.

Industrial production in the Eurozone increased 1.1% from a month ago in October. The UK unemployment rate fell to 4.2% during the three months to October, while the number of employed people rose by 149,000 on quarter to 32.506 million in the same period.

Economics

The Federal Open Market Committee will begin its two-day policy meeting today.

The NFIB Small Business Optimism Index rose to 98.4 points in November from a 7-month low level of 98.2 in the previous month.

Producer prices for final demand rose 0.8% from a month ago in November, the most since July. Analysts, meanwhile, were expecting for a 0.5% increase.

Check out the full economic calendar here