Crude Oil Moves Higher; POINT Biopharma Global Shares Jump

U.S. stocks extended losses toward the end of trading, with the S&P 500 falling around 1.5% on Tuesday.

The Dow traded down 1.43% to 32,954.84 while the NASDAQ fell 1.98% to 13,044.24. The S&P 500 also fell, dropping, 1.53% to 4,222.58.

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Leading and Lagging Sectors

Utilities shares rose by 0.6% on Tuesday.

In trading on Tuesday, consumer discretionary shares dipped by around 2.4%.

 

Top Headline

The number of job openings increased by 690,000 from the prior month to 9.61 million in August, compared to market estimates of 8.8 million.

 

Equities Trading UP

Vericity, Inc. VERY shares shot up 86% to $11.02 after iA Financial Group announced it will acquire the company.

Shares of POINT Biopharma Global Inc. PNT got a boost, shooting 85% to $12.40. Eli Lilly And Co LLY agreed to acquire POINT Biopharma Global at $12.50 per share in cash, an aggregate of approximately $1.4 billion.

ALX Oncology Holdings Inc. ALXO shares were also up, gaining 50% to $7.22 after the company released interim Phase 2 data from its ASPEN-06 trial of evorpacept in advanced HER2-positive gastric cancer.

 

Equities Trading DOWN

SmileDirectClub, Inc. SDC shares dropped 41% to $0.0955 after the company reported it received notice that its securities will be delisted from the Nasdaq.

Shares of Ocean Biomedical, Inc. OCEA were down 28% to $2.52 as the company said its cancer-targeting immunotherapy antibody candidate demonstrated effective tumor reduction against an aggressive subset of Non-Small Cell Lung Cancer with Epidermal Growth Factor Receptor mutations.

WeWork Inc. WE was down, falling 23% to $2.2789. WeWork opted not to make aggregate interest payments totaling about $37.3 million in cash and $57.9 million in additional PIK notes, both due on October 2, 2023.

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Commodities

In commodity news, oil traded up 0.5% to $89.29 while gold traded down 0.3% at $1,841.10.

Silver traded down 0.2% to $21.37 on Tuesday while copper fell 0.5% to $3.6220.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.1% London’s FTSE 100 fell 0.54% while Spain’s IBEX 35 Index fell 1.65% The German DAX fell 1.06% French CAC 40 fell 1.01%, while Italy’s FTSE MIB Index fell 1.32%.

French government budget deficit rose to EUR 187.9 billion in January to August 2023, compared to EUR 149.9 billion in the year-ago period.

 

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan’s Nikkei 225 falling 1.64% and Hong Kong’s Hang Seng Index lost 2.69%. India’s S&P BSE Sensex, meanwhile, fell 0.5%.

The S&P Global Indian manufacturing PMI fell to 57.5 in September from 58.6. The Reserve Bank of Australia maintained its cash rate at 4.1%. The value of new home loans for owner-occupied homes in Australia rose by 2.6% month-over-month to A$ 16.07 billion during August, while job advertisements slipped by 0.1% month-over-month in September.

 

Economics

The Logistics Manager’s Index rose to 52.4 in September.

The IBD/TIPP Economic Optimism Index fell to 36.3 in October from September's reading of 43.2.

The number of job openings increased by 690,000 from the prior month to 9.61 million in August.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 108,758,600 cases with around 1,177,280 deaths. India confirmed a total of at least 44,998,830 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 696,038,990 cases of COVID-19 worldwide with more than 6,921,810 deaths.