Nasdaq Surges 2%; US Inflation Rate Slows In October

U.S. stocks traded higher this morning, with the Dow Jones gaining around 400 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 1.16% to 34,736.95 while the NASDAQ rose 2.03% to 14,047.59. The S&P 500 also rose, gaining, 1.61% to 4,482.49.

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Leading and Lagging Sectors

 

Real estate shares surged by 3.9% on Tuesday.

In trading on Tuesday, energy shares rose by just 0.2%.

 

Top Headline

 

The annual inflation rate in the U.S. eased to 3.2% in October versus 3.7% in both September and August, and compared to market estimates of 3.3%.

 

Equities Trading UP

 

BioCardia, Inc. BCDA shares shot up 243% to $1.37 after the company announced the FDA approval of its Phase 3 clinical trial of its CardiAMP autologous cell therapy for the treatment of patients with ischemic heart failure.

Shares of INVO Bioscience, Inc. INVO got a boost, shooting 42% to $2.2857 after the company posted a narrower loss for the third quarter.

Theseus Pharmaceuticals, Inc. THRX shares were also up, gaining 45% to $3.1002 after the company announced process to explore strategic alternatives.

 

Equities Trading DOWN

 

The Beauty Health Company SKIN shares dropped 58% to $1.65 after the company reported weaker-than-expected financial results for its third quarter and revised its net sales outlook. Also, the company suspended its long-term full-year 2025 forecast.

Shares of Kubient, Inc. KBNT were down 56% to $0.0958. Kubient announced voluntary delisting from Nasdaq Capital Market.

Applied UV, Inc. AUVI was down, falling 44% to $0.1510. Applied UV announced pricing of $6.4 million upsized underwritten public offering of 42,666,666 units at $0.15 per unit.

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Commodities

 

In commodity news, oil traded up 1.2% to $79.17 while gold traded up 0.6% at $1,962.50.

Silver traded up 2.3% to $22.875 on Tuesday while copper rose 1.1% to $3.7050.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 gained 1%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index rose 1.1% The German DAX rose 1.4% French CAC 40 rose 1%, while Italy’s FTSE MIB Index climbed 1.1%.

The ZEW Indicator of Economic Sentiment for the Eurozone surged to 13.8 in November versus 2.3 in the previous month. The GDP in the Eurozone contracted 0.1% on quarter during the three months to September, while number of employed persons increased by 0.3% to 168.7 million people during the same period.

The ZEW Indicator of Economic Sentiment for Germany climbed by 10.9 points to a reading of +9.8 in November, while Spanish annual consumer price inflation was confirmed at 3.5% for October. The number of job vacancies in the UK fell to 957,000 in August to October. Average weekly earnings, including bonuses in the UK, rose 7.9% year-over-year to GBP 673 per week while unemployment rate came in at 4.2% in the third quarter.

 

Asia Pacific Markets

 

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 rising 0.34%, Hong Kong’s Hang Seng Index falling 0.17% and China’s Shanghai Composite Index gaining 0.31%.

Indian wholesale prices fell by 0.52% year-over-year in October versus market expectations of a 0.2% decline.

 

Economics

 

The annual inflation rate in the U.S. eased to 3.2% in October versus 3.7% in both September and August, and compared to market estimates of 3.3%.

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