Nasdaq Tumbles Over 200 Points; Alibaba Posts Upbeat Sales

U.S. stocks traded lower this morning, with the Nasdaq Composite falling by more than 200 points on Friday.

Following the market opening Friday, the Dow traded down 0.39% to 43,580.74 while the NASDAQ fell 1.28% to 18,862.83. The S&P 500 also fell, dropping, 0.72% to 5,906.49.

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Leading and Lagging Sectors

Financials shares rose by 0.6% on Friday.

In trading on Friday, information technology shares fell by 1.4%.

Top Headline

Alibaba Group Holding Limited BABA reported better-than-expected fiscal second-quarter print.

The Jack Ma co-founded e-commerce giant reported fiscal second-quarter 2024 revenue growth of 5% year-on-year to $33.70 billion, beating the analyst consensus estimate of $33.47 billion. Adjusted earnings per ADS of $2.15 missed the analyst consensus estimate of $2.26.

Equities Trading UP
                       

• The Arena Group Holdings, Inc. AREN shares shot up 242% to $1.95 after it announced its first ever profitable quarter.
• Shares of CERo Therapeutics Holdings, Inc. CERO got a boost, surging 116% to $0.4059 after the company received FDA clearance for its investigational new drug application to initiate a Phase 1 clinical trial of CER-1236 for acute myelogenous leukemia.
• Simpple Ltd. SPPL shares were also up, gaining 71% to $1.5101 after the company announced a $400,000 contract to supply autonomous cleaning robots at Singapore’s International Airport Terminal.

Equities Trading DOWN

• TFF Pharmaceuticals, Inc. TFFP shares dropped 76% to $0.38 after the company announced it will wind down its operations.
• Shares of Eyenovia, Inc. EYEN were down 73% to $0.0929 after the company announced that its CHAPERONE trial is not meeting its primary endpoint, prompting the discontinuation of the study and a review of the full data set to evaluate next steps for the program.
• Ryvyl Inc. RVYL was down, falling 35% to $1.13 after the company reported worse-than-expected third-quarter financial results and cut its FY24 sales guidance.

Commodities

In commodity news, oil traded down 0.3% to $68.51 while gold traded up 0.2% at $2,577.30.

Silver traded up 0.6% to $30.760 on Friday, while copper rose 0.9% to $4.1240.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.6%, Germany's DAX fell 0.3% and France's CAC 40 fell 0.3%. Spain's IBEX 35 Index gained 0.9%, while London's FTSE 100 fell 0.1%.

The annual inflation rate in Italy increased to 0.9% in October versus 0.7% in the prior month, while France’s annual inflation rate rose to 1.2% in October. The GDP in the UK grew by 1% year-over-year during the third quarter.

Asia Pacific Markets

Asian markets closed lower on Friday, with Japan's Nikkei 225 gaining 0.28%, Hong Kong's Hang Seng Index falling 0.05% and China's Shanghai Composite Index dipping 1.45%.

Hong Kong's economy expanded by 1.8% year-over-year in the third quarter compared to a 3.2% increase in the previous period. China’s retail sales rose by 4.8% year-over-year in October, while industrial production rose by 5.3% year-over-year in October.

Economics

• The NY Empire State Manufacturing Index surged to 31.2 in November versus -11.9 in the previous month and topping market estimates of -0.7.
• U.S. export prices increased by 0.8% in October, while import prices rose by 0.3% month-over-month in October.
• U.S. retail sales rose 0.4% month-over-month in October compared to a revised 0.8% increase in September, and toping market estimates of 0.3%.

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