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News

Dow Dips 100 Points; US Export Prices Rise 1.3% In August

Author: Lisa Levin | September 15, 2023 10:58am

U.S. stocks traded lower this morning, with the Dow Jones falling around 100 points on Friday.

Following the market opening Friday, the Dow traded down 0.31% to 34,799.50 while the NASDAQ fell 1.09% to 13,774.36. The S&P 500, also fell, dropping, 0.70% to 4,473.72.

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Leading and Lagging Sectors

Utilities shares rose by 0.2% on Friday.

In trading on Friday, consumer discretionary shares fell by 1.5%.

 

Top Headline

Export prices in the U.S. rose by 1.3% month-over-month in August, while import prices increased by 0.5% month-over-month in August.

 

Equities Trading UP

MSP Recovery, Inc. (NASDAQ:LIFW) shares shot up 97% to $0.1099.

Shares of AERWINS Technologies Inc. (NASDAQ:AWIN) got a boost, shooting 46% to $0.1883.

Know Labs, Inc. (NYSE:KNW) shares were also up, gaining 30% to $0.5801.

 

Equities Trading DOWN

Axcella Health Inc. (NASDAQ:AXLA) shares dropped 30% to $0.7068. Axcella announced a 1-for-25 reverse stock split effective Sept. 19, 2023.

Shares of Avalo Therapeutics, Inc. (NASDAQ:AVTX) were down 29% to $0.1536. Avalo Therapeutics recently agreed to divest AVTX-800 series.

PTC Therapeutics, Inc. (NASDAQ:PTCT) was down, falling 29% to $26.48 after the company announced the CHMP has given a negative opinion on the conversion of the conditional marketing authorization to full marketing authorization of Translarna for the treatment of nmDMD.

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Commodities

In commodity news, oil traded up 0.4% to $90.53 while gold traded up 0.3% at $1,938.80.

Silver traded up 1.6% to $23.365 on Friday while copper fell 0.2% to $3.8135.

 

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.4% London’s FTSE 100 gained 0.8% while Spain’s IBEX 35 Index fell 0.2% The German DAX rose 0.6% French CAC 40 climbed 1%, while Italy’s FTSE MIB Index climbed 0.1%.

The Eurozone reported a trade surplus of EUR 6.5 billion in July versus a year-ago gap of EUR 36.3 billion. Hourly labor costs in the Eurozone climbed by 4.5% year-over-year in the second quarter, while wage growth eased to 4.6% year-over-year.

Italy recorded a trade surplus of EUR 6.4 billion in July versus the EUR 0.5 billion deficit in the year-ago period. The annual inflation rate in Italy eased to 5.4% in August from 5.9% in the prior month. The annual inflation rate in France accelerated to 4.9% in August from 4.3% in the previous month.

 

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan’s Nikkei 225 gaining 1.10%, Hong Kong’s Hang Seng Index rising 0.75% and China’s Shanghai Composite Index falling 0.28%. India’s S&P BSE Sensex, meanwhile, rose 0.5%.

China's retail sales climbed by 4.6% year-over-year in August, while industrial production increased by 4.5% year-over-year in August. Average new home prices in China fell by 0.1% year-over-year in August.

 

Economics

The NY Empire State Manufacturing Index rose to 1.9 in September versus -19 in the previous month, beating market estimates of -10.

Export prices in the U.S. rose by 1.3% month-over-month in August, while import prices increased by 0.5% month-over-month in August.

Industrial production in the U.S. rose 0.4% from a month ago in August, above market estimates of a 0.1% growth.

The University of Michigan consumer sentiment declined to 67.7 in September from 69.5 in the prior month.

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Posted In: AVTX AWIN AXLA KNW LIFW PTCT