Crude Oil Down Over 1%; US Industrial Production Declines In November

Author: Avi Kapoor | December 17, 2024 01:37pm

U.S. stocks traded lower midway through trading, with the S&P 500 falling around 0.3% on Tuesday.

The Dow traded down 0.59% to 43,459.99 while the NASDAQ fell 0.15% to 20,143.34. The S&P 500 also fell, dropping, 0.28% to 6,057.00.

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Leading and Lagging Sectors

Communication services shares rose by 0.3% on Tuesday.

In trading on Tuesday, energy shares fell by 1.4%.

Top Headline

U.S. industrial production declined by 0.1% from the previous month in November compared to a 0.4% drop in October, and versus market estimates of a 0.2% gain.

Equities Trading UP

Portage Biotech Inc. (NASDAQ:PRTG) shares shot up 109% to $6.69 after the company announced it entered a letter of intent with Immunova for potential acquisitions.
Shares of Quantum Computing Inc. (NASDAQ:QUBT) got a boost, surging 38% to $15.24 after the company announced it was awarded a prime contract by NASA to apply Dirac-3 for imaging and data processing support.
Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) shares were also up, gaining 22% to $0.6461 after the company announced FDA acceptance for its TNX-102 SL drug application Fibromyalgia.

Equities Trading DOWN

Vaccinex, Inc. (NASDAQ:VCNX) shares dropped 62% to $1.40 after the company reported Nasdaq delisting notification.
Shares of Digital Brands Group, Inc. (NASDAQ:DBGI) were down 29% to $2.8201. On Monday, Digital Brands Group issued FY25 guidance.
Tenaya Therapeutics, Inc. (NASDAQ:TNYA) was down, falling 53% to $1.3550 after the company reported early results for gene therapy in heart disease.

Commodities

In commodity news, oil traded down 1.6% to $69.56 while gold traded down 0.5% at $2,655.80.

Silver traded down 0.4% to $30.925 on Tuesday, while copper fell 1.3% to $4.1385.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.42%, Germany's DAX fell 0.33% and France's CAC 40 rose 0.12%. Spain's IBEX 35 Index dipped 1.52%, while London's FTSE 100 fell 0.81%.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan's Nikkei 225 falling 0.24%, Hong Kong's Hang Seng Index dipping 0.48%, China's Shanghai Composite Index falling 0.73% and India's BSE Sensex falling 1.30%.

Economics

U.S. retail sales rose 0.7% month-over-month in November compared to a revised 0.5% gain in the previous month and above market estimates of 0.5%.
U.S. industrial production declined by 0.1% from the previous month in November compared to a 0.4% drop in October, and versus market estimates of a 0.2% gain.
U.S. business inventories increased by 0.1% month-over-month in October following a revised flat reading a month ago.
The NAHB/Wells Fargo Housing Market Index came in unchanged at 46 in December.

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