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Nasdaq Jumps Over 200 Points; AMMO Shares Plunge

Benzinga · 11/15/2022 12:20

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 200 points on Tuesday.

The Dow traded up 0.68% to 33,765.84 while the NASDAQ rose 2.17% to 11,439.16. The S&P 500 also rose, gaining, 1.30% to 4,008.84.

Also check this: Investor Sentiment Increases After S&P 500 Records Best Week Since June


Leading and Lagging Sectors


Consumer discretionary shares jumped 2.3% on Tuesday. Leading the sector was strength from MINISO Group Holding Limited (NYSE:MNSO) and Dada Nexus Limited (NASDAQ:DADA).


In trading on Tuesday, materials shares rose by just 0.1%.


Top Headline

 

The Producer Price Index for final demand increased 0.2% month-over-month in October, compared to a revised 0.2% rise in the previous month. Analysts, meanwhile, were expecting for a 0.4% increase.

 

Equities Trading UP

 

  • Pineapple Energy Inc. (NASDAQ:PEGY) shares shot up 35% to $3.1799 after Goldman Sachs upgraded the stock from Neutral to Buy and announced a $68 price target.
  • Shares of SenesTech, Inc. (NASDAQ:SNES) got a boost, shooting 121% to $0.3167. SenesTech reported a 1-for-20 reverse stock split.
  • Sea Limited (NYSE:SE) shares were also up, gaining 37% to $62.77 after the company reported better-than-expected Q3 results.


Equities Trading DOWN

  • AMMO, Inc. (NASDAQ:POWW) shares tumbled 26% to $2.3350 after the company reported worse-than-expected Q2 sales and issued FY23 guidance below estimates.
  • Shares of Exela Technologies, Inc. (NASDAQ:XELA) were down 23% to $0.3099 after the company reported worse-than-expected Q3 sales results.
  • Inuvo, Inc. (NYSE:INUV) was down, falling 24% to $0.33 after the company announced weak quarterly results.


Also check out: Why Infinity Pharmaceuticals Shares Tumbled Around 38%; Here Are 79 Biggest Movers From Yesterday


Commodities

In commodity news, oil traded down 0.4% to $85.49 while gold traded down 0.1% at $ 1,776.70.


Silver traded down 1.5% to $21.775 on Tuesday while copper fell 0.5% to $3.8150.


Euro zone


European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.22%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index gained 0.04%. The German DAX climbed 0.35%, French CAC 40 rose 0.2% and Italy’s FTSE MIB Index gained 0.02%.


The ZEW Indicator of Economic Sentiment for the Eurozone rose to -38.7 in November from – 59.7 in the previous month. The Eurozone recorded a trade deficit of EUR 34.4 billion in September, its third highest on record. The Eurozone economy grew by 0.2% on quarter during the three months to September.


The ZEW Indicator of Economic Sentiment for Germany climbed by 22.5 points to a reading of -36.7 in November. The annual inflation rate in France accelerated to 6.2% in October from 5.6% gain in September, while annual inflation rate in Spain declined to 7.3% in October. Wholesale price inflation in Germany fell to 17.4% in October versus a 19.9% increase in September. The unemployment rate in the UK rose to 3.6% during the three months to September, while unemployment rate in France fell to 7.3% in the third quarter.

 

Asia Pacific Markets


Asian markets closed higher on Tuesday, with the Japan’s Nikkei gaining 0.10% and Hong Kong’s Hang Seng Index gaining 4.1%. China’s Shanghai Composite Index gained 1.64%.

Indian trade deficit increased to $26.91 billion in October from $25.71 billion in the prior month. Industrial production in Japan fell by 1.7% month-over-month during September, while the country’s economy contracted 1.2% on an annualized basis in the third quarter. China's retail trade fell by 0.5% year-over-year in October, while industrial production rose 5.0% year-over-year in October.


Economics

 

  • The Producer Price Index for final demand increased 0.2% month-over-month in October, compared to a revised 0.2% rise in the previous month. Analysts, meanwhile, were expecting for a 0.4% increase.
  • The NY Empire State Manufacturing Index rose 13.6 points to 4.5 in November versus market estimates of -5.0.


Check out this: Dow Dips Over 200 Points, Market Volatility Increases


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,935,040 cases with around 1,100,290 deaths. India confirmed a total of at least 44,667,250 cases and 530,530 deaths, while France reported over 37,133,190 COVID-19 cases with 157,820 deaths. In total, there were at least 640,785,630 cases of COVID-19 worldwide with more than 6,616,830 deaths.