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S&P 500 Rises Over 1%; Sea Shares Spike Higher

Benzinga · 11/15/2022 13:14

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 200 points on Tuesday.

The Dow traded up 0.42% to 33,676.91 while the NASDAQ rose 2.17% to 11,439.51. The S&P 500 also rose, gaining, 1.23% to 4,005.78.

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


Leading and Lagging Sectors


Communication services shares jumped 2.5% on Tuesday. Leading the sector was strength from Sea Limited (NYSE:SE) and HUYA Inc. (NYSE:HUYA).


In trading on Tuesday, health care 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 38% to $3.2499 after the company reported Q3 financial results.
  • Shares of SenesTech, Inc. (NASDAQ:SNES) got a boost, shooting 103% to $0.2911. SenesTech reported a 1-for-20 reverse stock split.
  • Sea Limited (NYSE:SE) shares were also up, gaining 41% to $64.65 after the company reported better-than-expected Q3 results.


Equities Trading DOWN

  • AMMO, Inc. (NASDAQ:POWW) shares tumbled 26% to $2.33 after the company reported worse-than-expected Q2 sales and issued FY23 guidance below estimates.
  • Shares of Exela Technologies, Inc. (NASDAQ:XELA) were down 28% to $0.2935 after the company reported worse-than-expected Q3 sales results.
  • Inuvo, Inc. (NYSE:INUV) was down, falling 20% to $0.3475 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 up 0.4% to $86.19 while gold traded down 0.2% at $1,773.40.


Silver traded down 2.6% to $21.54 on Tuesday while copper fell 0.5% to $3.8135.


Euro zone


European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.37%, London’s FTSE 100 fell 0.21% while Spain’s IBEX 35 Index gained 0.27%. The German DAX climbed 0.46%, French CAC 40 rose 0.49% and Italy’s FTSE MIB Index gained 0.42%.


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.