Dow Jones Today: Stock Futures Inch Higher as Market on Pace to Close Out a Winning Month

Supermicro Slides to Wrap Up Volatile November

1 hr 4 min ago

Super Micro Computer (SMCI) was leading S&P 500 and Nasdaq Composite decliners Friday as the embattled server maker and Nvidia (NVDA) partner continued its rollercoaster ride.

Shares were down nearly 7% in late-morning trading trading at around $32.75. For the month, the stock has gained about 12%, though it’s still well off its high for the year of around $120 in March.

Supermicro shares rose nearly 80% last week after the company filed a compliance plan to avoid a potential Nasdaq delisting and got a mention from Nvidia in the chipmaker’s earnings call.

The stock had slumped for several months in the wake of accounting and corporate governance issues that, in part, led to the resignation of the company’s auditor and delayed filing of several financial reports. The stock traded as low as $17.25 in mid-November.

Applied Therapeutics Plunges After FDA Rejects Drug

2 hr 15 min ago

Applied Therapeutics (APLT) shares cratered Friday as the biopharmaceutical firm reported that the Food and Drug Administration (FDA) rejected its application for its experimental treatment for a rare metabolic disease known as Galactosemia.

The company said it had received a Complete Response Letter from the FDA that said that after it completed a review of the drug, govorestat, it was unable to approve Applied Therapeutics’ New Drug Application (NDA) in its current form. The FDA pointed to “deficiencies in the clinical application.”

Patients with Galactosemia cannot process the simple sugar galactose. The company noted that approximately 3,300 people in the U.S. suffer from the disease, as well as 4,400 in the European Union (EU). “Newborn screening for Galactosemia is mandatory in the U.S. and most E.U. countries,” the company said.

Applied Therapeutics added that it is “reviewing the feedback from the FDA and plans to immediately request a meeting to discuss requirements for a potential resubmission of the NDA or appeal of the decision along with appropriate next steps.”

The stock lost nearly three-quarters of its value in early trading Friday, hitting its lowest level since January.

–Bill McColl

Holiday Trading Schedule for U.S. Financial Markets

3 hr 4 min ago

After a day off for the Thanksgiving holiday, trading resumed Friday but will wrap up early, with the stock market closing at 1 p.m. ET and the bond market at 2 p.m.

The markets will keep those same, shorter hours on Christmas Eve, which falls on Tuesday, Dec. 24, and remain shut on Christmas Day. The markets will return to their normal schedule on Thursday, Dec. 26th.

The bond market has another early closure scheduled on New Year’s Eve, or Tuesday, Dec. 31. Both markets will be closed on Wednesday, Jan. 1, New Year’s Day, and reopen as usual a day later.

Major Indexes Set to Post Big Monthly Gains

3 hr 22 min ago

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite are on track to post big monthly gains thanks to a post-election rally that has taken major indexes to a series of record highs in recent weeks.

Heading into Friday’s trading session, the Dow has gained 7% so far this month, while the S&P 500 and Nasdaq are both up about 5%.

Futures Point to Higher Open for Major Indexes

4 hr 13 min ago

Futures tied to the Dow Jones Industrial Average were up 0.3%.

S&P 500 futures were up 0.2%.

Nasdaq 100 futures were also up 0.2%.