Dow Jumps Over 400 Points; US Services Activity Falls In December

U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 400 points on Tuesday.

The Dow traded up 0.86% to 49,397.20 while the NASDAQ gained 0.45% to 23,500.32. The S&P 500 also rose, gaining, 0.48% to 6,934.99.

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Leading and Lagging Sectors

Health care shares gained by 2% on Tuesday.

In trading on Tuesday, energy stocks dipped by 1.2%.

Top Headline

The S&P Global services PMI declined to 52.5 in December from 54.1 in the prior month, compared to the preliminary reading of 52.9.

Equities Trading UP
           

• Alumis Inc. (NASDAQ:ALMS) shares shot up 132% to $19.30 after the company said topline results from its Phase 3 ONWARD1 and ONWARD2 trials of envudeucitinib in moderate-to-severe plaque psoriasis met all primary and secondary endpoints.
• Shares of Aeva Technologies Inc (NASDAQ:AEVA) got a boost, surging 25% to $16.30 after the company disclosed that its Frequency Modulated Continuous Wave 4D LiDAR technology has been selected for the NVIDIA DRIVE Hyperion autonomous vehicle reference platform.
• Cyclerion Therapeutics Inc (NASDAQ:CYCN) shares were also up, gaining 47% to $2.04 after the company announced it is expanding strategic collaboration with Medsteer to advance closed-loop anesthetic platform CYC-126.

Equities Trading DOWN

• Instil Bio Inc (NASDAQ:TIL) shares dropped 51% to $6.05 after the company announced the company’s subsidiary, Axion Bio, discontinued clinical development of AXN-2510 and that Axion and ImmuneOnco Biopharmaceuticals have entered into an agreement terminating their license and collaboration agreement for AXN-2510 and AXN-27M.
• Shares of MOBIX LABS, INC. (NASDAQ:MOBX) were down 45% to $0.18 after the company announced it priced its $6.0 million offering of 30,000,000 shares of its common stock.
• AngioDynamics, Inc. (NASDAQ:ANGO) was down, falling 15% to $11.22 following second-quarter results.

Commodities

In commodity news, oil traded down 0.6% to $57.95 while gold traded up 1% at $4,497.50.

Silver traded up 4.4% to $80.010 on Tuesday, while copper rose 1.5% to $6.0655.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.62%, while Spain’s IBEX 35 Index rose 0.49%. London’s FTSE 100 rose 1.15%, Germany’s DAX gained 0.25% and France’s CAC 40 gained 0.28% during the session.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 1.32%, Hong Kong’s Hang Seng Index gaining 1.38%, China’s Shanghai Composite surging 1.50% and India’s BSE Sensex falling 0.44%.

Economics

• The Logistics Manager’s Index declined for a second straight month to 54.2 in December compared to 55.7 in each of the prior two months.
• The S&P Global services PMI declined to 52.5 in December from 54.1 in the prior month, compared to the preliminary reading of 52.9.
• The S&P Global composite PMI fell to 52.7 in December, recording the lowest level in eight months, versus the preliminary reading of 53 and down from 54.2 in the previous month.

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