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Crude Oil Rises as POINT Biopharma Global Shares Surge

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The U.S. stock market experienced losses during Tuesdayโ€™s trading session, with the S&P 500 declining by approximately 1.5%.

By the end of the day, the Dow dropped 1.43% to 32,954.84, the NASDAQ fell 1.98% to 13,044.24, and the S&P 500 dropped 1.53% to 4,222.58.

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Leading and Lagging Sectors

Utilities shares outperformed, rising by 0.6% on Tuesday.

Consumer discretionary shares, on the other hand, declined by around 2.4%.

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Top Market News

In August, job openings increased by 690,000 from the previous month, reaching 9.61 million, surpassing market estimates of 8.8 million.

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Stocks on the Rise

Vericity, Inc. VERY saw a significant increase in its share price, soaring 86% to $11.02, after iA Financial Group announced its acquisition of the company.

The shares of POINT Biopharma Global Inc. PNT also experienced a boost, shooting up 85% to $12.40. The company agreed to be acquired by Eli Lilly And Co at $12.50 per share in cash, representing an aggregate value of approximately $1.4 billion.

ALX Oncology Holdings Inc. ALXO shares also rose, gaining 50% to $7.22 after the company released interim Phase 2 data from its ASPEN-06 trial of evorpacept in advanced HER2-positive gastric cancer.

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Declining Stocks

SmileDirectClub, Inc. SDC shares plummeted 41% to $0.0955 after receiving notice of its delisting from the Nasdaq.

Shares of Ocean Biomedical, Inc. OCEA dropped 28% to $2.52 as the company reported effective tumor reduction against an aggressive subset of Non-Small Cell Lung Cancer with Epidermal Growth Factor Receptor mutations through its cancer-targeting immunotherapy antibody candidate.

WeWork Inc. WE fell 23% to $2.2789 after its decision not to make aggregate interest payments totaling approximately $37.3 million in cash and $57.9 million in additional PIK notes, both due on October 2, 2023.

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Commodities

In commodity news, the price of oil increased by 0.5% to $89.29, while gold declined by 0.3% to $1,841.10.

Silver experienced a 0.2% decrease to $21.37, and copper fell 0.5% to $3.6220.

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Euro Zone News

European shares saw declines, with the eurozoneโ€™s STOXX 600 falling by 1.1%. Londonโ€™s FTSE 100 dropped by 0.54%, Spainโ€™s IBEX 35 Index fell by 1.65%, the German DAX declined by 1.06%, the French CAC 40 experienced a 1.01% decrease, and Italyโ€™s FTSE MIB Index fell by 1.32%.

The French government budget deficit rose to EUR 187.9 billion in January to August 2023, compared to EUR 149.9 billion in the same period the previous year.

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Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japanโ€™s Nikkei 225 falling by 1.64% and Hong Kongโ€™s Hang Seng Index losing 2.69%. Indiaโ€™s S&P BSE Sensex declined by 0.5%.

In September, the S&P Global Indian manufacturing PMI fell to 57.5 from 58.6. The Reserve Bank of Australia maintained its cash rate at 4.1%. The value of new home loans for owner-occupied homes in Australia rose by 2.6% month-over-month to A$16.07 billion in August, while job advertisements slipped by 0.1% month-over-month in September.

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Economic Updates

The Logistics Managerโ€™s Index increased to 52.4 in September.

The IBD/TIPP Economic Optimism Index fell to 36.3 in October from Septemberโ€™s reading of 43.2.

In August, the number of job openings rose by 690,000 from the previous month, reaching 9.61 million.

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COVID-19 Update

The United States currently has the highest number of coronavirus cases and deaths worldwide, with a total of 108,758,600 cases and approximately 1,177,280 deaths reported. India confirmed at least 44,998,830 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. Globally, there have been at least 696,038,990 cases of COVID-19 with more than 6,921,810 deaths.

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