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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.


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%.


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.


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.


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.



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.


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.


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.


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.


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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