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Nasdaq Index and Fortress Biotech Nasdaq Composite Drops Over 100 Points; Fortress Biotech Stocks Tumble

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Investor confidence faltered today as U.S. stocks nosedived during the midday session. The Nasdaq Composite, in particular, bore the brunt of the downturn, plummeting by over 100 points on Friday.

The Dow traded down 0.34% to 37,583.72 while the NASDAQ fell 0.73% to 14,984.98. Simultaneously, the S&P 500 also experienced a substantial decline, dropping 0.47% to 4,760.73.

Shifting focus to the sectors, health care shares managed to eke out a meager 0.1% increase on Friday. Conversely, real estate shares fell by 0.7% in trading.

The Chicago Purchasing Managersโ€™ Index (PMI) plummeted to 46.9 in December from 55.8 the previous month, drastically missing market estimates of 51.

Equities Trading UP

Fisker Inc. FSR shares soared 19% to $1.7950 on the back of a compelling December 2023 business update. Similarly, shares of China Green Agriculture, Inc. CGA surged 53% to $2.90 after the company inked a stock purchase agreement with Zhibiao Pan for the acquisition of all outstanding stock of Lonestar Dream. This transaction commanded a whopping $49 million.

Titan Pharmaceuticals, Inc. TTNP also experienced an upswing, with shares gaining 17% to $0.3858 following the approval of a 1-for-20 reverse stock split by its Board of Directors.

Equities Trading DOWN

Global Mofy Metaverse Limited GMM shares nosedived by 42% to $6.48 after announcing a $10 million follow-on offering. Similarly, shares of Microbot Medical Inc. MBOT took a 20% hit, plunging to $1.65 following the exercise of outstanding preferred investment options for $2.73 million. The real shocker of the day, however, was the fall of Fortress Biotech, Inc. FBIO, plummeting by a staggering 21% to $3.0850, prompted by the companyโ€™s pricing of $11 million registered direct offering.

Commodities

In commodity news, oil witnessed a modest 0.2% increase, reaching $71.91, while gold faced a 0.5% decline, settling at $2,073.90. Similarly, silver experienced a 1% drop to $24.13, and copper saw a 0.6% decrease to $3.9010 on Friday.

Euro zone

European shares managed to eke out gains, with the eurozoneโ€™s STOXX 600 rising by 0.29%, Londonโ€™s FTSE 100 edging up by 0.14%, Spainโ€™s IBEX 35 Index surging 0.37%, the German DAX climbing 0.30%, French CAC 40 rising by 0.39%, and Italyโ€™s FTSE MIB Index also ascending by 0.35%.

Specifically, Spain posted a current account surplus of EUR 3,770 million in October, compared to a year-ago surplus of EUR 1,228 million. Moreover, Spainโ€™s consumer price inflation eased to 3.1% year-over-year in December from 3.2% in the prior month. Meanwhile, the Nationwide House Price Index in the U.K. tumbled by 1.8% year-over-year in December.

Asia Pacific Markets

Asian markets experienced a mixed bag, with Japanโ€™s Nikkei 225 dropping 0.22%, Hong Kongโ€™s Hang Seng Index inching up by 0.02%, Chinaโ€™s Shanghai Composite Index gaining 0.68%, and Indiaโ€™s S&P BSE Sensex falling 0.23%.

Notably, China reported a current account surplus of $62.8 billion in the third quarter, compared to the preliminary estimate of $62.6 billion.

Economics

Once again, the Chicago Purchasing Managersโ€™ Index (PMI) took the spotlight, nosediving to 46.9 in December from 55.8 the previous month, and significantly undershooting market estimates of 51.

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