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Nasdaq Drops Over 200 Points as Job Openings Surge in August

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On Tuesday, U.S. stocks continued to decline, with the Nasdaq Composite falling more than 200 points.

The Dow traded down 1.06% to 33,078.27, while the NASDAQ fell 1.60% to 13,094.83. The S&P 500 also dropped 1.27% to 4,233.76.

Leading and Lagging Sectors

On Tuesday, materials shares experienced a minor decline of 0.1%.

Meanwhile, consumer discretionary shares dipped by around 2%.

Job Openings Surge in August

In a positive economic development, the number of job openings increased by 690,000 from the previous month to 9.61 million in August. This figure exceeded market estimates of 8.8 million job openings.

Notable Stock Movements

Several stocks saw significant movement on Tuesday:

  • Vericity, Inc. (NASDAQ: VERY): Shares of Vericity, Inc. surged 87% to $11.06 after iA Financial Group announced its acquisition of the company.
  • POINT Biopharma Global Inc. (NASDAQ: PNT): The stock shot up 85% to $12.39 as Eli Lilly And Co agreed to acquire POINT Biopharma Global for $12.50 per share in cash, totaling approximately $1.4 billion.
  • SciSparc Ltd. (NASDAQ: SPRC): Shares of SciSparc Ltd. gained 33% to $4.8839 after the company announced the granting of a European patent for its core technology.

On the other hand, SmileDirectClub, Inc. (NASDAQ: SDC) shares plummeted 42% to $0.0932 after receiving notice of Nasdaq delisting. Ocean Biomedical, Inc. (NASDAQ: OCEA) also experienced a decline of 26% to $2.5850 as the company reported results of its cancer-targeting immunotherapy antibody candidate. Additionally, Femasys Inc. (NASDAQ: FEMY) fell 36% to $2.4998 after a gain of more than 30% on Monday.

Commodities and Euro Zone Markets

In commodity news, oil traded up 1.5% to $90.13, while gold traded down 0.3% at $1,842.90. Silver increased by 0.4% to $21.51, while copper fell 0.3% to $3.6290.

European shares experienced a decline, with the eurozone’s STOXX 600 falling 1.1%, London’s FTSE 100 dropping 0.54%, Spain’s IBEX 35 Index falling 1.65%, the German DAX falling 1.06%, the French CAC 40 falling 1.01%, and Italy’s FTSE MIB Index experiencing a decline of 1.32%.

In economic news, 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 of the previous year.

Asia Pacific markets

Asian markets closed lower on Tuesday:

  • Japan’s Nikkei 225 fell 1.64%
  • Hong Kong’s Hang Seng Index lost 2.69%
  • India’s S&P BSE Sensex fell 0.5%

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

Economic Updates

The Logistics Manager’s Index rose to 52.4 in September.

The IBD/TIPP Economic Optimism Index fell to 36.3 in October from September’s reading of 43.2.

Finally, the number of job openings increased by 690,000 from the previous month to 9.61 million in August.

COVID-19 Update

In terms of COVID-19, the U.S. reported a total of 108,758,600 cases and around 1,177,280 deaths. 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 were at least 696,038,990 cases of COVID-19 with more than 6,921,810 deaths.

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