US Stocks Open Lower; Nasdaq Slides Over 100 Points

U.S. stocks traded lower this morning, with the Nasdaq Composite dropping more than 100 points on Tuesday.
Following the market opening Tuesday, The Dow traded down 0.16% to 33,149.78 while the NASDAQ fell 1.18% to 10,374.27. The S&P 500 also fell, dropping, 0.56% to 3,823.34.
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Leading and Lagging Sectors
Energy shares rose by 0.6% on Tuesday. Meanwhile, top gainers in the sector included Mammoth Energy Services, Inc. (NASDAQ:TUSK), up 12%, and Cross Timbers Royalty Trust (NYSE:CRT), up 8%.
In trading on Tuesday, communication services shares fell by 1.5%.
Top Headline
The US trade deficit in goods shrank by 15.6% from a month ago to $83.3 billion in November, recording the smallest gap since December 2020.
Equities Trading UP
Lanvin Group Holdings Limited (NYSE:LANV) shares shot up 59% to $7.15.
(NYSE:LANV) shares shot up 59% to $7.15. Shares of Innate Pharma S.A. (NASDAQ:IPHA) got a boost, shooting 20% to $3.37. Innate Pharma and Sanofi recently announced an expansion of their collaboration for natural killer cell therapeutics in oncology. Innate will receive a €25 million upfront payment.
(NASDAQ:IPHA) got a boost, shooting 20% to $3.37. Innate Pharma and Sanofi recently announced an expansion of their collaboration for natural killer cell therapeutics in oncology. Innate will receive a €25 million upfront payment. HTG Molecular Diagnostics, Inc. (NASDAQ:HTGM) shares were also up, gaining 29% to $4.0001. HTG Molecular Diagnostics announced closing of a $10 million public offering.
Equities Trading DOWN
Acer Therapeutics Inc. (NASDAQ:ACER) shares tumbled 19% to $3.03.
(NASDAQ:ACER) shares tumbled 19% to $3.03. Acer Therapeutics and Relief Therapeutics reported the FDA approval of OLPRUVA for patients with urea cycle disorders.
Shares of Inotiv, Inc. (NASDAQ:NOTV) were down 12% to $4.4649. Inotiv recently issued FY22 sales guidance below estimates.
(NASDAQ:NOTV) were down 12% to $4.4649. Inotiv recently issued FY22 sales guidance below estimates. Cosmos Health Inc. (NASDAQ:COSM) was down, falling 11% to $5.70 after declining 10% on Friday.
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Commodities
In commodity news, oil traded up 0.7% to $80.12 while gold traded up 0.9% at $1,821.00.
Silver traded up 1.6% to $24.305 on Tuesday while copper rose 2.1% to $3.8880.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.1%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.1%. The German DAX gained 0.3%, French CAC 40 rose 0.7% and Italy’s FTSE MIB Index fell 0.2%.
Asia Pacific Markets
Asian markets closed higher on Tuesday, with the Japan’s Nikkei gaining 0.16% and China’s Shanghai Composite Index rose 0.98%.
Retail sales in Japan climbed 2.6% from a year earlier in November, while unemployment rate declined to 2.5% in November. Japanese housing starts fell by 1.4% year-over-year in November, missing market expectations for a 1.5% rise. China revised its GDP growth rate to 8.4% for 2021, compared to 8.1% previously, the National Bureau of Statistics said. Profits earned by Chinese industrial firms dropped on an annual basis by 3.6% to 7.7 trillion yuan during the January-November period.
Economics
The US trade deficit in goods shrank by 15.6% from a month ago to $83.3 billion in November, recording the smallest gap since December 2020.
The S&P CoreLogic Case-Shiller 20-city home price index increased by 8.6% year-over-year in October, which is the least since October 2020.
The FHFA house price index came in unchanged from a month ago during October.
Wholesale inventories in the US increased by 1.0% month-over-month to $933.6 billion in November compared to a revised 0.6% growth in the previous month.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 102,247,570 cases with around 1,116,090 deaths. India confirmed a total of at least 44,678,540 cases and 530,690 deaths, while France reported over 39,159,750 COVID-19 cases with 161,150 deaths. In total, there were at least 662,415,920 cases of COVID-19 worldwide with more than 6,687,740 deaths.