Dow drops 200 points; Connect Biopharma shares collapse

Towards the end of Friday’s session, the Dow Jones traded 0.58% to 35,664.58 while the NASDAQ rose 0.53% to 16,078.19. The S&P also rose, gaining 0.05% to 4,706.69.

The United States has the highest number of coronavirus cases and deaths in the world, reporting a total of 48,398,450 cases with around 789,150 deaths. India has confirmed a total of at least 34,489,620 cases and 465,080 deaths, while Brazil has reported more than 21,989,960 cases of COVID-19 with 612,170 deaths. In total, there have been at least 256,532,940 cases of COVID-19 worldwide with more than 5,151,120 deaths, according to data compiled by Johns Hopkins University.

Sectors ahead and behind

Information technology stocks gained 0.9% on Friday. Meanwhile, the top winners of the sector included AvidXchange Holdings, Inc. (NASDAQ: AVDX), up 13% and Usio, Inc. (NASDAQ: USIO) up 11%.

In Friday trading, energy stocks fell 3.8%.

Superior title

Foot Locker, Inc. (NYSE: FL) reported better-than-expected earnings for its third quarter.

Foot Locker reported quarterly earnings of $ 1.93 per share, beating analysts’ estimates of $ 1.37 per share. The company’s quarterly sales were $ 2.19 billion, against expectations of $ 2.12 billion. Comparable store sales for the third quarter increased 2.2%.

Andrew Page, Executive Vice President and Chief Financial Officer, said, “We expect global supply chain constraints to persist throughout the fourth quarter; that said, we believe we are positioned for the holiday season, with positive momentum and inventory levels ready to meet customer demand. “

Bullish stock trading

Greenland Technologies Holding Corporation (NASDAQ: GTEC) Shares jumped 67% to $ 8.66. Greenland Technologies highlighted the launch of the second range of electric industrial vehicles: the GEL-1800 front loader.

Actions of Longeveron inc. (NASDAQ: LGVN) got a boost, reaching 36% to $ 9.34 on continued upward momentum after the company announced that the FDA granted rare pediatric disease designation to Lomecel-B for the treatment of hypoplastic left heart syndrome.

UWM Holdings Corporation Shares (NYSE: UWMC) also rose, gaining 19% to $ 6.59 after the company said it would accelerate its buyback plan “instead of the previously announced secondary offer and concurrent share buyback. “.

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Downward trading of stocks

Connect Biopharma Holdings Limited (NASDAQ: CNTB) Shares fell 55% to $ 5.46 after the company announced the first results of the phase 2 trial of CBP-201 administered subcutaneously (SC) to adult patients with moderate to severe atopic dermatitis (AD). The data showed that the trial met its primary efficacy endpoint, with statistically significant improvements in the disease severity index score between baseline and week 16.

Actions of Flora Growth Corp. (NASDAQ: FLGC) fell 37% to $ 2.31 after the company announced the price of a subscribed public offering of 10 million units, each sold at $ 3 per unit.

RedHill Biopharma Ltd. (NASDAQ: RDHL) was down, falling 24% to $ 2.9350.
RedHill Biopharma has priced its ADS offering at $ 4.7 million for gross proceeds of $ 15.5 million.

Merchandise

In the commodities news, oil was trading down 3.8% at $ 76.00, while gold was trading down 0.6% at $ 1,849.80.

Silver traded 0.6% on Friday at $ 24.75 while copper rose 2.2% to $ 4.3995.

Eurozone

European stocks closed lower today. The Eurozone STOXX 600 fell 0.33%, the Spanish Ibex index fell 1.68% and the German DAX 30 fell 0.38%. Meanwhile, London’s FTSE 100 fell 0.45%, the French CAC 40 fell 0.42% and the Italian FTSE MIB fell 1.17%.

Italy’s current account surplus fell to 4.681 billion euros in September from 8.059 billion euros the previous month, while construction output rose 10.5% year-on-year in September. The eurozone’s current account surplus narrowed to € 26.9 billion in September from € 37.8 billion a year ago. UK retail sales rose 0.8% in October, while German producer prices jumped 18.4% from a year ago in October. The unemployment rate in France fell to 8.1% in the third quarter.

Economy

The total number of active U.S. oil rigs increased from 7 to 461 rigs this week, Baker Hughes Inc.

Check out the full economic calendar here

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