Crude Oil Prices Fall Over 1%; U.S. Industrial Output Declines in November

In a downward trend, U.S. stocks saw a decline during the trading session on Tuesday. The S&P 500 index dropped approximately 0.3% in value.

The Dow Jones Industrial Average decreased by 0.59%, settling at 43,459.99, while the NASDAQ composite index experienced a slight dip of 0.15%, closing at 20,143.34. The S&P 500 also recorded a decrease, falling 0.28% to 6,057.00.

Sector Performance

Among the sectors, shares in communication services saw a modest increase of 0.3% on Tuesday. Conversely, the energy sector took a hit, with energy stocks falling by 1.4%.

Industrial Production Report

Recent data revealed that U.S. industrial production fell by 0.1% in November, a decrease from the 0.4% drop reported in October. This decline was also contrary to market forecasts which had anticipated a 0.2% gain for the month.

Stocks on the Rise

• Portage Biotech Inc. (NASDAQ:PRTG) saw its shares skyrocket by 109% to $6.69 following the announcement of a letter of intent with Immunova regarding potential acquisitions.
• Quantum Computing Inc. (QUBT) experienced a significant boost, climbing 38% to $15.24 after securing a prime contract from NASA to implement Dirac-3 for imaging and data processing.
• Tonix Pharmaceuticals Holding Corp. (TNXP) shares also surged, gaining 22% to $0.6461 after the FDA accepted the application for its drug TNX-102 SL focused on Fibromyalgia.

Stocks in Decline

• Vaccinex, Inc. (VCNX) faced a steep decline, with shares plummeting 62% to $1.40 following a Nasdaq delisting notification.
• Shares of Digital Brands Group, Inc. (DBGI) fell by 29% to $2.8201 after the issuance of their FY25 guidance.
• Tenaya Therapeutics, Inc. (TNYA) shares dropped 53% to $1.3550 after releasing early results from their gene therapy research focused on heart disease.

Commodities Market Overview

In commodity trading, crude oil prices decreased by 1.6%, now priced at $69.56. Similarly, gold fell by 0.5% to reach $2,655.80. Silver and copper also saw declines, with silver trading down 0.4% at $30.925 and copper down 1.3% to $4.1385.

Global Market Snapshot

European markets mostly trended lower, with the eurozone's STOXX 600 index dropping 0.42%. Germany's DAX fell by 0.33%, while France's CAC 40 managed a slight gain of 0.12%. Spain's IBEX 35 Index decreased by 1.52%, in contrast to the declines seen in London's FTSE 100, which fell by 0.81%.

Asian markets also closed in the red, with Japan's Nikkei 225 losing 0.24%, Hong Kong's Hang Seng Index dipping by 0.48%, and China's Shanghai Composite Index declining by 0.73%. India's BSE Sensex recorded the largest drop, decreasing by 1.30%.

U.S. Economic Indicators

• U.S. retail sales rose by 0.7% month-over-month in November, exceeding the revised 0.5% gain from the previous month and surpassing market expectations of 0.5%.
• As mentioned earlier, U.S. industrial production fell by 0.1% in November, marking a decline from the previously reported 0.4% drop in October and contrasting sharply with the anticipated 0.2% increase.
• U.S. business inventories saw a minor increase of 0.1% month-over-month in October, following a flat reading from the previous month.
• The NAHB/Wells Fargo Housing Market Index remained unchanged at 46 in December.

Stocks, Market, Production, Oil, Economy