The gene editing sector experienced a significant shakeup as CRISPR Therapeutics (CRSP, Financial) and Vertex Pharmaceuticals (VRTX, Financial) received UK approval for their groundbreaking CRISPR-based drug exa-cel, designed to treat sickle cell disease and beta-thalassemia. This historic approval sent CRISPR Therapeutics' stock soaring by approximately 5%, while MaxCyte (MXCT, Financial), which has a licensing agreement with CRISPR Therapeutics, also saw a 4% increase. Despite this, Vertex Pharmaceuticals traded lower for the third consecutive session. Other CRISPR-based drug developers like Graphite Bio (GRPH, Financial) and Precision BioSciences (DTIL, Financial) witnessed gains, whereas Editas Medicine (EDIT, Financial), Beam Therapeutics (BEAM, Financial), Intellia Therapeutics (NTLA, Financial), and Verve Therapeutics (VERV, Financial) experienced declines.
In the wake of a high-profile meeting between US President Joe Biden and Chinese President Xi Jinping, which failed to yield significant economic progress, shares of NIO (NIO, Financial) dropped roughly 7%. Alibaba (BABA, Financial) also contributed to the downturn in Chinese tech stocks with its quarterly results falling short of expectations and the cancellation of its cloud computing business spin-off, leading to a widespread decline in the sector.
Apple (AAPL, Financial) faced setbacks in its efforts to develop an in-house chip to replace a critical Qualcomm (QCOM, Financial) component for the iPhone. The tech giant is likely to miss its target to ship its own chip by spring 2025, which has resulted in a rise in Qualcomm's shares by nearly 0.3% after the news broke, while Apple's stock also saw an increase.
U.S. stocks showed mixed performance, with significant declines in Cisco (CSCO, Financial) and Walmart (WMT, Financial) following their quarterly earnings reports. Despite this, Treasury yields dropped as economic data suggested a halt in Federal Reserve rate hikes, leading to a varied day on Wall Street with the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500 all experiencing fluctuations.
Vale (VALE, Financial) received a downgrade to Hold from Buy at Deutsche Bank, yet its shares increased by 0.8%. The downgrade was influenced by higher base metal costs and a significant rebound in the stock price since September. Despite the downgrade, Vale's iron ore business remains robust, although cash flows and shareholder returns may be affected by payments related to the Brumadinho and Samarco dam disasters.
The financial sector saw a mix of gainers and losers, with Royalty Management Holding (RMCO, Financial) and Prestige Wealth (PWM, Financial) making gains, while American Coastal Insurance (ACIC, Financial), Oportun Financial (OPRT, Financial), Cipher Mining (CIFR, Financial), SoFi Technologies (SOFI), and Upstart Holdings (UPST) faced declines. The S&P 500 Financials Sector saw a slight increase.
The real estate sector also had its share of ups and downs, with reAlpha Tech (AIRE) gaining and Arbor Realty Trust (ABR), Douglas Elliman (DOUG), and Ashford Hospitality Trust (AHT) experiencing losses. The S&P 500 Real Estate Sector, however, managed to edge up.
Amazon (AMZN) announced its foray into auto retail through a partnership with Hyundai Motor Company (HYMTF), planning to launch online vehicle sales in the U.S. in 2024. This move could significantly impact the auto retail landscape.
Archer Aviation (ACHR) revealed a memorandum of understanding with Air Chateau International for the purchase of 100 Midnight aircraft, a deal worth up to $500M, marking a significant step for the eVTOL company in the United Arab Emirates.
Peter Thiel's Mithril venture capital fund sold $48M in Palantir Technologies (PLTR) shares, which had been acquired a decade ago. This move comes as Palantir's stock has seen significant growth since its public debut in 2020.
Jacobs Solutions (J) saw its shares dip following reports of advanced discussions to merge its government consulting business with Amentum Services, potentially creating a new publicly traded company valued at $4 billion.
Apple (AAPL, Financial) is potentially eyeing the search market, as suggested by Wells Fargo analysts, who believe that the outcome of the antitrust trial against Google (GOOG) (GOOGL) could lead to Apple entering the search arena.
Amazon (AMZN) reported a "100% success rate" in its first test mission for Project Kuiper internet satellites, signaling progress in its plan to increase global broadband access through a constellation of satellites.
Walmart (WMT, Financial) beat earnings estimates but signaled caution about consumer spending trends ahead of the holiday season, noting a slowdown in purchases and anticipating moderated sales growth in the fourth quarter.
Lucid Group (LCID) unveiled its new electric SUV model, Gravity, at the Los Angeles Auto Show, boasting a range of over 440 miles and space for up to seven adults, highlighting the company's commitment to innovation in the electric vehicle market.
The CEOs of Apple (AAPL, Financial), Qualcomm (QCOM, Financial), and Broadcom (AVGO) attended a dinner with Chinese President Xi Jinping, aimed at easing investor concerns amid ongoing trade tensions between the U.S. and China.
The S&P 500 saw a 2% increase over the past week, with notable gains in stocks such as Symbotic Inc. (SYM), Carnival Corporation (CCL), and Target Corporation (TGT), among others.
Appian (APPN) experienced a decline following an appeals court hearing regarding its $2 billion jury verdict in a trade secrets case against Pegasystems (PEGA), which conversely saw its shares rise.
