The gene editing field experienced a significant shift as CRISPR Therapeutics (NASDAQ:CRSP) and Vertex Pharmaceuticals (NASDAQ:VRTX) launched Exa-Cell, their groundbreaking CRISPR-based drug designed to treat sickle cell disease and beta-thalassemia. Received UK approval for. This landmark approval sent CRISPR Therapeutics’ stock up nearly 5%, while MaxCyte (NASDAQ:MXCT), which has a licensing agreement with CRISPR Therapeutics, also saw a 4% rise. Despite this, Vertex Pharmaceuticals traded lower for the third consecutive session. Other CRISPR-based drug developers like Graphite Bio (NASDAQ:GRPH) and Precision Biosciences (NASDAQ:DTIL) saw gains, while Editas Medicine (NASDAQ:EDIT), Beam Therapeutics (NASDAQ:BEAM), Intellia Therapeutics (NASDAQ:NTLA ), and Verv Therapeutics (NASDAQ:VERV) experienced declines.
In the wake of a high-profile meeting between U.S. President Joe Biden and Chinese President Xi Jinping that failed to achieve significant economic progress, shares of NIO (NYSE: NIO) fell nearly 7%. Alibaba (NYSE:BABA) also contributed to the decline in Chinese tech stocks after its quarterly results fell short of expectations and the cancellation of its cloud computing business spin-off, leading to broader declines in the sector.
Apple (NASDAQ:AAPL) faced setbacks in its efforts to develop an in-house chip to replace a critical Qualcomm (NASDAQ:QCOM) component for the iPhone. The tech giant is likely to miss its goal of shipping its own chips by spring 2025, a result that sent Qualcomm’s shares up about 0.3% after the news broke, while Apple’s stock also saw a rise. .
US stocks showed a mixed performance, with Cisco (NASDAQ:CSCO) and Walmart (NYSE:WMT) falling significantly after their quarterly earnings reports. Despite this, Treasury yields fell as economic data suggested a pause in Federal Reserve rate hikes, leading to a volatile day on Wall Street for the Dow Jones Industrial Average, Nasdaq Composite and S&P 500.
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Vale (NYSE:VALE) received a downgrade from Buy to Hold at Deutsche Bank, yet its shares rose 0.8%. The downgrade was influenced by higher base metal costs and a significant surge in the stock price since September. Despite the downgrade, Vale’s iron ore business remains strong, although cash flows and shareholder returns could be hit by payouts related to the Brumadinho and Samarco dam disasters.
The financials sector saw a mix of gains and losses, with Royalty Management Holding (NASDAQ:RMCO) and Prestige Wealth (NASDAQ:PWM) posting gains, while American Coastal Insurance (NASDAQ:ACIC), Opporton Financial (NASDAQ:OPRT), Cipher Mining (NASDAQ:CIFR), SoFi Technologies (SOFI), and Upstart Holdings (UPST) suffered declines. The S&P 500 financial sector saw modest gains.
The real estate sector also experienced volatility, with ReAlpha Tech (AIRE) gaining and Arbor Realty Trust (ABR), Douglas Elliman (DOUG) and Ashford Hospitality Trust (AHT) facing losses. However, the S&P 500 real estate sector managed to post gains.
Amazon (AMZN) announced its entry into auto retail through a partnership with Hyundai Motor Co. (HYMTF), which plans to launch online vehicle sales in the US in 2024. The move could significantly impact the auto retail landscape.
Archer Aviation (ACHR) revealed an MoU with Air Chateau International for the purchase of 100 Midnight aircraft, a deal worth up to $500M, marking a significant step forward for the eVTOL company in the UAE.
Peter Thiel’s Mithril Venture Capital Fund sold $48 million in shares of Palantir Technologies (PLTR), which it acquired a decade ago. The move comes as Palantir’s stock has seen a significant rise since its public debut in 2020.
Jacobs Solutions (J) saw its shares decline after reports of advanced discussions to merge its government consulting business with Amentum Services, which would create a new publicly traded company potentially worth $4 billion. .
Apple (NASDAQ:AAPL) is potentially eyeing the search market, as suggested by Wells Fargo analysts, who believe the outcome of the antitrust trial against Google (GOOG) (GOOGL) could hurt Apple in the search space. Can enter.
Amazon (AMZN) reported a “100% success rate” in its first test mission for Project Kuiper internet satellites, indicating progress in its plan to expand global broadband access via a constellation of satellites.
Walmart (NYSE:WMT) beat earnings estimates but signaled caution about consumer spending trends ahead of the holiday season, saw a slowdown in shopping and expected moderate sales growth in the fourth quarter. Has expressed.
Lucid Group (LCID) unveiled its new electric SUV model, the Gravity, at the Los Angeles Auto Show, with a range of more than 440 miles and space for up to seven adults, further demonstrating the company’s commitment to innovation in the electric vehicle market. exposes.
The CEOs of Apple (NASDAQ:AAPL), Qualcomm (NASDAQ:QCOM), and Broadcom (AVGO) attended a dinner with Chinese President Xi Jinping aimed at allaying investor concerns amid the ongoing trade tensions between the US and China. Had to reduce.
Last week saw the S&P 500 rise 2%, with stocks like Symbiotic Inc. (SYM), Carnival Corporation (CCL), and Target Corporation (TGT) leading the pack.
Appian (APPN) experienced a decline following an appeals court hearing regarding a $2 billion jury verdict in a trade secret case against PegaSystems (PEGA), which in contrast saw its shares rise.
This article first appeared on GuruFocus.