If you’re wondering what is going on in the stock market today or which penny stocks to buy now that major indexes are lower, you’re not alone. Earnings season mixed with economic data has resulted in a sharp downturn for the market.

Meta Platforms, Inc. (NASDAQ: META) and Alphabet Inc. (NASDAQ: GOOGL) are two tech giants contributing significantly to the NASDAQ Composite Index. They also recently reported their quarterly earnings. Meta beat the estimates on both top and bottom lines for the third quarter. However, it noted advertising “softness” this quarter, alongside a $3.7 billion loss in its Reality Labs division. On the other hand, Alphabet saw a dramatic decline in its Class-A shares after reporting lower-than-expected revenue in its Google Cloud unit.

The tech-heavy NASDAQ Composite index lost more following Thursday’s open, dropping below its 200-day moving average for the first time since March. Meanwhile, the S&P 500 dipped further and extended weekly losses.

The Stock Market Today: Correction or Crash?

This market volatility comes as some shake of fears of a crash and opt for a decidedly favorable “correction” instead. It comes amidst a backdrop of rising bond yields, with the 10-year Treasury yield nearly touching 5% earlier in the month. Despite these market dynamics, the U.S. GDP growth for the third quarter came in stronger than expected at an annualized rate of 4.9%, compared to the anticipated 4.7%.

Looking ahead, major earnings reports are on the horizon, with Amazon scheduled to post its results after the close. This could potentially influence the market’s direction even more than companies that reported earlier this week. This period reflects the delicate interplay between corporate earnings, investor expectations, and broader economic and financial market indicators. So what’s the plan for you?

A Speculative Bet On Volatility & Penny Stocks

The information suggests a tech sector facing challenges amid broader market conditions, including rising bond yields. Meta’s and Alphabet’s earnings reports have likely contributed to the recent tech sell-off. It could also reflect broader market concern towards tech valuations amidst changing macroeconomic conditions. The concerns about advertising revenue and cost control in Meta, and lower cloud revenue for Alphabet, may signal investors re-evaluating growth expectations.

The NASDAQ’s dip into correction territory might also be influencing a more cautious investor sentiment toward tech stocks. However, stronger-than-expected GDP growth could provide a counterbalance, potentially signaling underlying economic resilience. That might, in turn, provide a more favorable backdrop for equities in other sectors. In this article, we look at a handful of biotech penny stocks to watch that aren’t following broader market trends.

List Of Penny Stocks

Vaccinex, Inc. (VCNX)

Vaccinex, Inc. is a clinical-stage biotechnology firm. They focus on treating neurodegenerative diseases and cancer through SEMA4D inhibition. This week, revealed encouraging data on pepinemab, its primary product, at the CTAD Conference. The study indicated a significant reduction in blood GFAP levels in Huntington’s disease patients treated with pepinemab, showcasing the drug’s potential in managing brain inflammation associated with neurodegenerative diseases.

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This follows their earlier findings of pepinemab’s positive impact in slowing cognitive decline. The ongoing SIGNAL-AD trial will further investigate pepinemab’s efficacy in Alzheimer’s Disease, anticipated to conclude by June 2024​.

Shares of Vaccinex broke above $1.10 during early morning trading on Thursday, bolstered by this news. This is the first test of the level since October 12th.

ABVC BioPharma (ABVC)

ABVC BioPharma is a clinical-stage biopharmaceutical company. They focus on developing therapeutic solutions in ophthalmology, CNS, and oncology/hematology. Their pipeline comprises six drugs and one medical device.

This week the company entered a term sheet for a multi-year, global licensing agreement with AiBtl BioPharma. This agreement covers their CNS drugs aimed at treating Major Depressive Disorder (MDD) and Attention Deficit Hyperactivity Disorder (ADHD). The valuation of these licensed products, owned by ABVC and its subsidiary BioLite, is $667 million. The licensing includes several facets like clinical trials, registration, manufacturing, supply, and distribution rights.

This collaboration aims to leverage AiBtl’s strengths in global business development, helping in furthering the reach and development of the licensed products. A notable aspect of the agreement is the inclusion of 46 million shares of AiBtl stock, milestone cash payments of $7 million, and royalties of 5% of net sales up to $200 million post-product launch to ABVC​.

ABVC stock surged during premarket hours on Thursday. The biotech penny stock popped to highs of nearly $4, testing levels not seen since August.

PaxMedica (PXMD)

Another clinical stage biotech company gaining momentum is PaxMedica. It focuses on drug therapies in treating neurological disorders. This week the company announced the completion of a meeting with the FDA. PaxMedica discussed positive results from a study of its PAX-HAT-301 platform in Stage 1 Human African Sleeping Sickness.

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Following constructive feedback, it will use it in completing the work needed to file a New Drug Application. “This is an important turning point for our young company, and we are very pleased with the guidance that the FDA has provided us in this meeting. We look forward to urgently completing the necessary steps in the coming months to clear the path to submit our first NDA for PAX-101,” said Howard Weisman, CEO, and Chairman of PaxMedica.

Shares of PXMD stock climbed higher in the stock market today. The biotech penny stock is testing its 50-day moving average around the $0.30 mark. For technical traders, this may be a focus as PXMD stock hasn’t been able to break and hold above this level since the first quarter of 2023.

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