Nasdaq Down Over 100 Points; HP Shares Plunge

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling more than 100 points on Wednesday.

The Dow traded down 0.28% to 44,734.33 while the NASDAQ fell 0.66% to 19,048.75. The S&P 500 also fell, dropping, 0.37% to 5,999.25.

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Leading and Lagging Sectors

Real estate shares jumped by 0.9% on Tuesday.

In trading on Tuesday, information technology shares fell by 1.4%.

Top Headline

The US core PCE price index increased by 0.3% month-over-month in October, the same pace as in the previous month, in-line with market estimates.

Equities Trading UP

Urban Outfitters, Inc URBN shares shot up 19% to $47.68 following third-quarter earnings. Citigroup upgraded the stock to Buy following the report.
Shares of Iris Energy Limited IREN got a boost, surging 30% to $12.39 on the heels of the company's first-quarter financial results. Multiple analysts raised price targets following the print.
Unusual Machines, Inc. UMAC shares were also up, gaining 74% to $9.30 after the company announced that Donald Trump Jr. has joined its advisory board.

Equities Trading DOWN

Symbotic Inc. SYM shares dropped 38% to $23.02 after the company cut its first-quarter revenue forecast.
Shares of Outlook Therapeutics, Inc. OTLK were down 63% to $1.7999 after the company announced it plans to resubmit the biologics license application for ONS-5010 after reporting preliminary topline results of its Norse eight clinical trial.
HP Inc. HPQ was down, falling 13% to $34.21 after the company reported fourth-quarter financial results and issued first-quarter adjusted EPS guidance below estimates.

Commodities

In commodity news, oil traded down 0.7% to $68.28 while gold traded up 0.7% at $2,638.70.

Silver traded down 0.9% to $30.120 on Wednesday, while copper rose 0.7% to $4.1460.

Euro zone

European shares closed mostly lower today. The eurozone's STOXX 600 slipped 0.19%, Germany's DAX fell 0.18% and France's CAC 40 dipped 0.72%. Spain's IBEX 35 Index fell 0.33%, while London's FTSE 100 rose 0.20%.

The GfK Consumer Climate Indicator for Germany declined to a reading of -23.3 points heading into December, recording the lowest level since May.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 falling 0.80%, Hong Kong's Hang Seng Index gaining 2.32%, China's Shanghai Composite Index climbing 1.53% and India's BSE Sensex gaining 0.29%.

Economics

The U.S. economy grew by an annualized rate of 2.8% in the third quarter, the same as in the flash reading, versus 3% in the previous quarter.
U.S. initial jobless claims came in unchanged at 213,000 for the week ending Nov. 23, compared to market estimates of 216,000.
The U.S. goods trade deficit shrank to $99.1 billion in October versus a revised gap of $108.7 billion in the previous month.
U.S. wholesale inventories increased by 0.2% month-over-month to $905 billion in October, compared to a 0.2% decline in the prior month.
The Chicago PMI fell to 40.2 in November compared to 41.6 in September.
U.S. crude oil inventories declined by 1.844 million barrels in the week ended Nov. 22, compared to market estimates of a 1.1 million fall.
U.S. personal income increased by 0.6% month-over-month to $24.96 trillion in October, while personal spending rose by 0.4% to an annualized rate of $20.1 trillion.
The US core PCE price index increased by 0.3% month-over-month in October, the same pace as in the previous month, in-line with market estimates.
U.S. pending home sales rose 2% month-over-month in October compared to a revised 7.5% gain in September.
The total number of active U.S. oil rigs fell by two to 477 rigs this week, Baker Hughes Inc reported.

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