Nasdaq Down 1%; Dollar Tree To Sell Family Dollar Business For $1 Billion

U.S. stocks traded mixed this morning, with the Nasdaq Composite falling around 1% on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.35% to 42,736.91 while the NASDAQ fell 0.99% to 18,091.36. The S&P 500 also fell, dropping, 0.32% to 5,758.14.

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Leading and Lagging Sectors

Energy shares jumped by 1.4% on Wednesday.

In trading on Wednesday, information technology shares fell by 1.2%.

Top Headline

Dollar Tree Inc DLTR posted better-than-expected fourth-quarter FY24 earnings.

The company reported fourth-quarter sales of $8.26 billion, beating the analyst consensus estimate of $8.24 billion. Adjusted EPS of $2.29 also beat the consensus estimate of $2.19.

Dollar Tree reached an agreement today, under which Brigade Capital Management, LP (Brigade) and Macellum Capital Management, LLC (Macellum) will partner to acquire the company's Family Dollar business segment for $1.007 billion.

Equities Trading UP

Petros Pharmaceuticals, Inc. PTPI shares shot up 120% to $0.1280.
Shares of OSR Holdings, Inc. OSRHgot a boost, surging 116% to $3.4602 after its subsidiary, Vaximm AG, announced Phase 2a trial results for VXM01 and Avelumab combination therapy in glioblastoma, demonstrating safety and tolerability.
VivoPower International PLC VVPR shares were also up, gaining 97% to $4.4611. The company is in advanced bilateral negotiations on all-cash takeover offer at enterprise value of $120 million.

Equities Trading DOWN

Acrivon Therapeutics, Inc ACRV shares dropped 35% to $3.50. HC Wainwright & Co. analyst Emily Bodnar maintained Acrivon Therapeutics with a Buy and lowered the price target from $22 to $19.
Shares of Intchains Group Limited ICG were down 29% to $2.95 after the company announced entry into agreement for registered direct offering of its ADSs and warrants.
Aclarion, Inc. ACON was down, falling 30% to $0.5205 after the company announced a 1-for-27 reverse stock split.

Commodities

In commodity news, oil traded up 1.3% to $69.90 while gold traded down 0.1% at $3,023.90.

Silver traded up 0.1% to $34.20 on Wednesday, while copper rose 1.4% to $5.2825.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 dipping 0.7%, Germany's DAX 40 fell 1% and France's CAC 40 dipped 1%. Spain's IBEX 35 Index fell 0.3%, while London's FTSE 100 gained 0.1%.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 gaining 0.65%, China's Shanghai Composite Index falling 0.04%, Hong Kong's Hang Seng Index rising 0.60% and India's BSE Sensex falling 0.93%.

Economics

U.S. new orders for manufactured durable goods rose 0.9% month-over-month to $289.3 billion in February.
U.S. mortgage applications declined by 2% in the week ending March 21, compared to a 6.2% fall in the previous period.

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