Why U.S. Stocks Are Trading Mixed; Existing Home Sales Tumble In June

U.S. stocks traded mixed this morning, with the Dow Jones dropping more than 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.40% to 31,699.43 while the NASDAQ rose 0.42% to 11,762.09. The S&P also fell, dropping, 0.23% to 3,927.47.

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Leading and Lagging Sectors

Information technology shares rose 0.4% on Wednesday. Meanwhile, top gainers in the sector included Pagaya Technologies Ltd. PGY, up 60% and Stronghold Digital Mining, Inc. SDIG up 44%.

In trading on Wednesday, energy shares fell 1.1%.

Top Headline

Existing home sales in the US dipped 5.4% to an annual rate of 5.12 million in June, hitting a fresh low since June 2020 and well below analysts’ estimates of 5.38 million.

 

Equities Trading UP

Pagaya Technologies Ltd. PGY shares shot up 51% to $4.09. Pagaya Technologies is expected to announce its Q2 earnings on August 16, 2022.

Shares of Stronghold Digital Mining, Inc. SDIG got a boost, shooting 41% to $3.0192 following continuation of crypto rally.

Applied Blockchain, Inc. APLD shares were also up, gaining 29% to $2.7250. Applied Blockchain shares jumped 100% on Tuesday after the company raised its Q4 revenue guidance. Also, the company announced a 5-year hosting contract with Marathon Digital.

Equities Trading DOWN

Vascular Biogenics Ltd. VBLT shares tumbled 79% to $0.4330 after the company announced the data from its Phase 3 OVAL trial of ofra-vec did not meet the primary endpoints of achieving a statistically significant improvement.

Shares of FaZe Holdings Inc. FAZE were down 29% to $9.30. A SPAC merger announced between FaZe Clan and B. Riley Principal 150 Merger Corp in October has been completed.

JE Cleantech Holdings Limited JCSE was down, falling 23% to $9.36.

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Commodities

In commodity news, oil traded down 1.4% to $102.79, while gold traded down 0.3% to $1,706.30.

Silver traded up 0.4% to $18.78 on Wednesday while copper rose 1.2% to $3.3305.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.5%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index fell 1.3%. The German DAX fell 0.8%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index fell 1.7%.

Annual inflation rate in the UK climbed to 9.4% in June, recording the highest rate since 1982, while producer prices climbed 16.5% year-over-year in from a revised 15.8% in May. Annual producer inflation in Germany fell to a three-month low level of 32.7% in June from May’s record level of 33.6%.

Economics

Existing home sales in the US dipped 5.4% to an annual rate of 5.12 million in June, hitting a fresh low since June 2020 and well below analysts’ estimates of 5.38 million.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

The Treasury is set to auction 20-year bonds at 1:00 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 91,529,860 cases with around 1,049,680 deaths. India confirmed a total of at least 43,803,610 cases and 525,820 deaths, while Brazil reported over 33,398,040 COVID-19 cases with 675,920 deaths. In total, there were at least 569,898,910 cases of COVID-19 worldwide with more than 6,392,170 deaths.