US Stocks Open Higher, Producer Prices Decline for 2nd Month

U.S. stocks traded higher this morning, following the release of PPI data for August.

Following the market opening Wednesday, The Dow traded up 0.22% to 31,173.35 while the NASDAQ rose 0.35% to 11,673.69. The S&P 500 also rose, gaining, 0.35% to 3,946.38.

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Leading and Lagging Sectors

Energy shares climbed 3% on Wednesday. Meanwhile, top gainers in the sector included Evolution Petroleum Corporation EPM, up 16% and W&T Offshore, Inc. WTI up 13%.

In trading on Wednesday, materials shares fell by 0.9%.

Top Headline

 

The Producer Price Index for final demand declined 0.1% month-over-month in August, compared to a 0.4% drop in July

 

Equities Trading UP

 

• bioAffinity Technologies, Inc. BIAF shares shot up 56% to $6.47 after the company announced publication of its research in high-throughput flow cytometry analysis of sputum in PLOS ONE.
• Shares of Nauticus Robotics Inc KITT got a boost, shooting 13% to $6.74.
• Evolution Petroleum Corporation EPM shares were also up, gaining 16% to $7.85 after the company posted upbeat Q4 results and reported a $25 million share repurchase program.

 

 

Equities Trading DOWN

• Vintage Wine Estates, Inc. VWE shares tumbled 35% to $3.6026 after the company reported Q4 EPS results were lower year over year and issued FY23 sales guidance below estimates. Telsey Advisory Group and Canaccord Genuity downgraded the stock.
• Shares of Altimmune, Inc. ALT were down 30% to $14.28 after topline results from its 12-week Phase 1b study of pemvidutide in subjects with non-alcoholic fatty liver disease (NAFLD).
• Comera Life Sciences Holdings, Inc. CMRA was down, falling 28% to $2.76. Comera Life Sciences shares jumped 101% on Tuesday after a late Monday Form 4 filing showed multiple insider purchases of the stock.

 

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Commodities

In commodity news, oil traded up 2.3% to $89.28, while gold traded down 0.1% at $1,715.10.

Silver traded up 0.5% to $19.595 on Wednesday while copper fell 0.8% to $3.5260.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.8%, London’s FTSE 100 fell 1.2%, while Spain’s IBEX 35 Index rose 0.1%. The German DAX declined 1.1%, French CAC 40 fell 1.39% and Italy’s FTSE MIB Index fell 0.5%.

Industrial production in the Eurozone dropped 2.3% month-over-month in July following a revised 1.1% increase in the previous month. Annual inflation rate in the UK fell to 9.9% in August from 10.1% in July.

 

Economics

 

• The Producer Price Index for final demand declined 0.1% month-over-month in August, compared to a 0.4% decline in July.
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

 

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