Dow Gains Over 50 Points; US Producer Prices Rise 0.4% In September

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 50 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.23% to 29,307.79 while the NASDAQ rose 0.33% to 10,460.69. The S&P 500 also rose, gaining, 0.26% to 3,598.05.

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Leading and Lagging Sectors

Consumer staples shares rose by 1.4% on Wednesday. Leading the sector was strength from RLX Technology Inc. RLX and PepsiCo, Inc. PEP.

In trading on Wednesday, energy shares dipped by 0.8%.

Top Headline

The Producer Price Index for final demand in the US rose 0.4% month-over-month in September, recording the first rise in three months. Analysts, meanwhile, were expecting for a 0.2% rise.

Equities Trading UP

• Hempacco Co., Inc. HPCO shares shot up 51% to $3.2992 after the company reported a 486% year-on-year jump in first-half FY22 revenue to about $2.8 million.
• Shares of Pineapple Energy Inc.. PEGY got a boost, shooting 29% to $6.43. The stock has been a momentum name for a few weeks now.
• CureVac N.V. CVAC shares were also up, gaining 12% to $8.43.

Equities Trading DOWN

• Kinnate Biopharma Inc. KNTE shares tumbled 27% to $8.09. Kinnate Biopharma late Tuesday said, 'Initial site activation was slower than expected due to COVID-19. This has resulted in a limited number of efficacy evaluable patients to-date in the relevant population at the predicted efficacious dose.'
• Shares of Owens & Minor, Inc. OMI were down 23% to $17.78 after the company issued Q3 adjusted EPS guidance below estimates and cut FY22 adjusted EPS guidance below estimates.
• Cameco Corporation CCJ was down, falling 13% to $22.40 after the company announced a $650 million bought deal offering of common shares at a price of $21.95 per share.

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Commodities

In commodity news, oil traded down 1.4% to $88.09, while gold traded down 0.4% at $1,678.80.

Silver traded down 1.8% to $19.135 on Wednesday while copper fell 1.1% to $3.424.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.6%, London’s FTSE 100 fell 0.8% while Spain’s IBEX 35 Index fell 1.2%. The German DAX declined 0.1%, French CAC 40 fell 0.3% and Italy’s FTSE MIB Index fell 1%.

Industrial production in the UK fell by 1.8% from a month ago in August versus a revised 1.1% drop in the previous month, while the country’s trade deficit increased to GBP 7.1 billion in August versus a revised GBP 5.4 billion in the prior month. The UK economy shrank by 0.3% month-over-month in August versus a revised 0.1% increase in July. Manufacturing output in the UK dropped by 1.6 percent from a month ago in August.

Economics

• The Producer Price Index for final demand in the US rose 0.4% month-over-month in September, recording the first rise in three months. Analysts, meanwhile, were expecting for a 0.2% rise.
• The Treasury is set to auction 10-year notes at 1:00 p.m. ET.
• Michael Barr, the Fed's vice chair for supervision will speak at 1:45 p.m. ET.
• The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.
• Federal Reserve Governor Michelle Bowman is set to speak at 6:30 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 98,608,430 cases with around 1,088,470 deaths. India confirmed a total of at least 44,618,530 cases and 528,830 deaths, while France reported over 35,970,370 COVID-19 cases with 155,620 deaths. In total, there were at least 627,828,930 cases of COVID-19 worldwide with more than 6,564,300 deaths.