Nasdaq Surges 90 Points; Credo Technology Group Shares Slide

U.S. stocks turned mostly higher toward the end of trading, with the Nasdaq Composite gaining around 90 points on Wednesday.

The Dow traded down 0.01% to 34,085.88 while the NASDAQ rose 0.76% to 12,050.47. The S&P 500 also rose, gaining, 0.16% to 4,142.69.

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Leading and Lagging Sectors

• Communication services shares traded rose 1% on Wednesday. Meanwhile, top gainers in the sector included The Trade Desk, Inc. TTD, up 27%, and BuzzFeed, Inc. BZFD, up 26%.
• In trading on Wednesday, energy shares dipped by 2%.

 

Top Headline

Retail sales in the US rose 3% month-over-month in January, recording the biggest growth since March 2021 and above market expectations for a 1.8% increase.

 

Equities Trading UP

• TransCode Therapeutics, Inc. RNAZ shares shot up 35% to $0.6350 after the company requested the withdrawal of a registration statement, saying it has determined not to pursue the sale of securities at this time.
• Shares of The Trade Desk, Inc. TTD got a boost, shooting 27% to $63.17 after the company reported better-than-expected Q4 adjusted results and issued Q1 revenue guidance above estimates. The company also announced a $700 million buyback.
• Sera Prognostics, Inc. SERA shares were also up, gaining 45% to $1.8801 after the company announced top-line data from the AVERT PRETERM TRIAL.

 

Equities Trading DOWN

• GlycoMimetics, Inc. GLYC shares tumbled 58% to $1.6990. GlycoMimetics reported continuation of Phase 3 study of e-selectin antagonist uproleselan in relapsed/refractory aml to originally planned final analysis following interim analysis by the independent Data Monitoring Committee.
• Shares of Credo Technology Group Holding Ltd CRDO were down 47% to $10.24 after the company issued Q4 revenue guidance below analyst estimates.
• T2 Biosystems, Inc. TTOO was down, falling 23% to $0.8301 after the company priced an 11.11 million share common stock offering at $1.08 per share.

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Commodities

In commodity news, oil traded down 0.1% to $79.02 while gold traded down 1% at $1,846.30.

Silver traded down 1.2% to $21.62 on Wednesday while copper fell 1.3% to $4.0235.

Stocks of crude oil in the US rose by 10.507 million barrels for the week ended Feb. 10, 2023, the API said Tuesday. Stocks of crude oil in the US increased by 16.283 million barrels to 842.973 million in the week ended Feb. 10, the EIA said.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.42%, London’s FTSE 100 rose 0.55% while Spain’s IBEX 35 Index rose 0.34%. The German DAX gained 0.82% French CAC 40 gained 1.21% and Italy’s FTSE MIB Index rose 0.13%.

Spanish consumer price inflation rate was revised higher to 5.9% year-over-year in January versus a preliminary estimate of 5.8%. UK’s producer inflation rose by 13.5% year-over-year in January, versus a revised 14.6% in the previous month, while annual inflation rate in the country declined to 10.1% in January from 10.5% in December.

 

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 dropping 0.37%, Hong Kong’s Hang Seng Index falling 1.43% and China’s Shanghai Composite Index declining 0.39%. India’s S&P BSE Sensex gained 0.4%.

India's trade deficit increased to $17.75 billion in January from $17.42 in the year-ago month.

 

Economics

• Mortgage applications in the US fell 7.7% in the week ended Feb. 10, 2023.
• The NY Empire State Manufacturing Index rose 27.1 points from a month ago to a reading of -5.8 in February.
• Retail sales in the US rose 3% month-over-month in January, recording the biggest growth since March 2021 and above market expectations for a 1.8% increase.
• Industrial production in the US came in unchanged for January following a revised 1.0% decline in December.
• Stocks of crude oil in the US increased by 16.283 million barrels to 842.973 million in the week ended Feb. 10, the EIA said.

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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 104,803,150 cases with around 1,140,400 deaths. India confirmed a total of at least 44,684,370 cases and 530,750 deaths, while France reported over 39,570,470 COVID-19 cases with 164,620 deaths. In total, there were at least 677,904,870 cases of COVID-19 worldwide with more than 6,784,390 deaths.