U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite turning higher on Wednesday.
The Dow traded down 0.23% to 33,899.20 while the NASDAQ rose 0.16% to 12,172.92. The S&P 500, also rose, gaining, 0.04% to 4,156.70.
Check This Out: Apple To Rally 15%? Here Are 10 Other Analyst Forecasts For Wednesday
Leading and Lagging Sectors
- Utilities shares rose by 0.6% on Wednesday. Meanwhile, top gainers in the sector included Essential Utilities, Inc. WTRG, up 2%, and Cadiz Inc. CDZI, up 4%.
- In trading on Wednesday, communication services fell by 0.5%.
Top Headline
Abbott Laboratories ABT reported better-than-expected Q1 results and issued guidance.
Abbott Laboratories reported Q1 FY23 adjusted EPS of $1.03, down 40.5% Y/Y, better than the consensus of $0.99. Q1 sales of $9.75 billion decreased 18.1% on a reported basis and 14.5% on an organic basis, beating the consensus of $9.64 billion.
Abbott reaffirmed FY23 adjusted EPS of $4.30-$4.50, versus consensus of $4.39.
Equities Trading UP
- VYNE Therapeutics Inc. VYNE shares shot up 33% to $4.16 after the company announced new preclinical data showing the effect of its novel pan-BET inhibitor, VYN201, in a preclinical model of idiopathic pulmonary fibrosis.
- Shares of China Jo-Jo Drugstores, Inc. CJJD got a boost, shooting 78% to $1.2001 after the company announced the termination of its previously proposed registered direct offering.
- Western Alliance Bancorporation WAL shares were also up, gaining 21% to $39.40 after the company reported better-than-expected Q1 earnings.
Equities Trading DOWN
- Allarity Therapeutics, Inc. ALLR shares dropped 41% to $0.6787 after the company announced pricing for its $7.5 million public offering.
- Shares of Femasys Inc. FEMY were down 23% to $0.9720 after the company announced a $3.9 million registered direct offering priced at-the-market under Nasdaq rules.
- Agrify Corporation AGFY was down, falling 35% to $0.1948 after the company announced it entered into agreements to raise up to $1.84 million from the exercise of previously issued common stock warrants.
Also Check This Out: Ethereum Falls Below This Key Level; Arbitrum Becomes Top Loser
Commodities
In commodity news, oil traded down 2% to $79.27 while gold traded down 0.6% at $2,008.50.
Silver traded up 0.5% to $25.38 on Wednesday while copper fell 0.4% to $4.0755.
Stocks of crude oil in the US dropped by 2.675 million barrels in the week that April 14, 2023, compared to estimates of a 2.464 million decline, the API said Tuesday.
Euro zone
European shares closed mixed today. The eurozone’s STOXX 600 fell 0.10%, London’s FTSE 100 fell 0.13% while Spain’s IBEX 35 Index rose 0.77%. The German DAX rose 0.08%, French CAC 40 rose 0.21% and Italy’s FTSE MIB Index gained 0.15%.
Construction output in the Eurozone increased 2.3% from a year ago in February versus a revised 0.5% growth in the previous month. The annual inflation rate in the Eurozone was confirmed at 6.9% in March, recording its lowest level since Feb. 2022. The Eurozone recorded a current account surplus of EUR 21.3 billion in February versus a year-ago deficit of EUR 1.9 billion.
UK’s producer inflation eased to 8.7% year-over-year in March versus a revised 11.9% in the prior month, while consumer price inflation rate slowed to 10.1% year-over-year in March from 10.4% in February.
Asia Pacific Markets
Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 dropping 0.18%, Hong Kong’s Hang Seng Index falling 1.37% and China’s Shanghai Composite Index declining 0.68%. India’s S&P BSE Sensex dropped 0.2%.
Industrial production in Japan climbed 4.6 percent month-over-month in February. The Westpac-Melbourne Institute Leading Economic Index in Australia came in almost flat versus the previous month during March.
Economics
- Mortgage applications in the US fell 8.8% in the week ended April 14, 2023, following a 5.3% increase in the prior week, according to Mortgage Bankers Association.
- US crude oil inventories declined by 4.581 million barrels in the week ended April 14, 2023, versus market estimates of a 1.088 million barrel drop, the US Energy Information Administration said.
Now Read This: These 3 Utilities Stocks With Over 4% Dividend Yields Are Recommended By Wall Street's Most Accurate Analysts
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,481,960 cases with around 1,158,340 deaths. India confirmed a total of at least 44,845,400 cases and 531,190 deaths, while France reported over 39,914,030 COVID-19 cases with 166,160 deaths. In total, there were at least 685,865,890 cases of COVID-19 worldwide with more than 6,843,940 deaths.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.