Dow Falls Over 100 Points; US Producer Prices Drop In May

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

Following the market opening Wednesday, the Dow traded down 0.32% to 34,101.52 while the NASDAQ rose 0.16% to 13,594.96. The S&P 500, also rose, gaining, 0.19% to 4,377.22.

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Leading and Lagging Sectors

• Energy shares jumped by 0.9% on Wednesday. Meanwhile, top gainers in the sector included NextDecade Corporation NEXT, up 49%, and Ardmore Shipping Corporation ASC, up 4%.
• In trading on Wednesday, health care shares fell by 0.8%.

Top Headline

Producer prices for final demand fell 0.3% month-over-month in May versus a 0.2% increase in April, and compared to market expectations for a 0.1% decline.

Equities Trading UP

• WeTrade Group, Inc. WETG shares shot up 113% to $17.99. WeTrade launched large-scale language processing models to increase product applications in the field of artificial intelligence.
• Shares of NextDecade Corporation NEXT got a boost, shooting 50% to $7.71 after the company announced it has entered into framework agreements with Global Infrastructure Partners and TotalEnergies to support the development of the Rio Grande LNG project.
• Inventiva S.A. IVA shares were also up, gaining 24% to $4.56 after the company announced its Phase II clinical trial evaluating lanifibranor in patients with T2D and NAFLD achieved its primary efficacy endpoint.

Equities Trading DOWN

• Cineverse Corp. CNVS shares dropped 30% to $2.49 after the company reported pricing of $8 million public offering.
• Shares of IperionX Limited IPX were down 27% to $9.63. IperionX shares climbed over 100% on Tuesday after the company announced it will produce titanium components for the Ford Motor Company.
• Eastside Distilling, Inc. EAST was down, falling 23% to $4.82 after the company disclosed business and financial updates.

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Commodities

In commodity news, oil traded up 0.9% to $70.05 while gold traded up 0.4% at $1,966.00.

Silver traded up 0.6% to $23.96 on Wednesday while copper rose 0.3% to $3.8410.

Stocks of crude oil in the US climbed by 1.024 by million barrels in the week ended June 9, the API said Tuesday.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.6%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index jumped 1.4% The German DAX gained 0.5% French CAC 40 rose 0.8% and Italy’s FTSE MIB Index rose 1.2%.

Industrial production in the Eurozone rose 1.0% month-over-month in April versus a 3.8% decline in the previous period. German wholesale prices declined by 2.6% year-over-year in May.

The UK trade deficit shrank to GBP 1.52 billion in April, recording the smallest gap since Oct, 2022. Industrial production in the UK fell 0.3% month-over-month for April. The British economy grew by 0.2% month-over-month in April versus a 0.3% decline in the prior month.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 1.47%, Hong Kong’s Hang Seng Index dropping 0.58% and China’s Shanghai Composite Index dropping 0.14%. India’s S&P BSE Sensex rose 0.1%.

India's wholesale prices fell by 3.48% year-over-year in May following a 0.92% drop in the earlier month.

Economics

• Mortgage applications in the U.S. rose 7.2% in the week ended June 9, recording the first increase in five weeks.
• Producer prices for final demand fell 0.3% month-over-month in May versus a 0.2% increase in April, and compared to market expectations for a 0.1% decline.

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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 107,194,310 cases with around 1,166,810 deaths. India confirmed a total of at least 44,993,080 cases and 531,890 deaths, while France reported over 40,116,540 COVID-19 cases with 167,500 deaths. In total, there were at least 690,329,200 cases of COVID-19 worldwide with more than 6,891,070 deaths.