Dow Falls Over 100 Points; Phillips 66 Posts Upbeat Results

U.S. stocks were lower this morning, with the Dow Jones falling over 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.40% to 35,489.70 while the NASDAQ fell 1.40% to 14,084.03. The S&P 500, also fell, dropping, 0.85% to 4,537.84.

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Leading and Lagging Sectors

  • Health care shares climbed by 0.3% on Wednesday.
  • In trading on Wednesday, information technology shares fell by 1.4%.

 

Top Headline

Phillips 66 PSX reported better-than-expected results for its second quarter.

Phillips 66 reported quarterly adjusted EPS of $3.87, beating the consensus of $3.54. Revenue of $35.74 billion exceeded the consensus of $34.55 billion.

 

Equities Trading UP

  • WaveDancer, Inc. WAVD shares shot up 90% to $0.5630. Tellenger, a subsidiary of Wavedancer, Inc., won a seven-year U.S. government contract.
  • Shares of T Stamp Inc. IDAI got a boost, shooting 59% to $2.3078. Trust Stamp received privacy-secured biometric identification and verification patent.
  • TRxADE HEALTH, Inc. MEDS shares were also up, gaining 53% to $10.02. TRxADE HEALTH is expected to release financial results for the second quarter 2023 on Aug. 14, 2023.

 

Equities Trading DOWN

  • Adamis Pharmaceuticals Corporation ADMP shares dropped 67% to $1.33 after the company reported pricing of $8 million public offering of 5.93 million units at a price of $1.35 per unit.
  • Shares of Cambium Networks Corporation CMBM were down 42% to $9.43 after the company reported worse-than-expected second-quarter results.
  • Latch, Inc. LTCH was down, falling 47% to $0.8841. Latch said it has notified the hearings panel of The Nasdaq Stock Market LLC that the company does not anticipate regaining compliance with its periodic filing obligations on or before its Aug. 4, 2023 deadline.

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Commodities

In commodity news, oil traded up 0.2% to $81.50 while gold traded up 0.1% at $1,981.40.

Silver traded down 0.3% to $24.25 on Wednesday while copper fell 1.2% to $3.8660.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.2%, London’s FTSE 100 fell 1.1% while Spain’s IBEX 35 Index fell 1.7% The German DAX declined 1.1% French CAC 40 fell 0.8% and Italy’s FTSE MIB Index declined 1%.

The number of foreign tourist arrivals in Spain rose 10.9% year-over-year to 8.3 million in June, while number of people registering as jobless in the country declined 0.4% to 2.68 million in July.

 

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 falling 2.3%, China’s Shanghai Composite Index falling 0.89% and Hong Kong’s Hang Seng Index falling 2.47%. India’s S&P BSE Sensex, meanwhile, fell 1.02%.

The Ai Group Australian Industry Index declined by 2.8 points to -14.7 in July.

 

Economics

  • Mortgage applications in the U.S. declined 3% in the final week of July, versus a 1.8% decline in the prior period.
  • Private businesses in the U.S. added 324 thousand workers in July versus a revised 455 thousand rise and surpassing market estimates of a 189 thousand increase.

Now Read This: AMD To Rally Around 16%? Here Are 10 Other Analyst Forecasts For Wednesday

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,515,730 cases with around 1,169,810 deaths. India confirmed a total of at least 44,995,620 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 692,531,690 cases of COVID-19 worldwide with more than 6,903,480 deaths.

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