Nasdaq Down 1%; Decibel Therapeutics Shares Spike Higher

U.S. stocks were lower midway through trading, with the Nasdaq Composite falling around 1% on Wednesday.

The Dow traded down 0.52% to 35,130.45 while the NASDAQ fell 1.03% to 13,741.71. The S&P 500, also fell, dropping, 0.62% to 4,471.60.

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Leading and Lagging Sectors

• Energy shares jumped by 1.1% on Wednesday.
• In trading on Wednesday, information technology shares fell 1.3%.

 

Top Headline

U.S. crude oil inventories increased by 5.851 million barrels in the week to Aug. 4, 2023, compared to market expectations for a 0.567 million barrel rise, the EIA said.

 

Equities Trading UP

• Tango Therapeutics, Inc. TNGX shares shot up 85% to $7.07 after gaining 11% on Tuesday. Tango Therapeutics recently posted a narrower quarterly loss.
• Shares of Decibel Therapeutics, Inc. DBTX got a boost, shooting 76% to $4.91 after Regeneron announced it will acquire the company.
• Renovaro Biosciences Inc. RENB shares were also up, gaining 65% to $1.40 after the company and AI-focused GEDi Cube announced a binding, exclusive letter of intent to merge.

 

Equities Trading DOWN

• Palisade Bio, Inc. PALI shares dropped 65% to $0.6826 after the company announced its U.S. Phase 2 PROFILE study evaluating LB1148 for post-surgical abdominal adhesions did not achieve the primary efficacy endpoint.
• Shares of Tigo Energy, Inc. TYGO were down 42% to $12.37 after the company reported worse-than-expected second-quarter sales results and issued third-quarter revenue guidance below estimates.
• Nuvei Corporation NVEI was down, falling 37% to $18.76 after the company reported mixed second-quarter financial results and issued third-quarter revenue guidance below estimates.

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Commodities

In commodity news, oil traded up 0.3% to $83.17 while gold traded down 0.5% at $1,950.80.

Silver traded down 0.2% to $22.76 on Wednesday while copper rose 0.4% to $3.7825.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.43%, London’s FTSE 100 rose 0.80% while Spain’s IBEX 35 Index rose 0.57% The German DAX gained 0.49% French CAC 40 rose 0.72% and Italy’s FTSE MIB Index gained 1.31%.

 

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 falling 0.53%, China’s Shanghai Composite Index falling 0.49% and Hong Kong’s Hang Seng Index gaining 0.32%. India’s S&P BSE Sensex, meanwhile, rose 0.1%.

China's producer prices declined 4.4% year-over-year in July following a 5.4% decline in the previous month, while consumer prices fell by 0.3%% year-over-year in July, versus a flat reading in the prior month.

Japan’s machine tool orders fell 19.8% year-over-year to JPY 114,251 million in July following a revised 22.2% decline in the prior month.

 

Economics

• Mortgage applications in the U.S. declined 3.1% during the first week of August.
• U.S. crude oil inventories increased by 5.851 million barrels in the week to Aug. 4, 2023, compared to market expectations for a 0.567 million barrel rise, 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 107,569,370 cases with around 1,170,790 deaths. India confirmed a total of at least 44,996,030 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 693,010,490 cases of COVID-19 worldwide with more than 6,905,650 deaths.