Dow Turns Lower; KULR Technology Group Shares Plummet

U.S. stocks traded mixed toward the end of trading, with the Dow Jones falling 100 points on Wednesday.

The Dow traded down 0.29% to 34,545.66 while the NASDAQ rose 0.22% to 13,803.43. The S&P 500, also rose, gaining, 0.01% to 4,462.11.

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Leading and Lagging Sectors

Utilities shares jumped by 1.6% on Wednesday.

In trading on Wednesday, real estate shares fell by 1%.

 

Top Headline

The annual inflation rate in the U.S. rose for a second consecutive month to 3.7% in August from 3.2% in the previous month, and also above market estimates of 3.6%. Consumer prices increased 0.6% month-over-month in August following a 0.2% growth in July.

 

Equities Trading UP

HireRight Holdings Corporation HRT shares shot up 13% to $9.91.
HireRight plans additional $25 million share repurchase program.

Shares of Rocket Pharmaceuticals, Inc. RCKT got a boost, shooting 37% to $20.91 after the company announced that alignment has been reached with the FDA on the global Phase 2 pivotal trial of RP-A501 for Danon Disease.

DZS Inc. DZSI shares were also up, gaining 28% to $2.35. DZS secured $29.7 million in financing.

 

Equities Trading DOWN

Eiger BioPharmaceuticals, Inc. EIGR shares dropped 39% to $0.4201 after the company announced its decision to discontinue the Phase 3 LIMT-2 study of peginterferon lambda in patients with chronic hepatitis delta.

Shares of Calidi Biotherapeutics CLDI were down 46% to $4.30 following the company’s public debut.

KULR Technology Group, Inc. KULR was down, falling 31% to $0.4026 as the company reported pricing of $2.5 million public offering of common stock.

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Commodities

In commodity news, oil traded down 0.4% to $88.52 while gold traded down 0.1% at $1,932.40.

Silver traded down 1.1% to $23.145 on Wednesday while copper rose 0.1% to $3.7935.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.32% London’s FTSE 100 slipped 0.02% while Spain’s IBEX 35 Index fell 0.33% The German DAX fell 0.39% French CAC 40 fell 0.42%, while Italy’s FTSE MIB Index declined 0.36%.

Industrial production in the Eurozone fell by 1.1% month-over-month in July, compared to market expectations for a 0.7% decrease.

The British economy contracted by 0.5% month-over-month in July following a 0.5% growth in the prior month. The UK's trade deficit shrank to £3.446 billion in July from £4.787 billion a month ago, while industrial production declined 0.7% month-over-month in July. Manufacturing output dropped 0.8% month-over-month in July, while construction output rose by 2.8% year-over-year in July.

 

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 falling 0.21%, Hong Kong’s Hang Seng Index falling 0.09% and China’s Shanghai Composite Index declining 0.45%. India’s S&P BSE Sensex, meanwhile, rose 0.4%.

Producer prices in Japan increased by 3.2% year-over-year in August following a revised 3.4% growth in July, while Reuters Tankan sentiment index for manufacturers dropped to +4 in September versus August’s reading of +12.

 

Economics

Mortgage applications in the U.S. declined 0.8% in the week ending Sept. 8, 2023, versus a 2.9% decline in the prior period.

The annual inflation rate in the U.S. rose for a second consecutive month to 3.7% in August from 3.2% in the previous month, and also above market estimates of 3.6%. Consumer prices increased 0.6% month-over-month in August following a 0.2% growth in July.

U.S. crude oil inventories climbed by 3.954 million barrels in the week ending Sept. 8, 2023, versus market estimates of a 1.912 million 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 108,331,780 cases with around 1,174,690 deaths. India confirmed a total of at least 44,997,820 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,188,410 cases of COVID-19 worldwide with more than 6,914,960 deaths.