Nasdaq Surges Over 100 Points Ahead Of Fed Decision; WeWork Shares Plunge

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 100 points on Wednesday.

The Dow traded up 0.55% to 33,233.33 while the NASDAQ rose 0.87% to 12,962.92. The S&P 500 also rose, gaining, 0.74% to 4,224.85.

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Leading and Lagging Sectors

 

Information technology shares jumped by 1.3% on Wednesday.

In trading on Wednesday, utilities shares fell by 0.1%.

 

Top Headline

 

The ISM manufacturing PMI fell to 46.7 in October versus 49 in the prior month, compared to market expectations of 49.

 

Equities Trading UP

 

Cellectis S.A. CLLS shares shot up 148% to $2.3910. Cellectis reported strategic collaboration and investment agreements with AstraZeneca. Cellectis also presented pre-clinical data on multi-armored allogeneic MUC1-CAR T-cells targeting triple-negative breast cancer at the Society for Immunotherapy of Cancer 38th Annual Meeting.

Shares of Patriot Transportation Holding, Inc. PATI got a boost, shooting 104% to $15.69. Patriot Transportation announced an agreement under which United Petroleum Transports will acquire all of the outstanding shares of Patriot common stock for $16.26 per share in cash.

TG Therapeutics, Inc. TGTX shares were also up, gaining 29% to $9.98 following third-quarter results.

 

Equities Trading DOWN

 

WeWork Inc. WE shares dropped 52% to $1.09 following reports that the company is nearing bankruptcy.

Shares of IRIDEX Corporation IRIX were down 43% to $1.8669. Iridex has withdrawn its previously announced annual guidance for 2023 and plans to provide additional information during its third-quarter earnings release based on the information available at that time.

Paycom Software, Inc. PAYC was down, falling 38% to $153.11. Paycom Software reported worse-than-expected third-quarter sales results and issued FY23 revenue guidance below estimates.

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Commodities

 

In commodity news, oil traded up 2.2% to $82.81 while gold traded up 0.3% at $1,999.60.

Silver traded up 0.4% to $23.052 on Wednesday while copper rose 1% to $3.6850.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 gained 0.73%, London’s FTSE 100 rose 0.65% while Spain’s IBEX 35 Index rose 0.65% The German DAX gained 0.69% French CAC 40 climbed 0.68%, while Italy’s FTSE MIB Index jumped 0.99%.

The S&P Global/CIPS UK manufacturing PMI was revised lower to 44.8 in October from the preliminary reading of 45.2, while Nationwide House Price Index fell by 3.3% year-over-year in October.

 

Asia Pacific Markets

 

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 rising 2.41%, Hong Kong’s Hang Seng Index falling 0.06% and China’s Shanghai Composite Index gaining 0.14%. India’s S&P BSE Sensex, meanwhile, slipped around 0.4%.

Retail sales in Hong Kong surged 10.1% year-over-year in September versus a 11% increase in the prior month. The S&P Global India manufacturing PMI fell to 55.5 in October from 57.5, while the Caixin China general manufacturing PMI declined to 49.5 in October from 50.6 in the previous month. The au Jibun Bank Japan manufacturing PMI was revised higher to 48.7 in October.

 

Economics

 

Private businesses in the U.S. added 113,000 workers in October, compared to market estimates of a 150,000 increase and versus a gain of 89,000 in the prior month.

Construction spending in the U.S. increased by 0.4% month-over-month to an annual rate of $1,996.5 billion in September.

The number of job openings rose by 56,000 from the prior month to 9.55 million in September.

The S&P Global manufacturing PMI rose to 50.0 in October from 49.8 in September.

The ISM Manufacturing PMI fell to 46.7 in October versus 49 in the prior month, compared to market expectations of 49.

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