Dow Gains Over 100 Points; Fed Leaves Interest Rates Unchanged

U.S. stocks traded higher toward the end of trading, after the Federal Reserve announced its policy decision.

The Dow traded up 0.40% to 33,185.41 while the NASDAQ rose 0.92% to 12,969.54. The S&P 500 also rose, gaining, 0.67% to 4,221.94.

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Leading and Lagging Sectors

Information technology shares jumped by 1.2% on Wednesday.

In trading on Wednesday, materials shares fell by 0.6%.

 

Top Headline

The Federal Reserve opted to maintain interest rates at the range of 5.25% to 5.5% during its November meeting, as widely anticipated by the market.

 

Equities Trading UP

Cellectis S.A. CLLS shares shot up 194% to $2.8335. 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 103% to $15.59. 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 32% to $10.18 following third-quarter results.

 

Equities Trading DOWN

WeWork Inc. WE shares dropped 51% to $1.1150 following reports that the company is nearing bankruptcy.

Shares of IRIDEX Corporation IRIX were down 38% to $2.0425. Iridex has withdrawn its previously announced annual guidance for 2023 and plans to provide additional information during its third-quarter earnings release based on the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 39% to $150.30. 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 down 0.1% to $80.91 while gold traded down 0.3% at $1,986.90.

Silver traded down 0.5% to $22.835 on Wednesday while copper fell 0.1% to $3.6450.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.67%, London’s FTSE 100 rose 0.28% while Spain’s IBEX 35 Index rose 0.64% The German DAX gained 0.76% French CAC 40 climbed 0.68%, while Italy’s FTSE MIB Index jumped 0.88%.

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.

U.S. crude oil inventories increased by 0.774 million barrels in the week ending Oct. 27, 2023, compared to a 1.371 million rise in the prior period and versus market estimates of a 1.261 million increase.

The Federal Reserve left the key interest rate unchanged at the range of 5.25% to 5.5% on Wednesday.

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