Dow Falls Over 100 Points; US Wholesale Inventories Edge Higher

U.S. stocks traded lower midway through trading, with the Dow Jones falling around 100 points on Wednesday

The Dow traded down 0.33% to 34,038.81 while the NASDAQ fell 0.28% to 13,601.60. The S&P 500 also fell, dropping, 0.24% to 4,367.92.

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Leading and Lagging Sectors

 

Information technology shares rose by 0.3% on Wednesday.

In trading on Wednesday, utilities shares fell by 1.6%.

 

Top Headline

 

U.S. wholesale inventories rose by 0.2% month-over-month in September compared to a 0.1% decline in the prior month.

 

Equities Trading UP

 

ContextLogic Inc. WISH shares shot up 23% to $5.17 following strong quarterly sales.

Shares of GAN Limited GAN got a boost, shooting 84% to $1.6450 as the company agreed to be acquired by Sega Sammy Creation for $1.97 per share in cash.

The RealReal, Inc. REAL shares were also up, gaining 30% to $2.10 following better-than-expected quarterly results.

 

Equities Trading DOWN

 

DURECT Corporation DRRX shares dropped 77% to $0.60 after the company announced results from its Phase 2B AHFIRM trial did not achieve statistical significance for either dose on the primary endpoint of mortality or transplant at 90 days.

Shares of FTC Solar, Inc. FTCI were down 73% to $0.3270 after the company reported third-quarter earnings. The company disclosed the departure of CEO Sean Hunkler and CFO Phelps Morris from their roles in December 2023.

Establishment Labs Holdings Inc. ESTA was down, falling 40% to $19.70 after the company reported worse-than-expected third-quarter financial results.

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Commodities

 

In commodity news, oil traded down 2.2% to $75.64 while gold traded down 0.6% at $1,962.10.

Silver traded up 1.2% to $22.85 on Wednesday while copper fell 1.1% to $3.6375.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 rose 0.28%, London’s FTSE 100 fell 0.11% while Spain’s IBEX 35 Index rose 0.52% The German DAX rose 0.51% French CAC 40 rose 0.69%, while Italy’s FTSE MIB Index rose 0.13%.

Retail sales in the Eurozone fell by 0.3% in September, compared to market estimates of a 0.2% decline, while median consumer expectations for inflation over the next 12 months rose to 4.0% in September.

France’s current account deficit increased to EUR 2.5 billion in September versus a revised EUR 1.1 billion in the prior month, while trade deficit widened to €8.9 billion in September compared to a revised €8.3 billion a month ago. Germany’s consumer price inflation rate eased to 3.8% year-over-year in October from the previous month's level of 4.5%.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 falling 0.33%, Hong Kong’s Hang Seng Index declining 0.58% and China’s Shanghai Composite Index falling 0.16%. India’s S&P BSE Sensex, meanwhile, rose around 0.1%.

The index of leading economic indicators in Japan fell to 108.7 in September versus a final level of 109.2, while index of coincident economic indicators rose to 114.7 from a final reading of 114.6 in August. Reserve assets in Japan increased to $1.238 trillion in October versus $1.237 trillion a month ago.

 

Economics

 

Mortgage applications in the U.S. increased by 2.5% on the week ending Nov. 3, after falling for three straight weeks.

U.S. wholesale inventories rose by 0.2% month-over-month in September compared to a 0.1% decline in the prior month.

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