US Stocks Gain; Uber Posts Upbeat Sales

U.S. stocks traded higher this morning, with the Dow Jones gaining around 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.25% to 38,618.79 while the NASDAQ rose 0.34% to 15,661.70. The S&P 500 also rose, gaining, 0.34% to 4,971.18.

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Leading and Lagging Sectors

 

Consumer discretionary shares rose by 0.7% on Wednesday.

In trading on Wednesday, utilities shares fell by 0.2%.

 

Top Headline

 

Uber Technologies, Inc UBER reported better-than-expected fourth-quarter sales.

Uber reported fourth-quarter FY23 revenue growth of 15% year-on-year to $9.94 billion, beating the consensus of $9.76 billion. Uber’s GAAP EPS of $0.29 beat the consensus of $0.17.

Uber expects first-quarter gross bookings of $37.0 billion to $38.5 billion and an adjusted EBITDA of $1.26 billion to $1.34 billion.

 

Equities Trading UP

 

MicroCloud Hologram Inc. HOLO shares shot up 147% to $3.7007. MicroCloud Hologram said it is planning to join the Communications Industry Association.

Shares of Glatfelter Corporation GLT got a boost, surging 82% to $2.3301 after the company and Berry Global announced they entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business with Glatfelter.

SMX (Security Matters) Public Limited Company SMX shares were also up, gaining 85% to $0.43.

 

Equities Trading DOWN

 

Invitae Corporation NVTA shares dropped 33% to $0.06. Invitae, backed by SoftBank Group, is reportedly on the brink of filing for bankruptcy in the coming weeks.

Shares of CytoMed Therapeutics Limited GDTC were down 34% to $2.03.

Snap Inc. SNAP was down, falling 32% to $11.90 after the company reported mixed quarterly results.

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Commodities

 

In commodity news, oil traded up 0.8% to $73.89 while gold traded up 0.1% at $2,053.80.

Silver traded down 0.2% to $22.435 on Wednesday while copper fell 0.5% to $3.763.

 

Euro zone

 

European shares were lower today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 fell 0.4% while Spain’s IBEX 35 Index fell 0.8% The German DAX fell 0.3% French CAC 40 fell 0.1% while Italy’s FTSE MIB Index fell 0.1%.

France’s current account deficit shrank to EUR 0.7 billion in December versus a revised EUR 2.9 billion in the prior month, while trade deficit increased to €6.83 billion in December from a €5.9 billion gap in the previous month.

The Halifax House Price Index rose by 2.5% year-over-year in January, while German industrial output declined by 1.6% month-over-month in December.

 

Asia Pacific Markets

 

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 falling 0.11%, Hong Kong’s Hang Seng Index falling 0.34% and China’s Shanghai Composite Index gaining 1.44%. India’s S&P BSE Sensex, meanwhile, fell 0.06%.

China's vehicle sales climbed by 47.9% year-over-year to 2.44 million units in January. China's foreign exchange reserves fell to $3.219 trillion in January from $3.238 trillion in the prior month. Foreign exchange reserves in Hong Kong fell to $423.2 billion in January.

The index of leading economic indicators in Japan rose to 110.0 in December versus a revised reading of 108.1 in the previous month, while index of coincident economic indicators rose to 116.2 in December from a final reading of 114.6. Reserve assets in Japan declined to $1.292 trillion in January from $1.295 trillion a month ago.

 

Economics

 

US mortgage applications increased by 3.7% on the week ending Feb. 2.

The trade deficit in the US came in at $62.2 billion in December versus a revised $61.9 billion gap in November.

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