Nasdaq Down Over 1%; Sage Therapeutics Shares Plunge

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

The Dow traded down 0.32% to 37,678.27 while the NASDAQ fell 1.16% to 15,681.95. The S&P 500 also fell, dropping, 0.74% to 5,013.98.

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Leading and Lagging Sectors

 

Utilities shares rose by 0.7% on Wednesday.

In trading on Wednesday, information technology shares fell by 0.9%.

 

Top Headline

 

Crude oil inventories in the U.S. climbed by 2.735 million barrels in the week ended April 12, compared to a 5.841 million gain in previous prior week.

 

Equities Trading UP

 

INVO Bioscience, Inc. INVO shares shot up 235% to $2.61 after the company reported a year-over-year increase in fourth-quarter revenue results and said it remains on track to reach its goal of reaching break-even or profitability within its current operations in 2024.

Shares of Edible Garden AG Incorporated EDBL got a boost, surging 102% to $9.19 after the company reported preliminary first quarter fy24 results.

The Children's Place, Inc. PLCE shares were also up, gaining 24% to $8.79 after the company announced it entered into a new financing agreement with Mithaq Capital.

 

Equities Trading DOWN

 

Longeveron Inc. LGVN shares dropped 42% to $2.06 after the company announced the exercise of warrants for $6.2 million in gross proceeds.

Shares of Sage Therapeutics, Inc. SAGE were down 23% to $12.11. The company announced topline results from Phase 2 PRECEDENT study of dalzanemdor for the treatment of people with mild cognitive impairment in Parkinson's Disease.

Ontrak, Inc. OTRK was down, falling 21% to $0.3655 after the company reported worse-than-expected quarterly financial results.

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Commodities

 

In commodity news, oil traded down 1.5% to $84.11 while gold traded down 0.2% at $2,403.50.

Silver traded up 1.1% to $28.68 on Wednesday, while copper rose 1.3% to $4.3585.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 gained 0.07%, London’s FTSE 100 rose 0.51% while Spain’s IBEX 35 Index gained 1.02% The German DAX gained 0.02% French CAC 40 climbed 0.62% while Italy’s FTSE MIB Index gained 0.72%.

The consumer price inflation rate in the Eurozone came in at 2.4% year-over-year in March. The UK’s inflation rate eased to 3.2% year-over-year in March versus 3.4% in the prior month, while producer prices increased 0.6% year-over-year in March.

 

Asia Pacific Markets

 

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 falling 1.32%, Hong Kong’s Hang Seng Index gaining 0.02% and China’s Shanghai Composite gaining 2.14%.

Japan recorded a trade surplus of JPY 366,467 billion in March versus a deficit of JPY 750,854 billion in the year-ago period, while the Reuters Tankan sentiment index for manufacturers declined to +9 in April versus March’s reading of +10.

 

Economics

 

U.S. mortgage applications climbed by 3.3% in the latest week.

Crude oil inventories in the U.S. climbed by 2.735 million barrels in the week ended April 12, compared to a 5.841 million gain in previous prior week.

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