Nasdaq Down Over 50 Points; Uber Posts Q1 Loss

U.S. stocks traded lower this morning, with the Nasdaq Composite falling over 50 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.05% to 38,863.85 while the NASDAQ fell 0.37% to 16,272.05. The S&P 500 also fell, dropping, 0.17% to 5,179.08.

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Leading and Lagging Sectors

Utilities shares rose by 0.2% on Wednesday.

In trading on Wednesday, real estate shares fell by 0.9%.

Top Headline

Uber Technologies, Inc UBER posted weaker-than-expected fiscal first-quarter financial results.

Uber reported fiscal first-quarter 2024 revenue growth of 15% year-on-year to $10.10 billion, marginally missing the analyst consensus estimate of $10.11 billion. Uber’s GAAP EPS of 32 cents loss missed the analyst consensus estimate of 23 cents.

Equities Trading UP
                       

Reborn Coffee, Inc. REBN shares shot up 104% to $3.53 after the company announced a significant expansion into the China market through a strategic Master License Agreement with IAID Co.

Shares of iSun, Inc. ISUN got a boost, surging 44% to $0.1904.

Innodata Inc. INOD shares were also up, gaining 39% to $9.35 after the company reported a year-over-year increase in first-quarter financial results.

Equities Trading DOWN

Treace Medical Concepts, Inc.. TMCI shares dropped 60% to $4.46 after the company reported first-quarter financial results and issued FY24 revenue guidance below estimates.

Shares of DoubleVerify Holdings, Inc. DV were down 40% to $18.46 after the company reported first-quarter financial results.

Seres Therapeutics, Inc. MCRB was down, falling 35% to $0.7181 following quarterly results.

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Commodities

In commodity news, oil traded down 0.9% to $77.69 while gold traded down 0.2% at $2,319.80.

Silver traded down 0.1% to $27.505 on Wednesday, while copper fell 1.3% to $4.5395.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.2%, Germany's DAX rose 0.1% and France's CAC 40 gained 0.7%. Spain's IBEX 35 Index rose 0.4%, while London's FTSE 100 rose 0.3%.

Spain’s industrial output declined by 1.2% year-over-year in March compared to a revised 1.3% gain in the previous month. German industrial production fell by 0.4% month-over-month in March versus a revised 1.7% increase in the earlier month.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan's Nikkei falling 1.63%, China's Composite Index declining 0.61%, Hong Kong's Hang Seng Index dipping 0.90% and India's S&P BSE Sensex falling 0.1%.       

Economics

Mortgage applications in the US increased by 2.6% from the prior week in the period ending May 3.

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