Gold Rises Over 1%; Arcos Dorados Shares Fall After Q1 Results

U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining around 1% on Wednesday.

The Dow traded up 0.68% to 39,827.63 while the NASDAQ rose 1.29% to 16,723.91. The S&P 500 also rose, gaining, 1.03% to 5,300.57.

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Leading and Lagging Sectors

Utilities shares rose by 1.5% on Wednesday.

In trading on Wednesday, energy shares fell by 0.8%.

Top Headline

Shares of Arcos Dorados Holdings Inc. ARCO fell around 5% on Wednesday after reporting results for its first quarter

The company reported total revenues of $1.081 billion in the first quarter, up 9.1% versus the prior year. Quarterly sales marginally beat the analyst consensus of $1.020 billion. Arcos Dorados reported first-quarter earnings per share of 14 cents, missing the street view of 17 cents.

Equities Trading UP
                       

• OptimizeRx Corporation OPRX shares shot up 23% to $12.90 following upbeat quarterly results.
• Shares of Edible Garden AG Incorporated EDBL got a boost, surging 30% to $5.57 following first-quarter results.
• iPower Inc. IPW shares were also up, gaining 34% to $1.19 after the company reported better-than-expected third-quarter financial results.

Equities Trading DOWN

• Virpax Pharmaceuticals, Inc. VRPX shares dropped 66% to $0.7796 after the company reported pricing of $2.25m public offering.
• Shares of Pixelworks, Inc. PXLW were down 35% to $1.22 after the company issued soft second-quarter guidance.
• Aethlon Medical, Inc. AEMD was down, falling 47% to $0.4542 after the company announced pricing of $4.7 million public offering.

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Commodities

In commodity news, oil traded up 0.8% to $78.63 while gold traded up 1.5% at $2,392.90.

Silver traded up 3.7% to $29.755 on Wednesday, while copper rose 0.7% to $4.9290.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.59%, Germany's DAX rose 0.82% and France's CAC 40 rose 0.17%. Spain's IBEX 35 Index rose 1.10%, while London's FTSE 100 rose 0.21%.

Industrial production in the Eurozone increased by 0.6% month-over-month in March compared to a revised 1% gain in the previous month. The Eurozone economy grew by 0.3% on quarter during the first three months, compared to a 0.1% decline in the prior quarter.

The annual inflation rate in France fell to 2.2% in April from 2.3% in March.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei gaining 0.08%, China's Composite Index falling 0.82%, Hong Kong's Hang Seng Index falling 0.22% and India's S&P BSE Sensex falling 0.22%.

Total passenger vehicle sales in India rose 1.2% year-over-year to 287,746 in April compared to an 8.9% rise in the prior month. The People’s Bank of China kept the interest rate unchanged at 2.50%.

Economics

• Mortgage applications in the US rose 0.5% from the prior week in the period ending May 10.
• U.S. consumer prices rose 0.3% month-over-month in April compared to 0.4% in the previous month, and also down from market expectations of 0.4%.
• Annual inflation rate in the U.S. slowed to 3.4% in April from 3.5% a month ago.
• U.S. retail sales came in unchanged month-over-month in April compared to a revised 0.6% increase in March.
• The NY Empire State Manufacturing Index declined to -15.6 in May compared to -14.3 in the prior month, and versus market estimates of -10.0.
• Total business inventories declined by 0.1% month-over-month in March compared to a revised 0.3% gain in February.
• The NAHB/Wells Fargo Housing Market Index declined to 45.0 in May, recording the lowest level in four months.
• Crude oil inventories in the U.S. declined by 2.508 million barrels in the week ending May 10, compared to a 1.362 million gain in the prior period.

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