Nasdaq Surges 100 Points; Manchester United Shares Rise After Q3 Results

U.S. stocks traded mostly higher this morning, with the Nasdaq Composite gaining around 100 points on Wednesday.

The Dow traded up 0.02% to 39,298.72 while the NASDAQ rose 0.53% to 18,526.10. The S&P 500 also rose, gaining, 0.28% to 5,592.62.

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Leading and Lagging Sectors

Information technology shares jumped by 0.7% on Wednesday.

In trading on Wednesday, financials shares fell by 0.3%.

Top Headline

Shares of Manchester United plc MANU gained around 4% on Wednesday after the company reported results for the third quarter.

The company reported quarterly loss of 31 cents per share which missed the analyst consensus estimate for a loss of 27 cents per share. The company reported quarterly sales of $172.46 million which beat the analyst consensus estimate of $162.92 million.

Equities Trading UP
                       

• Virpax Pharmaceuticals, Inc. VRPX shares shot up 133% to $2.65 after the company announced results for a Swine Model pilot study for Probudur.
• Shares of Longeveron Inc. LGVN got a boost, surging 79% to $5.14 after the company announced that the FDA granted Regenerative Medicine Advanced Therapy designation to Lomecel-B for the treatment of mild Alzheimer’s Disease.
• VivoPower International PLC VVPR shares were also up, gaining 58% to $4.0412 after the company announced it secured an extension for a $34 million loan financing facility agreement.

Equities Trading DOWN

• Shineco, Inc. SISI shares dropped 41% to $2.66. Shineco's subsidiary Fuzhou Meida signed distribution agreements for water-soluble phospholipid concentrate beverage.
• Shares of SeaStar Medical Holding Corporation ICU were down 33% to $8.65 after the company entered into a $10 million registered direct offering of 947,868 shares at $10.55 per share.
• Zapp Electric Vehicles Group Limited ZAPP was down, falling 33% to $12.01.

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Commodities

In commodity news, oil traded down 0.1% to $81.34 while gold traded up 0.9% at $2,388.90.

Silver traded up 0.9% to $31.34 on Wednesday, while copper rose 1.5% to $4.6445.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.6%, Germany's DAX gained 0.8% and France's CAC 40 rose 0.7%. Spain's IBEX 35 Index rose 1.1%, while London's FTSE 100 rose 0.5%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei gaining 0.61%, Hong Kong's Hang Seng Index declining 0.29%, China's Shanghai Composite Index dipping 0.68% and India's S&P BSE Sensex falling 0.53%.

Japanese machine tool orders climbed by 9.7% year-over-year to JPY 133,817 million in June compared to a 4.2% rise in the prior month.

Economics

• Mortgage applications in the U.S. fell by 0.2% during the first week of July.
• U.S. wholesale inventories increased by 0.6% month-over-month in May compared to a 0.2% gain in the previous month.

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