U.S. stocks traded mostly lower this morning, with the Nasdaq Composite falling around 300 points on Wednesday.
Following the market opening Wednesday, the Dow traded down 0.10% to 40,914.80 while the NASDAQ fell 1.63% to 18,208.05. The S&P 500 also fell, dropping, 0.98% to 5,611.77 .
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Leading and Lagging Sectors
Energy shares jumped by 0.5% on Wednesday.
In trading on Wednesday, information technology shares fell by 2.3%.
Top Headline
Johnson & Johnson JNJ reported better-than-expected second-quarter earnings on Wednesday.
The company posted adjusted EPS of $2.82, up 10.2% year-over-year, beating the consensus of $2.70. The pharma giant reported sales of $22.45 billion, up 4.3% year-over-year, beating the consensus of $22.31 billion.
Johnson & Johnson raised fiscal year 2024 operational sales guidance to $89.2 billion-$89.6 billion versus prior guidance of $88.7 billion-$89.1 billion.
Equities Trading UP
- Aditxt, Inc. ADTX shares shot up 67% to $2.66. Aditxt and Evofem amended merger agreement.
- Shares of Locafy Limited LCFY got a boost, surging 41% to $7.69.
- Shimmick Corporation SHIM shares were also up, gaining 36% to $2.74 after the company received a $27.6 million subcontract for the Sunol Valley Water Treatment Plant Ozonation Project.
Equities Trading DOWN
- ASLAN Pharmaceuticals Limited ASLN shares dropped 57% to $0.4813 after the company announced that its Singapore-incorporated, sole operating subsidiary has filed for voluntary liquidation.
- Shares of Cassava Sciences, Inc. SAVA were down 27% to $9.91 after announcing changes in executive leadership. The company named Rick Barry as Executive Chairman and Principal Executive Office and said Remi Barbier resigned as President, CEO, and Board Member.
- NaaS Technology Inc. NAAS was down, falling 14% to $4.0097.
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Commodities
In commodity news, oil traded up 0.6% to $81.23 while gold traded up 0.2% at $2,473.50.
Silver traded down 1% to $31.155 on Wednesday, while copper fell 0.5% to $4.4285.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 0.6%, Germany's DAX fell 0.6% and France's CAC 40 fell 0.5%. Spain's IBEX 35 Index fell 0.2%, while London's FTSE 100 fell 0.1%.
Annual inflation rate in the Eurozone eased to 2.5% in June from 2.6% in May. French current account deficit shrank to EUR 3.1 billion in May versus a revised EUR 3.5 billion in the prior month.
U.K. producer prices increased 1.4% year-over-year in June following a 1.7% rise in the prior month, while annual inflation rate came in steady at 2% in June.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 falling 0.43%, Hong Kong's Hang Seng Index gaining 0.06% and China's Shanghai Composite Index falling 0.45%.
Singapore’s non-oil domestic exports fell by 8.7% year-over-year in June following a revised 0.7% decline in May.
Economics
- U.S. mortgage applications climbed by 3.9% during the third week of July.
- U.S. housing starts increased by 3% from the prior month to an annualized rate of 1,314,000 in June compared to a revised 4.6% fall a month ago.
- Building permits in the U.S. climbed by 3.4% to an annual rate of 1.446 million in June.
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