Dow Surges Over 150 Points; Alphabet Posts Upbeat Results

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 150 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.41% to 42,406.57 while the NASDAQ rose 0.33% to 18,774.25. The S&P 500 also rose, gaining, 0.23% to 5,846.61.

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Leading and Lagging Sectors

Communication services shares rose by 2.7% on Wednesday.

In trading on Wednesday, health care shares fell by 0.8%.

Top Headline

Alphabet Inc. GOOG GOOGL posted better-than-expected results for the third quarter on Tuesday.

The company reported third-quarter revenue of $88.27 billion, up 15% year-over-year. The total beat a Street consensus estimate of $86.31 billion.

Equities Trading UP
                       

• Tharimmune, Inc. THAR shares shot up 125% to $4.56 after the company announced it received EMA feedback on its TH104 clinical program. The design and main features of the proposed Phase 2 study were deemed acceptable and general guidance was also provided for a future Phase 3 study.
• Shares of Ensysce Biosciences, Inc. ENSC got a boost, surging 61% to $0.6722.
• Reddit, Inc. RDDT shares were also up, gaining 40% to $114.73 after the company reported better-than-expected third-quarter financial results and issued fourth-quarter revenue guidance above estimates.

Equities Trading DOWN

• SRIVARU Holding Limited SVMH shares dropped 58% to $0.0287 after the company announced it upsized its $6.8 million public offering.
• Shares of Vicinity Motor Corp. VEV were down 48% to $0.0252. Vicinity Motor recently announced that all members of its board of directors have resigned.
• Applied DNA Sciences, Inc. APDN was down, falling 38% to $0.1975 after the company announced the pricing of a registered direct offering of 20,312,500 shares at $0.32 per share. The company also announced a concurrent private placement.

Commodities

In commodity news, oil traded up 1.5% to $68.23 while gold traded up 0.4% at $2,792.20.

Silver traded down 1.3% to $34.00 on Wednesday, while copper rose 0.1% to $4.3625.

Euro zone

European shares were lower today. The eurozone's STOXX 600 dipped 1%, Germany's DAX fell 0.27% and France's CAC 40 slipped 0.61%. Spain's IBEX 35 Index fell 0.6%, while London's FTSE 100 fell 0.80%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 gaining 0.96%, Hong Kong's Hang Seng Index dipping 1.55%, China's Shanghai Composite Index falling 0.61% and India's BSE Sensex falling 0.53%.

Economics

• Pending home sales in the U.S. surged by 7.4% from the previous month in September, compared to a 0.6% gain in August.
• The U.S. economy grew by an annualized 2.8% in the third quarter, from 3% in the second quarter.
• Private businesses in the U.S. hired 233K workers to their payrolls in October compared to a revised 159K gain in September.

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