S&P 500 Tops 6,000; Rumble Shares Slide After Q3 Results

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 0.3% on Wednesday.

The Dow traded up 0.34% to 44,059.95 while the NASDAQ rose 0.28% to 19,335.15. The S&P 500 also rose, gaining, 0.32% to 6,003.04.

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Leading and Lagging Sectors

Consumer discretionary shares surged by 1.3% on Wednesday.

In trading on Wednesday, communication services shares fell by 0.2%.

Top Headline

Rumble Inc. RUM shares fell around 15% on Wednesday after the company posted downbeat results for the third quarter.

The company posted a quarterly loss of 15 cents per share, versus estimates for a loss of 12 cents per share.

Equities Trading UP
                       

• Microvast Holdings, Inc. MVST shares shot up 392% to $0.8890 after the company reported better-than-expected third-quarter financial results.
• Shares of BTC Digital Ltd. BTCT got a boost, surging 75% to $4.7100 after the company announced an agreement with Recte Technologies and Asia Investment Fund to host 1,100 bitcoin mining machines in the US.
• Kaixin Holdings KXIN shares were also up, gaining 61% to $4.7100 after the company announced it received a Nasdaq letter indicating it has regained compliance with the minimum bid price requirement.

Equities Trading DOWN

• Syros Pharmaceuticals, Inc. SYRS shares dropped 86% to $0.3701 after the company announced its SELECT-MDS-1 Phase 3 trial of tamibarotene did not meet its primary endpoint and has discontinued the study.
• Shares of GlucoTrack, Inc. GCTK were down 75% to $0.3817 after the company announced a $10 million public offering of 7.2 million shares with attached warrants.
• Wag! Group Co. PET was down, falling 72% to $0.1821 after the company reported worse-than-expected third-quarter financial results and cut its FY24 revenue outlook.

Commodities

In commodity news, oil traded up 0.6% to $68.54 while gold traded down 0.7% at $2,587.80.

Silver traded down 0.4% to $30.635 on Wednesday, while copper fell 1% to $4.0955.

Euro zone

European shares closed mostly lower today. The eurozone's STOXX 600 fell 0.13%, Germany's DAX fell 0.16% and France's CAC 40 fell 0.14%. Spain's IBEX 35 Index fell 0.05%, while London's FTSE 100 rose 0.06%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 falling 1.66%, Hong Kong's Hang Seng Index falling 0.12%, China's Shanghai Composite Index gaining 0.51% and India's BSE Sensex falling 1.25%.

Economics

• U.S. mortgage applications rose 0.5% from the previous week in the week ending Nov. 8.
• U.S. annual inflation rate rose to 2.6% in October from 2.4% in the previous month, and in-line with market estimates. The CPI rose 0.2% month-over-month in October.

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