Nasdaq Down 90 Points; DLocal Shares Spike Higher

U.S. stocks traded mostly lower midway through trading, with the Nasdaq Composite declining around 90 points on Wednesday.

The Dow traded down 0.01% to 34,942.88 while the NASDAQ fell 0.67% to 13,540.33. The S&P 500, also fell, dropping, 0.20% to 4,428.93.

Check This Out: Verizon, S&P Global And 2 Other Stocks Insiders Are Selling

 

Leading and Lagging Sectors

 

Energy shares rose by 0.5% on Wednesday.

In trading on Wednesday, real estate shares fell by 0.4%.

 

Top Headline

 

Target Corporation TGT reported better-than-expected second-quarter earnings, but lowered its profit forecast.

Target reported a second-quarter FY23 sales decline of 4.9% year-on-year to $24.77 billion, missing the analyst consensus of $25.18 billion. Adjusted EPS of $1.80 beat the analyst consensus of $1.39.

Target lowered FY23 adjusted EPS guidance from $7.75-$8.75 to $7.00-$8.00 (consensus $7.79) and expects comparable sales in a wide range around mid-single-digit decline for the remainder of the year. It sees third-quarter adjusted EPS of $1.20 - $1.60 against the Street view of $1.84; expects a mid-single-digit decline in comparable sales.

 

Equities Trading UP

 

Novo Integrated Sciences, Inc. NVOS shares shot up 72% to $0.1980. Novo Integrated Sciences issued an update on certain current actions and events. The company recently reported a year-over-year increase in third-quarter EPS results.

Shares of DLocal Limited DLO got a boost, shooting 45% to $22.50 after the company reported better-than-expected financial results for its second quarter and reaffirmed FY23 revenue guidance.

Tivic Health Systems, Inc. TIVC shares were also up, gaining 60% to $0.0598 after the company announced its funded study started enrollment for its non-invasive bioelectronic device approach to vagus nerve stimulation.

 

Equities Trading DOWN

 

RVL Pharmaceuticals plc RVLP shares dropped 38% to $0.26. RVL Pharmaceuticals announced a $5 million registered direct offering of 11,870,846 shares priced at $0.4212/share.

Shares of Sacks Parente Golf, Inc. SPGC were down 72% to $8.17 after jumping 624% on Tuesday. Sacks Parente Golf announced pricing of $12.8 million initial public offering of 3.2 million common shares at $4 per share.

Coherent Corp. COHR was down, falling 32% to $31.85 after the company posted fourth-quarter results.

Also Check This Out: Wall Street's Most Accurate Analysts Say Hold These 3 Real Estate Stocks With Over 9% Dividend Yields

 

Commodities

 

In commodity news, oil traded down 0.3% to $80.74 while gold traded down 0.1% at $1,934.60.

Silver traded up 0.1% to $22.665 on Wednesday while copper rose 0.2% to $3.6730.

 

Euro zone

 

European shares were mixed today. The eurozone’s STOXX 600 fell 0.09%, London’s FTSE 100 fell 0.45% while Spain’s IBEX 35 Index rose 0.17% The German DAX rose 0.18% French CAC 40 fell 0.03%, while Italy’s FTSE MIB Index fell 0.75%.

The Eurozone economy expanded by 0.3% during the second quarter, while the number of employed persons increased by 0.2% from the prior quarter to 166.7 thousand during the three months leading to June. Industrial production in the Eurozone increased by 0.5% month-over-month in June.

Consumer price inflation in the UK fell to 6.8% in July from 7.9% in the prior month, while producer prices fell by 0.8% year-over-year in July following a 0.3% increase in the prior month.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 falling 1.46%, China’s Shanghai Composite Index falling 0.82% and Hong Kong’s Hang Seng Index falling 1.36%. India’s S&P BSE Sensex, meanwhile, rose 0.22%.

Average new home prices in China declined 0.1% year-over-year in July following a flat reading in the previous month. The Westpac-Melbourne Institute Leading Economic Index in Australia came in almost flat versus the earlier month in July versus a 0.1% increase in the previous month. The Reuters Tankan sentiment index for manufacturers in Japan rose to +12 in August from +3 in the prior month.

 

Economics

 

Mortgage applications in the U.S. fell 0.8% in the week ending Aug. 11, 2023.

Housing starts in the U.S. increased by 3.9% month-over-month to an annualized rate of 1.452 million in July.

Building permits in the U.S. rose 0.1% to an annual rate of 1.442 million in July.

Industrial production in the U.S. increased 1% from a month ago in July, above market estimates of a 0.3% growth.

Now Read This: Top 5 Consumer Stocks That May Fall Off A Cliff

 

COVID-19 Update

 

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,740,740 cases with around 1,172,140 deaths. India confirmed a total of at least 44,996,330 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,599,040 cases of COVID-19 worldwide with more than 6,908,150 deaths.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsTrading IdeasMid Day Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!