US Stocks Gain; Producer Prices Fall In October

U.S. stocks traded higher this morning, with the Dow Jones gaining around 90 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.27% to 34,922.07 while the NASDAQ rose 0.36% to 14,144.63. The S&P 500 also rose, gaining, 0.27% to 4,507.75.

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Leading and Lagging Sectors

 

Consumer staples shares surged by 0.7% on Wednesday.

In trading on Wednesday, energy shares fell by 0.1%.

 

Top Headline

 

Producer prices in the U.S. declined 0.5% month-over-month in October, the most since April 2020 and compared to market estimates of a 0.1% rise.

 

Equities Trading UP

 

Chemomab Therapeutics Ltd. CMMB shares shot up 61% to $0.9809 after the FDA granted CM-101 Fast Track designation for adult patients of primary sclerosing cholangitis (PSC), a fibrotic liver disease.

Shares of Heron Therapeutics, Inc. HRTX got a boost, shooting 55% to $0.8349 after the company reported mixed third-quarter financial results and issued guidance.

Taysha Gene Therapies, Inc. TSHA shares were also up, gaining 56% to $2.0750 after the company reported third-quarter results.

 

Equities Trading DOWN

 

Jaguar Global Growth Corporation I JGGC shares dropped 36% to $4.52.

Shares of Ispire Technology Inc. ISPR were down 25% to $12.30 after jumping over 50% on Tuesday. The company reported a narrower loss for its first quarter.

Global-e Online Ltd. GLBE was down, falling 24% to $29.91 as the company reported third-quarter FY23 sales growth of 27% year-over-year, to $133.605 million, missing the consensus of $140.97 million.

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Commodities

 

In commodity news, oil traded down 1.2% to $77.33 while gold traded down 0.1% at $1,965.60.

Silver traded up 1.1% to $23.39 on Wednesday while copper rose 0.6% to $3.7050.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 gained 0.5%, London’s FTSE 100 rose 0.8% while Spain’s IBEX 35 Index rose 0.3% The German DAX rose 0.8% French CAC 40 rose 0.4%, while Italy’s FTSE MIB Index climbed 0.5%.

Industrial production in the Eurozone fell by 1.1% month-over-month in September versus a 0.6% increase in the prior period. The Eurozone recorded a trade surplus of EUR 10 billion in September versus a EUR 29.8 billion gap in the year-ago month.

The annual inflation rate in Italy fell to 1.7% in October from 5.3% a month ago, while French consumer price inflation was confirmed at 4% year-over-year for the month. UK’s producer prices declined 0.6% year-over-year in October, while inflation rate in the UK fell to 4.6% in October. German wholesale prices declined by 4.2% year-over-year in October.

 

Asia Pacific Markets

 

Asian markets closed higher on Wednesday, with Japan’s Nikkei 225 rising 2.52%, Hong Kong’s Hang Seng Index jumping 3.92% and China’s Shanghai Composite Index gaining 0.55%. India’s S&P BSE Sensex, meanwhile, surged 1.14%.

India’s trade deficit increased to a record high of $31.5 billion in October versus a $26.3 billion gap in the year-ago period. Japan’s industrial production growth was revised higher to 0.5% month-over-month in September versus a preliminary reading of 0.2%, while Japanese economy shrank 2.1% on an annualized basis in the third quarter.

China's retail sales jumped by 7.6% year-over-year in October, while industrial production rose by 4.6% year-over-year in October.

 

Economics

 

Producer prices in the U.S. declined 0.5% month-over-month in October, the most since April 2020 and compared to market estimates of a 0.1% rise.

The NY Empire State Manufacturing Index climbed 14 points to a reading of 9.1 in November, recording the highest reading since April and versus market estimates of -2.8.

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