US Stocks Edge Higher; Coherus Reports FDA Approval Of UDENYCA ONBODY

U.S. stocks traded slightly higher this morning, with the Dow Jones index gaining more than 20 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.08% to 37,575.13 while the NASDAQ rose 0.17% to 15,099.84. The S&P 500 also rose, gaining, 0.07% to 4,777.93.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 0.5% on Wednesday.

In trading on Wednesday, financial shares fell by 0.2%.

Top Headline

Coherus BioSciences, Inc. CHRS announced FDA approval of UDENYCA ONBODY for pegfilgrastim-cbqv.

Equities Trading UP

First Wave BioPharma, Inc. FWBI shares shot up 236% to $12.35 after the company announced that it entered a non-binding term sheet to sell its Niclosamide program for the treatment of inflammatory bowel diseases.

Shares of Cingulate Inc. CING got a boost, surging 122% to $4.65.

RiskOn International, Inc. ROI shares were also up, gaining 76% to $0.25. RiskOn International expects to announce its new generative AI platform and technology partner on Jan. 3, 2024.

Equities Trading DOWN

Hallmark Financial Services, Inc. HALL shares dropped 26% to $1.1597.
Hallmark Financial Services gave notice to Nasdaq of intention to voluntarily delist its shares of common stock from Nasdaq Global Market.

Shares of Baosheng Media Group Holdings Limited BAOS were down 16% to $4.8999.

Iovance Biotherapeutics, Inc. IOVA was down, falling 18% to $7.26 after the FDA placed a clinical hold on the IOV-LUN-202 trial in response to a recently reported Grade 5 adverse event potentially related to the non-myeloablative lymphodepletion pre-conditioning regimen.

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Commodities

In commodity news, oil traded down 0.6% to $75.13 while gold traded up 0.4% at $2,079.00.

Silver traded down 0.2% to $24.355 on Wednesday while copper rose 0.4% to $3.9185.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.3%, London’s FTSE 100 rose 0.6% while Spain’s IBEX 35 Index rose 0.2% The German DAX rose 0.3% French CAC 40 rose 0.2%, while Italy’s FTSE MIB Index gained 0.3%.

Asia Pacific Markets

Asian markets closed higher on Wednesday, with Japan’s Nikkei 225 gaining 1.13%, Hong Kong’s Hang Seng Index rising 1.74% and China’s Shanghai Composite Index gaining 0.54%. India’s S&P BSE Sensex, meanwhile, rose 0.98%.

Japan's housing starts fell by 8.5% year-over-year in November following a 6.3% decline in the earlier month. Profits earned by Chinese industrial firms fell by 4.4% year-over-year to CNY 6,982.28 billion during the first eleven months of the year. Producer prices in Malaysia fell by 1.5% year-over-year in November.

Economics

The Richmond Fed's manufacturing index will be released at 10:00 a.m. ET.

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