Dow Dips Over 100 Points; Ribbon Communications Shares Spike Higher

U.S. stocks traded mixed midway through trading, with the Dow Jones falling over 100 points on Wednesday.

The Dow traded down 0.33% to 38,376.53 while the NASDAQ rose 0.21% to 15,729.04. The S&P 500 also fell, dropping, 0.11% to 5,065.22.

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Leading and Lagging Sectors

Consumer discretionary shares climbed by 0.5% on Wednesday.

In trading on Wednesday, industrials shares fell by 1.2%.

Top Headline

The EIA said crude oil inventories in the U.S. declined by 6.368 million barrels in the week ended April 19, versus market estimates of a 1.6 million gain.

Equities Trading UP
                       

• BranchOut Food Inc. BOF shares shot up 85% to $2.11 after the company announced it has expanded its existing relationship with the nation’s largest retailer, which brings the total annualized value of commitments from the retailer to over $8 million.
• Shares of Amesite Inc. AMST got a boost, surging 57% to $3.1260 after the company announced the Beta release of its NurseMagic app.
• Ribbon Communications Inc. RBBN shares were also up, gaining 28% to $3.2995 after the company reported first-quarter financial results and issued guidance.

Equities Trading DOWN

• Evotec SE EVO shares dropped 33% to $5.21. The company reported FY23 financial results. Evotec announced a priority reset to optimize its business to meet evolving market demand and focus on profitable growth in 2024 and beyond.
• Shares of Avenue Therapeutics, Inc. ATXI were down 30% to $0.0939 after the company announced a reverse stock split.
• New Oriental Education & Technology Group Inc. EDU was down, falling 14% to $77.22 following third-quarter earnings.

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Commodities

In commodity news, oil traded down 0.3% to $83.13 while gold traded up 0.1% at $2,345.00.

Silver traded down 0.1% to $27.345 on Wednesday, while copper rose 0.9% to $4.4720.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.48%, London's FTSE 100 fell 0.07% while Spain's IBEX 35 Index fell 0.55% The German DAX fell 0.40% French CAC 40 fell 0.27% while Italy's FTSE MIB Index fell 0.40%.

The Ifo Business Climate indicator for Germany climbed to 89.4 in April, topping market estimates of 88.9.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 gaining 2.42%, Hong Kong's Hang Seng Index gaining 2.21%, China's Shanghai Composite climbing 0.76% and India's S&P BSE Sensex gaining 0.16%.

Australia’s inflation rate fell to 3.6% year-over-year in the first quarter from 4.1% in the previous period.

Economics

• U.S. mortgage applications declined by 2.7% from the prior week in the period ending April 19.
• New orders for manufactured durable goods rose by 2.6% month-over-month in March compared to a revised 0.7% gain in February.
• The EIA said crude oil inventories in the U.S. declined by 6.368 million barrels in the week ended April 19, versus market estimates of a 1.6 million gain.

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