U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 400 points on Wednesday.
The Dow traded up 1.07% to 41,177.51 while the NASDAQ rose 3.10% to 17,678.79. The S&P 500 also rose, gaining, 2.08% to 5,549.42.
Leading and Lagging Sectors
Information technology shares jumped by 4.3% on Wednesday.
In trading on Wednesday, health care shares rose by just 0.1%.
Top Headline
Microsoft Corporation MSFT reported better-than-expected earnings and sales results for its fourth quarter on Tuesday.
Intelligent Cloud segment revenue was $28.5 billion, up 19% year-over-year, while Azure and other cloud services revenue posted year-over-year growth of 29% last quarter.
Equities Trading UP
- Powell Industries, Inc. POWL shares shot up 40% to $186.83 after the company reported better-than-expected Q3 GAAP EPS and sales.
- Shares of Modine Manufacturing Company MOD got a boost, surging 24% to $122.84 after the company reported better-than-expected first-quarter financial results.
- Fiverr International Ltd. FVRR shares were also up, gaining 22% to $26.78 after the company reported better-than-expected second-quarter financial results.
Equities Trading DOWN
- Imunon, Inc. IMNN shares dropped 61% to $1.31 after the company announced a $10 million registered direct offering of 5 million shares of common stock with unregistered warrants at a price of $2 per unit.
- Shares of FibroGen, Inc FGEN were down 45% to $0.5640. The company announced topline results from two late-stage trials evaluating the efficacy and safety of pamrevlumab in patients with pancreatic cancer and said its Precision Promise study in metastatic pancreatic cancer did not meet its primary endpoint.
- PepGen Inc. PEPG was down, falling 35% to $11.05. The company announced clinical data from the first dose cohort of PGN-EDO51.
Commodities
In commodity news, oil traded up 4.3% to $77.96 while gold traded up 1% at $2,476.40.
Silver traded up 1.5% to $28.945 on Wednesday, while copper rose 2.8% to $4.1965.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 0.80%, Germany's DAX rose 0.53% and France's CAC 40 gained 0.76%. Spain's IBEX 35 Index fell 1.23%, while London's FTSE 100 rose 1.13%.
Asia Pacific Markets
Asian markets closed higher on Wednesday, with Japan's Nikkei 225 gaining 1.49%, Hong Kong's Hang Seng Index jumping 2.01% and S&P BSE Sensex gaining 0.35%.
Economics
- U.S. pending home sales rose by 4.8% from the prior month in June compared to a revised contraction of 1.9%.
- U.S. crude oil inventories declined by 3.436 million barrels in the week ended July 26th, above market estimates of a 1.6 million barrel draw.
- Private businesses in the U.S. added 122,000 workers to their payrolls in July, versus a revised 155,000 in June.
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