US Stocks Mixed; Inflation Rate Increases In October

U.S. stocks traded mixed this morning, with the Dow Jones index gaining around 0.1% on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.10% to 43,953.28 while the NASDAQ fell 0.01% to 19,279.74. The S&P 500 also fell, dropping, 0.01% to 5,983.55.

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Leading and Lagging Sectors

Real estate shares surged by 1.2% on Wednesday.

In trading on Wednesday, energy shares fell by 0.9%.

Top Headline

U.S. annual inflation rate rose to 2.6% in October from 2.4% in the previous month, and in-line with market estimates. The CPI rose 0.2% month-over-month in October.

Equities Trading UP
                       

• Microvast Holdings, Inc. MVST shares shot up 219% to $0.5819 after the company reported better-than-expected third-quarter financial results.
• Shares of BTC Digital Ltd. BTCT got a boost, surging 103% to $21.36 after the company announced an agreement with Recte Technologies and Asia Investment Fund to host 1,100 bitcoin mining machines in the US.
• Kaixin Holdings KXIN shares were also up, gaining 122% to $6.48 after the company announced it received a Nasdaq letter indicating it has regained compliance with the minimum bid price requirement.

Equities Trading DOWN

• Syros Pharmaceuticals, Inc. SYRS shares dropped 86% to $0.3748 after the company announced its SELECT-MDS-1 Phase 3 trial of tamibarotene did not meet its primary endpoint and has discontinued the study.
• Shares of GlucoTrack, Inc. GCTK were down 76% to $0.3783 after the company announced a $10 million public offering of 7.2 million shares with attached warrants.
• Wag! Group Co. PET was down, falling 59% to $0.2679 after the company reported worse-than-expected third-quarter financial results and cut its FY24 revenue outlook.

Commodities

In commodity news, oil traded down 0.5% to $67.80 while gold traded up 0.5% at $2,619.00.

Silver traded up 0.9% to $31.020 on Wednesday, while copper fell 0.3% to $4.1250.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 fell 0.3%, Germany's DAX fell 0.3% and France's CAC 40 fell 0.3%. Spain's IBEX 35 Index rose 0.1%, while London's FTSE 100 gained 0.1%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 falling 1.66%, Hong Kong's Hang Seng Index falling 0.12%, China's Shanghai Composite Index gaining 0.51% and India's BSE Sensex falling 1.25%.

Economics

• U.S. mortgage applications rose 0.5% from the previous week in the week ending Nov. 8.
• U.S. annual inflation rate rose to 2.6% in October from 2.4% in the previous month, and in-line with market estimates. The CPI rose 0.2% month-over-month in October.

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