U.S. stocks traded higher this morning, with the Dow Jones index jumping around 100 points on Wednesday.
Following the market opening Wednesday, the Dow traded up 0.22% to 42,438.74 while the NASDAQ gained 0.19% to 19,235.41. The S&P 500 also rose, gaining, 0.21% to 5,933.97.
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Leading and Lagging Sectors
Communication services shares jumped by 0.5% on Wednesday.
In trading on Wednesday, materials stocks fell by 0.5%.
Top Headline
Abercrombie & Fitch Company (NYSE:ANF) reported better-than-expected first-quarter earnings on Wednesday.
The company posted adjusted EPS of $1.59, beating the street view of $1.40. Quarterly sales of $1.1 billion outpaced the analyst consensus estimate of $1.08 billion.
The company expects second-quarter net sales growth in the range of 3% to 5% and EPS of $2.10-$2.30 vs consensus of $2.53. Abercrombie & Fitch revised FY25 guidance for net sales growth to 3% to 6% (from 3% to 5% prior) and EPS to $9.50 to $10.50 (from $10.40 to $11.40) vs. street view of $10.75.
Equities Trading UP
- Signing Day Sports, Inc. (NYSE:SGN) shares shot up 301% to $3.3297 after announcing a business combination agreement with BlockchAIn to acquire 100% of the company and form a crypto mining, AI, and high-performance computing data hosting company.
- Shares of Spero Therapeutics, Inc. (NASDAQ:SPRO) got a boost, surging 218% to $2.17 after the company and GSK announced the Phase 3 study of tebipenem HBr met its primary endpoint and will stop early for efficacy.
- Safe & Green Holdings Corp. (NASDAQ:SGBX) shares were also up, gaining 117% to $1.20.
Equities Trading DOWN
- InflaRx N.V. (NASDAQ:IFRX) shares dropped 59% to $0.7501 after the company halted Vilobelimab Phase 3 trial in pyoderma Gangrenosum after futility finding in interim analysis.
- Shares of Cemtrex, Inc. (NASDAQ:CETX) were down 46% to $0.9022 after the company announced a $1.25 million public offering.
- ESS Tech, Inc. (NYSE:GWH) was down, falling 41% to $1.1550.
Commodities
In commodity news, oil traded up 1.4% to $61.74 while gold traded up 0.4% at $3,311.80.
Silver traded up 0.3% to $33.40 on Wednesday, while copper fell 0.5% to $4.7165.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 0.3%, while Spain's IBEX 35 Index fell 0.8%. London's FTSE 100 fell 0.1%, Germany's DAX 40 fell 0.4% and France's CAC 40 slipped 0.1% during the session.
Asia Pacific Markets
Asian markets closed lower on Wednesday, with Japan's Nikkei falling 0.005%, Hong Kong's Hang Seng Index dipping 0.53%, China's Shanghai Composite Index falling 0.02% and India's BSE Sensex falling 0.29%.
Economics
The volume of mortgage applications in the US declined by 1.2% from the previous week during the week ending May 23.
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