U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 150 points on Wednesday.
The Dow traded up 0.36% to 38,040.66 while the NASDAQ rose 0.97% to 15,574.97. The S&P 500 also rose, gaining, 0.66% to 4,896.89.
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Market Movement: A Glimpse at Leading and Lagging Sectors
Communication services shares rose by 1.7% on Wednesday.
In trading on Wednesday, utilities shares fell by 0.8%.
US crude oil inventories fell by 9.233 million barrels in the week ending Jan. 19, recording the biggest decline since August and compared to market estimates of a 2.15 million-barrel decline.
Equities Trading UP and DOWN
Shares of Getaround, Inc. GETR shares shot up 158% to $0.4750 after the company announced it secured $20 million in financing.
Shares of Evaxion Biotech A/S EVAX got a boost, surging 116% to $10.80 after a 13G filing showed Merck & Co reported an 11.4% stake in the company as of Dec. 21, 2023.
SciSparc Ltd. SPRC shares were also up, gaining 64% to $5.67 after the company announced a $20 million standby equity purchase agreement.
BlackBerry Limited BB shares dropped 18% to $2.9050 after the company announced a proposed private offering of $160 million of convertible senior notes.
Shares of Annovis Bio, Inc. ANVS were down 16% to $9.73 after the company announced a postponement in the Phase III study data release for buntanetap in Parkinson’s Disease.
DuPont de Nemours, Inc. DD was down, falling 12% to $65.94 after the company announced preliminary fourth-quarter and full year 2023 results, and issued first-quarter guidance.
Commodities Update
In commodity news, oil traded up 1.4% to $75.41 while gold traded down 0.5% at $2,015.90. Silver traded up 1.7% to $22.850 on Wednesday while copper rose 2.2% to $3.8775.
Global Market Actions
European shares were higher today. The eurozone’s STOXX 600 gained 1.07%, London’s FTSE 100 rose 0.54% while Spain’s IBEX 35 Index rose 1.04% The German DAX climbed 1.50% French CAC 40 gained 0.85% while Italy’s FTSE MIB Index rose 0.67%.
Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 falling 0.80%, Hong Kong’s Hang Seng Index climbing 3.56% and China’s Shanghai Composite Index gaining 1.80%. India’s S&P BSE Sensex, meanwhile, rose 0.98%.
Economic Insight
U.S. mortgage applications increased by 3.7% in the week ending Jan. 19, 2024.
The S&P Global US services PMI rose to a seven-month high level of 52.9 in January, while manufacturing PMI surged to 50.3 in January from 47.9 in the prior month.
The S&P Global composite PMI rose to 52.3 in January, compared to the previous month’s level of 50.9.
US crude oil inventories fell by 9.233 million barrels in the week ending Jan. 19, recording the biggest decline since August and compared to market estimates of a 2.15 million-barrel decline.