U.S. stocks traded mixed toward the end of trading, with the Dow Jones index turning lower on Wednesday.
The Dow traded down 0.05% to 37,886.62 while the NASDAQ rose 0.59% to 15,517.32. The S&P 500 also rose, gaining, 0.29% to 4,878.52.
Check This Out: Netflix To Rally Around 18%? Here Are 10 Top Analyst Forecasts For Wednesday
Market Momentum
Communication services shares rose by 1.7% on Wednesday.
In trading on Wednesday, utilities shares fell by 0.8%.
US Composite PMI Surge
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 previous month’s level of 50.9.
Fluctuating Equities
Getaround, Inc. GETR shares shot up 161% to $0.4794 after the company announced it secured $20 million in financing.
Shares of Evaxion Biotech A/S EVAX got a boost, surging 127% to $11.33 after a 13G filing showed Merck & Co reported an 11.4% stake in the company as of Dec. 21, 2023.
Kura Oncology, Inc. KURA shares were also up, gaining 46% to $19.58 after the company announced an oversubscribed $150 million private placement.
BlackBerry Limited BB shares dropped 19% to $2.8850 after the company announced a proposed private offering of $160 million of convertible senior notes.
Shares of Annovis Bio, Inc. ANVS were down 18% to $9.57 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 11% to $66.37 after the company announced preliminary fourth-quarter and full year 2023 results, and issued first-quarter guidance.
Commodity Market Fluctuations
In commodity news, oil traded up 1.1% to $75.20 while gold traded down 0.5% at $2,016.20. Silver traded up 1.7% to $22.84 on Wednesday while copper rose 2.3% to $3.8810.
Global Market Overview
European shares closed higher today. The eurozone’s STOXX 600 gained 1.18%, London’s FTSE 100 rose 0.56% while Spain’s IBEX 35 Index rose 1.16% The German DAX climbed 1.58% French CAC40 gained 0.91% while Italy’s FTSE MIB Index rose 0.87%.
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%.
Recent Economic Indicators
U.S. mortgage applications increased by 3.7% in the week ending Jan. 19, 2024. US crude oil inventories fell by 9.233 million barrels in the week ending Jan. 19. This recorded the biggest decline since August and compared to market estimates of a 2.15 million-barrel decline.
