U.S. stocks traded mixed this morning, with the Nasdaq Composite falling around 150 points on Wednesday.
Following the market opening Wednesday, the Dow traded up 0.13% to 38,517.77 while the NASDAQ fell 1.07% to 15,344.69. The S&P 500 also fell, dropping, 0.47% to 4,901.66.
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Winners and Losers across the Board
Utilities shares rose by 0.8% on Wednesday.
In trading on Wednesday, communication services shares fell by 3%.
Top Economic Indicators
Private businesses in the U.S. added 107,000 workers in January, compared to a revised 158,000 gain in December and versus market estimates of 145,000.
Stocks on the Rise
Connexa Sports Technologies Inc. CNXA shares skyrocketed 135% to $0.47. Connexa said it has regained compliance with Nasdaq minimum shareholder equity rule.
Shares of Lytus Technologies Holdings PTV. Ltd. LYT gained 53% to $0.1231 after falling around 7% on Tuesday.
Powell Industries, Inc. POWL shares also rose, increasing by 35% to $110.52 after the company reported better-than-expected first-quarter financial results and raised its quarterly dividend.
Stocks on the Decline
Nuvve Holding Corp. NVVE shares plunged 56% to $1.46. Nuvve announced pricing of $9.6 million underwritten public offering of 4.8 million shares of common stock at $2.00 per share.
Shares of New York Community Bancorp, Inc. NYCB were down 42% to $6.07 after the company reported worse-than-expected fourth-quarter financial results and reduced its quarterly dividend.
Remark Holdings, Inc. MARK declined 41% to $0.7393. Remark Holdings shares jumped 264% on Tuesday following a Tweet from the company’s X account suggesting an unconfirmed deal with Microsoft.
Commodity Market Update
In commodity news, oil traded down 1.1% to $76.99 while gold traded up 0.3% at $2,056.80.
Silver traded down 0.1% to $23.205 on Wednesday while copper rose 0.1% to $3.9135.
European and Asian Markets
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.6% The German DAX fell 0.2% French CAC 40 gained 0.1% while Italy’s FTSE MIB Index climbed 0.8%.
Spain reported a current account surplus of EUR 2,765 million in November versus a year-ago surplus of EUR 4,122 million, while retail trade rose by 3.1% year-over-year in December. German jobless rate came in unchanged for a third straight period at 5.8% in January, while German import prices fell 8.5% year-over-year in December.
Producer prices in the French domestic market eased to 0.1% month-over-month in December compared to revised 2.3% increase a month ago, while consumer price inflation slowed to 3.1% year-over-year in January. The Nationwide House Price Index in the UK declined 0.2% year-over-year in January.
Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 0.61%, Hong Kong’s Hang Seng Index falling 1.39% and China’s Shanghai Composite Index dipping 1.48%. India’s S&P BSE Sensex, meanwhile, rose 0.86%.
Indian fiscal deficit narrowed to INR 9.82 trillion in April-December compared to INR 9.93 trillion in the year-ago period. Hong Kong’s economy grew by 4.3% year-over-year in the fourth quarter versus 4.1% growth in the earlier period.
Japan’s housing starts fell by 4.0% year-over-year in December, while consumer confidence index in Japan rose to 38 in January from 37.2 in the prior month. The official NBS non-manufacturing PMI for China rose to 50.7 in January from 50.4 in the previous month, while manufacturing PMI rose to 49.2 in January from December’s 6-month low level of 49.0.
Recent Economic Indicators
Private businesses in the U.S. added 107,000 workers in January, compared to a revised 158,000 gain in December and versus market estimates of 145,000.
Compensation costs for civilian workers in the U.S. rose by 0.9% during the final quarter of 2023, compared to a 1.1% increase in the prior three-month period.
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