U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 100 points on Wednesday.
The Dow traded up 0.20% to 38,662.69 while the NASDAQ rose 0.64% to 16,041.08. The S&P 500 also rose, gaining, 0.53% to 5,105.72.
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Momentum Shifts in the Market
Information technology shares jumped by 1.1% on Wednesday.
In contrast, consumer discretionary shares fell 0.3% during trading.
Key Earnings News
Campbell Soup Company CPB reported better-than-expected earnings for its second quarter.
With a second-quarter FY24 revenue of $2.46 billion, Campbell Soup surpassed analyst estimates of $2.44 billion. The company’s adjusted EPS of 80 cents also outperformed the consensus estimate of 77 cents.
Stocks on the Move
Aptorum Group Limited APM shares surged by 595% to $11.60 following the company’s announcement of a merger agreement with YOOV and a spin-off agreement to separate its legacy business.
Shares of TRxADE HEALTH, Inc. MEDS rose by 112% to $17.06 after the company declared a special cash dividend of $8 per share.
Rail Vision Ltd. RVSN also experienced an uptick, with shares climbing by 77% to $3.4799 after the successful installation of its AI-driven Main Line Systems in a national railways line.
Market Correction
Entravision Communications Corporation EVC witnessed a 51% decline to $1.7398 after Meta announced plans to end its ASP program, impacting a significant portion of Entravision’s consolidated revenue.
Stocks of Neptune Wellness Solutions Inc. NEPT dipped by 47% to $0.1970 as a result of Nasdaq Hearings Panel’s decision to delist common shares.
bioAffinity Technologies, Inc. BIAF fell by 50% to $1.51 post-announcing a $2.5 million registered direct offering alongside a concurrent private placement.
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Commodity Updates
Crude oil prices saw a 1.7% rise to $79.45, while gold prices edged up by 0.8% to $2,158.60.
Silver performed well, increasing by 2.1% to $24.49, and copper prices rose by 0.7% to $3.8745 on Wednesday.
Global Market Overview
European markets witnessed positive closures, with the STOXX 600 rising by 0.39%, FTSE 100 by 0.43%, IBEX 35 by 0.79%, DAX by 0.10%, CAC 40 by 0.28%, and FTSE MIB by 0.66%.
Key economic indicators such as PMI readings and trade surpluses showed signs of improvement across Eurozone countries.
Asia Pacific Markets Review
Japan’s Nikkei 225 experienced a slight decline of 0.02%, while Hang Seng Index in Hong Kong surged by 1.70%. The Shanghai Composite Index in China fell by 0.26%, and India’s S&P BSE Sensex rose by 0.54%.
Economic Insights
Recent data revealed a 9.7% increase in U.S. mortgage applications for the week ending March 1, 2024.
Private sector job additions totaled 140,000 in February, up from 111,000 in January but slightly below market projections. U.S. wholesale inventories declined by 0.3% month-over-month in January.
Job openings decreased slightly to 8.863 million in January, while the RealClearMarkets/TIPP Economic Optimism Index dropped to 43.5 in March. U.S. crude oil inventories recorded a smaller-than-expected increase of 1.367 million barrels for the week ending March 1, 2024.
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