U.S. stocks traded mostly higher midway through trading, with the Dow Jones gaining over 200 points on Wednesday.
The Dow traded up 0.56% to 39,502.25 while the NASDAQ fell 0.08% to 16,302.03. The S&P 500 also rose, gaining, 0.27% to 5,217.52.
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Reviewing Sector Performance
Real estate shares skyrocketed by 1.8% during Wednesday’s session.
Conversely, in trading on Wednesday, information technology shares experienced a 0.4% decline.
Headline News
The Energy Information Administration reported an unexpected 3.165 million barrel increase in U.S. crude oil inventories for the week ending March 22.
Stocks Making Moves
Lixte Biotechnology Holdings, Inc. LIXT shares surged magnificently by 49% to $3.38 following positive pre-clinical data on their lead clinical compound, LB-100.
Shares of MariaDB plc MRDB shot up an impressive 73% to $0.39 after news of a potential acquisition offer.
PaySign, Inc. PAYS saw a notable 20% increase to $4.0450 post an outstanding fourth-quarter financial report.
Stocks Facing Decline
Gamida Cell Ltd. GMDA shares plummeted drastically by 84% to $0.0539 after announcing fourth-quarter results and a restructuring initiative.
Shares of Direct Digital Holdings, Inc. DRCT tumbled 45% to $14.41 following disappointing fourth-quarter financial figures.
Velo3D, Inc. VLD also experienced a significant 41% drop to $0.34 after below-par fourth-quarter financial results.
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Commodities Update
In the commodity realm, oil experienced a modest 0.3% decline to $81.42, while gold traded up 0.6% at $2,211.80.
Silver witnessed a 0.3% increase to $24.69 on Wednesday, as copper saw a 0.4% dip to $3.9930.
Euro Zone Insights
European shares displayed a mixed performance with varied indices – the eurozone’s STOXX 600 rose 0.04%, London’s FTSE 100 fell
0.22%, Spain’s IBEX 35 Index increased by 0.91%, the German DAX rose 0.50%, French CAC 40 rose 0.38%, and Italy’s FTSE MIB Index rose 0.16%.
Various economic indicators showed promise – the eurozone’s economic sentiment indicator hit a three-month high of 96.3 in March, with positive movements in service and consumer confidence. Notable statistics included Spain’s current account surplus rise and inflation rates, along with Italy’s robust construction output and France’s consumer confidence climb.
Asia Pacific Market Updates
Asian markets concluded with mixed results as Japan’s Nikkei 225 rose by 0.90%, Hong Kong’s Hang Seng Index fell by 1.36%, China’s Shanghai Composite Index dipped 1.26%, and India’s S&P BSE Sensex gained 0.73%.
Profit growth in Chinese industrial firms showcased a noteworthy 10.2% year-over-year increase to CNY 914.06 billion during the first two months of the year.
Economic Insights
Mortgage applications in the U.S. saw a 0.7% decline for the week ending March 22, 2024.
Reiterating the hike in crude oil inventories, the U.S. witnessed a surprising 3.165 million barrel increase, differing significantly from the market’s projected decline as reported by the Energy Information Administration.
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