U.S. stocks displayed strength midweek, as the Nasdaq Composite soared by over 100 points on Wednesday.
The Dow pushed up 0.62% to 38,825.33, and the NASDAQ climbed 0.81% to 16,069.34. The S&P 500 also ascended by 0.80% to 5,119.15.
Check This Out: Emerson Electric To Rally More Than 19%? Here Are 10 Top Analyst Forecasts For Wednesday
Sector Standouts
Energy sector witnessed a robust surge of 1.2% on Wednesday.
Communication services sectors showed little movement in Wednesday’s trading.
Notable News
The crude oil market reported a surprising surge of 1.367 million barrels in the week ending March 1, 2024, lower than the estimated rise of 2.116 million barrels.
Stocks On The Move
Aptorum Group Limited APM shares surged by a staggering 856% to $15.96 after announcing an agreement with YOOV and a spin-off to separate its legacy business.
Shares of TRxADE HEALTH, Inc. MEDS jumped 74% to $13.99 following the announcement of a special cash dividend of $8 per share.
American Public Education, Inc. APEI also saw a rise, with shares climbing 33% to $15.14 after posting positive quarterly results.
Stocks In Retreat
Entravision Communications Corporation EVC witnessed a significant drop of 52% to $1.73 after news of Meta’s intention to wind down its ASP program globally, severing ties with all ASPs, including Entravision, by July 1, impacting a substantial portion of Entravision’s total consolidated revenue.
Shares of Neptune Wellness Solutions Inc. NEPT fell by 44% to $0.2102 following the decision of the Nasdaq Hearings Panel to delist common shares.
Foot Locker, Inc. FL experienced a decline, plummeting 28% to $24.58 after revealing its fourth-quarter results.
Also Check This Out: Ciena, AutoNation And 2 Other Stocks Insiders Are Selling
Commodity Update
Oil prices surged by 2.7% to $80.26, while gold prices climbed 0.6% to $2,153.70.
Silver prices rose by 1.7% to $24.40 on Wednesday, with copper prices also increasing by 1.1% to $3.89.
Developments in the Eurozone
European markets saw gains, with the eurozone’s STOXX 600 rising by 0.41%, London’s FTSE 100 by 0.46%, Spain’s IBEX 35 Index by 0.82%, the German DAX by 0.08%, the French CAC 40 by 0.30%, and Italy’s FTSE MIB Index by 0.67%.
The S&P Global UK construction PMI improved to 49.7 in February from January’s 48.8. Meanwhile, the S&P Global France construction PMI reached 41.9 in February, bouncing back from a three-year low of 39.6 in January.
The HCOB Eurozone construction PMI rose to 42.9 in February from 41.3 previously. The HCOB Germany construction PMI reported a surge to 39.1 in February, marking the highest level in five months. Additionally, Germany’s trade surplus widened to EUR 27.5 billion in January from a revised EUR 23.3 billion in the prior month.
Asia Pacific Insights
Asian markets closed with varied outcomes on Wednesday, as Japan’s Nikkei 225 fell by 0.02%, Hong Kong’s Hang Seng Index gained 1.70%, China’s Shanghai Composite Index dropped 0.26%, and India’s S&P BSE Sensex rose by 0.54%.
Economic Highlights
U.S. mortgage applications rose by 9.7% in the week ending March 1, 2024.
Private businesses in the U.S. added 140,000 jobs in February, up from the revised 111,000 gains in January, but slightly below market estimates of 150,000.
U.S. wholesale inventories dipped by 0.3% month-over-month in January following a 0.4% increase in the previous month.
Job openings decreased by 26,000 from the prior month to 8,863 million in January.
The RealClearMarkets/TIPP Economic Optimism Index dropped to 43.5 in March from 44 in January.
U.S. crude oil inventories rose by 1.367 million barrels in the week ended March 1, 2024, falling short of the expected 2.116 million surge.
Now Read This: Wall Street’s Most Accurate Analysts’ Views On 3 Tech And Telecom Stocks With Over 5% Dividend Yields
