U.S. stocks concluded the day with a mixed performance, marked by a notable ascent in the Nasdaq Composite, which surged around 100 points during Wednesday’s trading session.
The Dow marked an uptick of 0.11% to reach 38,313.27, while the NASDAQ saw a robust 0.70% increase, settling at 15,765.18. The S&P 500 also posted gains of 0.49% to finish at 4,977.43.
Industrials stocks exhibited resilience with a 1.1% rise, whereas consumer staples experienced a 0.6% decline.
Noteworthy Developments
Crude oil inventories in the U.S. unexpectedly surged by 12.018 million barrels in the week ending Feb. 9, far surpassing the market’s projection of a 2.56 million-barrel increase.
Stocks on the Rise
enGene Holdings Inc. (NASDAQ: ENGN) surged by a staggering 83% to $13.95. The company’s CEO, Jason Hanson, tendered his resignation citing familial and health reasons, and is set to continue supporting the company in an advisory capacity after a new CEO is appointed. Meanwhile, enGene announced a private placement of 20 million common shares at $10.00 per share, reflecting a 31% premium over the previous day’s closing price.
Additionally, shares of Lyft, Inc. (NASDAQ: LYFT) soared by 33% to $16.10 post its report of fourth-quarter sales amounting to $1.22 billion, and gross bookings totaling $3.7 billion – a 17% year-over-year increase. CFO Erin Brewer projected that the adjusted EBITDA margin is expected to expand by 50 basis points in 2024.
Healthcare Services Group, Inc. (NASDAQ: HCSG) also saw a notable hike, with shares climbing 26% to $11.91 following a favorable earnings report.
Stocks on the Decline
Azitra, Inc. (AMEX: AZTR) experienced a substantial 71% downturn, with shares plummeting to $0.2540. This decline ensued after Azitra priced its $5 million public offering of 16.667 million common shares at $0.30 per share.
Furthermore, shares of QuidelOrtho Corporation (NASDAQ: QDEL) nosedived by 29% to $47.17 subsequent to reporting fourth-quarter financial results that failed to meet expectations, and issuing an FY24 adjusted EPS outlook below estimates.
Ohmyhome Limited (NASDAQ: OMH) also witnessed a decline, dropping 38% to $1.40 after pricing an upsized $4.8 million public offering of 3,555,555 ordinary shares at $1.35 per share.
Commodity Market
The commodity market observed oil prices inching down 1.2% to $76.95, with gold also slipping 0.2% to $2,004.20. Conversely, silver saw an uptick of 1.2% to $22.425, while copper dipped 0.3% to $3.6985.
Global Market
European shares concluded the day on a predominantly positive note. The STOXX 600 in the Eurozone observed a 0.50% gain, with London’s FTSE 100 rising by 0.75%, the German DAX by 0.38%, and France’s CAC 40 by 0.68%, while Spain’s IBEX 35 Index experienced a marginal 0.09% decline. Additionally, industrial production in the Eurozone witnessed a 2.6% month-over-month surge in December.
Over in the UK, the inflation rate held steady at 4.0% in January, in line with market estimates, while factory gate prices for goods produced by UK manufacturers saw a 0.6% year-over-year decrease in January.
In the Asian markets, Japan’s Nikkei 225 fell by 0.69%, Hong Kong’s Hang Seng Index rose by 0.84%, and India’s S&P BSE Sensex gained around 0.5%. India’s wholesale prices in January exhibited a mere 0.27% increase year-over-year, a notable deceleration compared to the 0.73% surge observed in December.
Economic Indicators
In economic developments, U.S. mortgage applications saw a decline of 2.3% in the week ending Feb. 9, following a 3.7% increase in the previous week.
The surge in crude oil inventories by 12.018 million barrels in the U.S. during the week ending Feb. 9, far beyond the market’s forecast of a 2.56 million-barrel rise, raised concerns about oversupply in the market.
