U.S. stocks made some happy gains this morning. The Nasdaq Composite soared over 100 points on Wednesday.
After the market opened, the Dow snuck up 0.20% to 38,350.89, while the NASDAQ jumped 0.74% to 15,772.10. The S&P 500 also fluttered upwards, gaining 0.55% to 4,980.23.
Changing Fortunes for Sectors
The industrials sector soared by 1% on Wednesday, bringing warmth to investors’ hearts.
Meanwhile, consumer staples shares stumbled, falling by 0.4% in the trading tussle.
Top Headline for Kraft Heinz
Unfortunately, The Kraft Heinz Company didn’t make the cut as it reported sales below expectations for its fourth quarter.
Kraft Heinz managed to post adjusted earnings of 78 cents per share, slightly beating market estimates of 77 cents. However, the company’s quarterly sales came in at $6.86 billion, missing the hoped-for $6.98 billion.
Winning and Losing Equities
Datasea Inc. shares skyrocketed 752% to $12.02 after posting a narrower second-quarter loss, eliciting high-fives from investors.
Shares of Earlyworks Co., Ltd. received a boost, surging 395% to $2.25 on the back of two passive stakes.
Brera Holdings PLC shares also shone, gaining 139% to $2.4347 like a beacon of hope in a stormy market.
Azitra, Inc. shares, on the other hand, stumbled, dropping 68% to $0.2813 after a hiccup in a public offering that priced its 16.667 million common shares too low.
Shares of Enviva Inc. were down 40% to $0.2656 as the company prepared to file for bankruptcy within days, sending shivers through the market.
Ohmyhome Limited fell 40% to $1.3650 after pricing its upsized public offering of 3,555,555 ordinary shares at $1.35 per share, feeling the gravity of the market pull.
Commodities Rollercoaster
In the rollercoaster world of commodities, oil inched up 0.1% to $77.91, while gold took a 0.2% dip to $2,002.30, leaving investors feeling a little queasy.
Silver also took a 0.4% dip to $22.065 on Wednesday, while copper managed to rise 0.1% to $3.7160, keeping investors on their toes.
The Eurozone and Beyond
European shares danced higher today, with the Eurozone’s STOXX 600 gaining 0.5%, London’s FTSE 100 rising 0.9%, and Spain’s IBEX 35 Index climbing 0.6%. The German DAX, French CAC 40, and Italy’s FTSE MIB Index also rallied, painting a hopeful picture for investors navigating the Eurozone.
The Eurozone’s economy remained stable in the final quarter of 2023, compared to a slight decline in the prior three-month period. Meanwhile, industrial production in the Eurozone stepped up by 2.6% month-over-month in December, buoying spirits.
In the UK, the inflation rate held steady at 4.0% in January, coming in line with market estimates, while factory gate prices of goods produced by UK manufacturers stumbled 0.6% year-over-year in January after a 0.1% increase in December, stirring some cautious optimism.
Intriguing Moves in Asia Pacific Markets
The Asian markets entertained a mixed closing act on Wednesday. Japan’s Nikkei 225 stumbled 0.69%, while Hong Kong’s Hang Seng Index enjoyed a gain of 0.84%, and India’s S&P BSE Sensex sauntered upwards by around 0.5%, leaving investors with a unique blend of emotions to contemplate.
India’s wholesale prices danced a timid 0.27% higher year-over-year in January, compared to 0.73% in December, making investors do a little doubletake.
Economics at Play
U.S. mortgage applications took a dip by 2.3% in the week ending Feb. 9, after a 3.7% rise the week before, providing a little drama for the housing market.
