U.S. stocks experienced a downward trend as the S&P 500 fell approximately 1% on Wednesday, signaling a tumultuous day of trading.
The Dow Jones Industrial Average faced a decline of 1.15% to 38,438.09, while the NASDAQ Composite dropped 0.89% to 16,162.29. The S&P 500 also witnessed a decrease of 0.95% to 5,160.20.
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Sector Performance
While energy shares saw a modest increase of 0.3% on Wednesday, this was countered by a significant 4.3% decline in real estate shares.
Delta Air Lines Shines
Delta Air Lines, Inc. reported stellar first-quarter earnings that surpassed market expectations, sending its stock soaring.
Delta reported a remarkable first-quarter 2024 operating revenue growth of 8% year-over-year to $13.748 billion, with adjusted operating revenue reaching $12.563 billion (a 6% YoY increase), outperforming the expected $12.57 billion. Furthermore, its adjusted EPS stood at 45 cents, exceeding the consensus of 36 cents.
Stocks on the Rise
Marin Software Incorporated witnessed a significant surge of 144% to $0.70 following the company’s announcement regarding enhancements to its integration with Microsoft Advertising.
Additionally, Adial Pharmaceuticals, Inc. experienced an 84% surge to $2.08 after the company published a peer-reviewed article highlighting positive clinical results, a robust safety profile, and high patient compliance with AD04.
Jaguar Health, Inc. shares also climbed 38% to $0.1245 after the company shared that all proposals at its April 2024 Special Meeting of Stockholders had been approved, with the decision not to implement a reverse split at present.
Stocks Declining
VIA optronics AG shares plummeted by 33% to $0.6054 after the company declared its intention to voluntarily delist its ADSs from the New York Stock Exchange. VIA optronics, in collaboration with Antolin, introduced ‘Sunrise,’ a new era of integration in vehicle cockpits.
Meanwhile, shares of Ascent Solar Technologies, Inc. nosedived by 52% to $0.1330 subsequent to the company’s announcement of a $6 million public offering of shares priced at $0.14 per share.
Velo3D, Inc. also experienced a downturn, falling by 40% to $0.2798 following the company’s announcement of a $12 million public offering.
Commodity Market Snapshot
In commodity news, oil prices witnessed a 1.1% rise to $86.14, while gold prices dipped by 0.2% to $2,357.00.
Meanwhile, silver prices rose by 0.7% to $28.185 on Wednesday, while copper prices saw a slight decline of 0.1% to $4.2815.
Global Market Updates
In the Euro zone, stock markets displayed mixed performance. The STOXX 600 in the eurozone witnessed a 0.15% increase, whereas the FTSE 100 in London saw a rise of 0.33%. On the other hand, Spain’s IBEX 35 fell by 0.38%, with the German DAX climbing 0.11%, and the French CAC 40 experiencing a slight 0.05% decrease. Italy’s FTSE MIB Index, however, rose by 0.27%.
Retail sales in Italy recorded a 0.1% increase from the previous month in February.
Asia Pacific Market Movements
Asian markets concluded with varying outcomes on Wednesday, as Japan’s Nikkei 225 fell by 0.48%, Hong Kong’s Hang Seng Index surged by 1.85%, China’s Shanghai Composite dropped 0.70%, and India’s S&P BSE Sensex rose by 0.47%.
Producer prices in Japan saw a 0.8% increase year-over-year in March, while the value of loans rose by 3.2% year-over-year in the same month. Chinese vehicle sales also saw a significant uptick of 9.9% year-over-year to 2.69 million units in March, following a steep 19.9% decline in the previous month.
Economic Indicators
U.S. mortgage applications saw a 0.1% rise in the week ending April 5, 2024.
Moreover, the annual inflation rate in the U.S. witnessed a consecutive monthly increase, reaching 3.5% in March from 3.2% in February. Additionally, U.S. wholesale inventories saw a 0.5% month-over-month increase in February, contrasting a 0.2% decline in the preceding month. U.S. crude oil inventories also surged by 5.841 million barrels in the week ended April 5, surpassing market estimates of a 2.366 million gain.
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