U.S. stocks traded mostly lower this morning, with the Nasdaq Composite falling by more than 50 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.05% to 43,245.35 while the NASDAQ fell 0.36% to 18,918.89. The S&P 500 also rose, gaining, 0.28% to 5,900.34.

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Leading and Lagging Sectors

Energy shares rose by 0.4% on Wednesday.

In trading on Wednesday, consumer discretionary shares fell by 0.9%.

Top Headline

Target Corporation (NYSE:TGT) reported downbeat results for the third quarter and lowered its FY24 outlook on Wednesday.

The company reported third-quarter adjusted earnings per share of $1.85, missing the street view of $2.30. Quarterly total revenue of $25.67 billion (+1.1% year over year) missed the analyst consensus estimate of $25.90 billion.

For FY24, the company now forecasts adjusted EPS between $8.30 and $8.90, down from the previous guidance of $9.00 to $9.70. The revised FY24 EPS outlook is also below the consensus estimate of $9.55. Target expects its fourth-quarter adjusted EPS to range between $1.85 and $2.45, below the consensus estimate of $2.66.

Equities Trading UP
                       

Equities Trading DOWN

Commodities

In commodity news, oil traded up 1% to $70.09 while gold traded up 0.2% at $2,636.90.

Silver traded down 0.3% to $31.160 on Wednesday, while copper rose 0.8% to $4.1730.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.5%, Germany's DAX gained 0.5% and France's CAC 40 rose 0.4%. Spain's IBEX 35 Index rose 0.5%, while London's FTSE 100 rose 0.2%.

Construction output in the Eurozone fell by 1.6% year-over-year in September compared to a 2.5% decline in the previous month. Producer prices in Germany fell by 1.1% year-over-year in October.

UK's producer prices declined by 0.8% year-over-year in October versus a revised 0.6% fall in September. Annual inflation rate in the UK rose to 2.3% in October from 1.7% in September.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 falling 0.16%, Hong Kong's Hang Seng Index gaining 0.21% and China's Shanghai Composite Index gaining 0.66%.

Japan's trade deficit shrank to JPY 461.25 billion in October compared to JPY 702.86 in the year-ago month.

Economics

Mortgage applications in the U.S. rose 1.7% from the previous week in the week ending Nov. 15, compared to a 0.5% gain in the prior period.

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