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
- Quantum-Si incorporated (NASDAQ:QSI) shares shot up 182% to $1.79 after the company announced a distribution agreement with Avantor for next-generation protein sequencing portfolios for researchers.
- Shares of Silexion Therapeutics Corp (NASDAQ:SLXN) got a boost, surging 97% to $0.4499 after the company announced Guangzhou Sino-Israel bio-industry investment fund reported a 13.8% stake in the company.
- Forte Biosciences, Inc. (NASDAQ:FBRX) shares were also up, gaining 67% to $9.27 after the company secured $53 million in oversubscribed private placement to advance FB102 clinical programs across autoimmune indications, with key data readouts expected in 2025.
Equities Trading DOWN
- X3 Holdings Co., Ltd. (NASDAQ:XTKG) shares dropped 33% to $0.0973. The company announced a 1-for-20 reverse stock split.
- Shares of PainReform Ltd. (NASDAQ:PRFX) were down 27% to $1.0200 after the company announced initial topline data for PRF-110 Phase 3 clinical trial.
- Volato Group, Inc. (NYSE:SOAR) was down, falling 22% to $0.3677. Volato reported $40.3 million in revenue and confirmed NYSE acceptance of compliance plan in third quarter 10-Q.
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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