Nasdaq Tumbles 100 Points; UniFirst Posts Upbeat Earnings

U.S. stocks traded lower this morning, with the Nasdaq Composite dipping more than 100 points on Wednesday.

The Dow traded down 0.35% to 41,844.40 while the NASDAQ fell 0.62% to 17,341.37. The S&P 500 also fell, dropping, 0.50% to 5,605.14.

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Leading and Lagging Sectors

Communication services shares fell by just 0.1% on Wednesday.

In trading on Wednesday, consumer discretionary shares tumbled by 0.8%.

Top Headline

UniFirst Corporation UNF reported better-than-expected earnings for the second quarter on Wednesday.

The company posted quarterly earnings of $1.40 per share which beat the analyst consensus estimate of $1.32 per share. The company reported quarterly sales of $602.22 million which missed the analyst consensus estimate of $602.81 million.

UniFirst said it sees FY25 revenue of $2.422 billion to $2.432 billion versus estimates of $2.430 billion. The company expects EPS of $7.30 to $7.70 versus expectations of $7.770.

Equities Trading UP

Innovation Beverage Group Limited IBG shares shot up 253% to $1.75 r after the company announced a distribution deal with a top national alcohol company to expand its reach in the US market.
Shares of Digital Ally, Inc. DGLYgot a boost, surging 155% to $0.0664.
ConnectM Technology Solutions, Inc. CNTM shares were also up, gaining 130% to $1.1299 after the company announced it received a $1.60 per share buyout offer from 3 institutional investors.

Equities Trading DOWN

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Jayud Global Logistics Limited JYD shares dropped 91% to $0.7073.
Shares of ReShape Lifesciences Inc. RSLS were down 63% to $0.58.
Syra Health Corp. SYRA was down, falling 47% to $0.1436 after the company announced it will delist its shares from Nasdaq capital market.

Commodities

In commodity news, oil traded down 0.1% to $71.17 while gold traded up 0.7% at $3,167.00.

Silver traded up 0.9% to $34.625 on Wednesday, while copper rose 0.5% to $5.0615.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.8%, Germany's DAX 40 dipped 1.2% and France's CAC 40 fell 0.7%. Spain's IBEX 35 Index climbed 0.1%, while London's FTSE 100 fell 0.6%.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 gaining 0.28%, China's Shanghai Composite Index gaining 0.05%, Hong Kong's Hang Seng Index falling 0.02% and India's BSE Sensex gaining 0.78%.

Economics

U.S. mortgage applications fell by 1.6% in the week ending March 28.
Private businesses in the U.S. added 155,000 jobs in March compared to a revised 84,000 gain in February and higher than market estimates of 105,000.

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