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U.S. stocks traded mixed midway through trading, with the Dow Jones dropping more than 100 points on Wednesday.
The Dow traded down 0.37% to 32,733.54 while the NASDAQ rose 0.15% to 11,547.91. The S&P 500 also fell, dropping, 0.02% to 3,985.60.
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Leading and Lagging Sectors
- Real estate shares rose by 1.3% on Wednesday. Meanwhile, top gainers in the sector included WeWork Inc. (NYSE:WE), up 8%, and iStar Inc. (NYSE:STAR), up 3%.
- In trading on Wednesday, consumer discretionary shares dipped by 0.6%.
Top Headline
US crude oil inventories dropped 1.7 million barrels last week, the EIA said.
Equities Trading UP
- Kimball International, Inc. (NASDAQ:KBAL) shares shot up 84% to $12.34 after HNI Corporation announced it will acquire the company for $485 million.
- Shares of Diversey Holdings, Ltd. (NASDAQ:DSEY) got a boost, shooting 37% to $8.16 after the company announced it will be acquired by Solenis for $4.6 billion.
- Arlo Technologies, Inc. (NYSE:ARLO) shares were also up, gaining 37% to $4.9050 after the company reported better-than-expected Q4 adjusted EPS and sales results and issued FY23 adjusted EPS guidance above estimates.
Equities Trading DOWN
- Intelligent Bio Solutions Inc. (NASDAQ:INBS) shares tumbled 46% to $3.2392 after the company announced pricing of a $2.2 million public offering.
- Shares of Miromatrix Medical Inc. (NASDAQ:MIRO) were down 37% to $1.55 after the company announced pricing of a $10 million public offering of common stock.
- United Natural Foods, Inc. (NYSE:UNFI) was down, falling 27% to $30.09 after the company reported worse-than-expected Q2 EPS and cut FY23 EPS guidance.
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Commodities
In commodity news, oil traded down 0.4% to $77.31 while gold traded up 0.4% at $1,826.70.
Silver traded up 0.3% to $20.255 on Wednesday while copper rose 2.2% to $4.0605.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.07%, London’s FTSE 100 rose 0.25% while Spain’s IBEX 35 Index rose 0.61%. The German DAX gained 0.5% French CAC 40 fell 0.08% and Italy’s FTSE MIB Index rose 0.42%.
The Eurozone economy stalled in the final quarter of 2022, versus preliminary reading of a 0.1% growth. Retail sales in Italy rose by 1.7% from a month ago in January. Industrial production in Germany rose 3.5% month-over-month for January, while retail sales in the country slipped 0.3% month-over-month in January.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 0.48%, Hong Kong’s Hang Seng Index dropping 2.35% and China’s Shanghai Composite Index falling 0.06%. India’s S&P BSE Sensex gained 0.21%.
The gauge for Japan's service sector sentiment rose by 3.5 points from the previous month to a reading of 52.0 in February, while the country posted a deficit of JPY 1,976.6 billion in January compared to a surplus of JPY 33.4 billion a month ago.
Economics
- The US trade deficit rose to a three-month high of $68.3 billion in January versus a revised $67.2 billion gap in December.
- Private businesses in the US added 242,000 jobs in February versus a revised 119,000 gain in January and above market expectations of 200,000.
- Mortgage applications in the US climbed 7.4% in the week ended March 3, 2023.
- The number of job openings in the fell by 410,000 to 10.824 million in January.
- US crude oil inventories dropped 1.7 million barrels last week, the EIA said.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 105,441,940 cases with around 1,147,210 deaths. India confirmed a total of at least 44,688,690 cases and 530,770 deaths, while France reported over 39,639,110 COVID-19 cases with 165,070 deaths. In total, there were at least 680,893,430 cases of COVID-19 worldwide with more than 6,806,850 deaths.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.