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Wrapping up the trading session Wednesday, the Dow traded up 0.46 percent to 16,637.00 while the NASDAQ surged 0.91 percent to 4,429.16. The S&P also rose, gaining 0.57 percent to 1,944.69.
Leading and Lagging Sectors
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In trading on Wednesday, healthcare shares were relative leaders, up on the day by about 1.29 percent. Meanwhile, top gainers in the sector included Dyax (NASDAQ: DYAX), up 5.69 percent, and INSYS Therapeutics (NASDAQ: INSY), up 6.29 percent.
Basic materials shares dropped by 0.11 percent in today’s trading. Meanwhile, top decliners in the sector included Companhia Siderurgica Nacional (NYSE: SID), down 3.9 percent, and Valhi (NYSE: VHI), off 3.6 percent.
Top Headline
Macy's (NYSE: M) reported downbeat second-quarter earnings and lowered its full-year same-store sales outlook.
Macy's now projects full-year same-store sales to rise 1.5% to 2%, versus its earlier outlook for a rise of 2.5% to 3%.
The Cincinnati, Ohio-based company's quarterly net income surged to $292 million, or $0.80 per share, versus $281 million, or $0.72 per share, in the year-ago period. Its sales climbed to $6.27 billion versus $6.07 billion. However, analysts were expecting earnings of $0.86 per share on revenue of $6.30 billion.
Equities Trading UP
Canadian Solar (NASDAQ: CSIQ) shares shot up 22.57 percent to $30.61 after the company posted a profit in the second quarter.
Shares of FuelCell Energy (NASDAQ: FCEL) got a boost, shooting up 3.96 percent to $2.36 after Cowen & Company upgraded the stock from Market Perform to Outperform and announced a $3.00 price target.
Amazon.com (NASDAQ: AMZN) shares were also up, gaining 2.95 percent to $327.77 on announcement of Local Register card reader.
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Equities Trading DOWN
Shares of SeaWorld Entertainment (NYSE: SEAS) were down 33.18 percent to $18.81 after the company reported downbeat second-quarter results and lowered its full-year forecast.
King Digital Entertainment plc (NYSE: KING) shares tumbled 22.97 percent to $14.02 after the company reported weak second-quarter revenue and cut its full-year forecast. Five analysts downgraded King Digital on Wednesday.
Myriad Genetics (NASDAQ: MYGN) was down, falling 10.03 percent to $35.09 after the company issued a downbeat profit forecast.
Commodities
In commodity news, oil traded up 0.01 percent to $97.37, while gold traded down 0.24 percent to $1,313.70.
Silver traded down 0.38 percent Wednesday to $19.83, while copper fell 1.30 percent to $3.11.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 rose 0.39 percent, the Spanish IBEX Index gained 0.61 percent, while Italy’s FTSE MIB Index surged 0.62 percent. Meanwhile, the German DAX gained 1.43 percent and the French CAC 40 jumped 0.78 percent while UK shares climbed 0.37 percent.
Economics
US retail sales came in unchanged in July, while core retail sales increased 0.1%. Economists were expecting overall retail-sales to rise 0.2% in July.
The MBA reported that its index of mortgage application activity dropped 2.7% in the week ended August 8.
US business inventories rose 0.40% in June, versus economists’ expectations for a 0.40% growth.
US oil supplies increased 1.4 million barrels for the week ended August 8, the Energy Information Administration said. However, economists were expecting a drop of 2 million barrels. Supplies of gasoline fell 1.2 million barrels, while distillates stockpiles declined 2.4 million barrels.
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.