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Toward the end of trading Wednesday, the Dow traded up 0.20 percent to 17,876.30 while the NASDAQ climbed 0.42 percent to 4,842.91. The S&P also rose, gaining 0.23 percent to 2,093.26.
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Leading and Lagging Sectors
On Wednesday, basic materials shares gained by 0.80 percent. Top gainers in the sector included Endeavour Silver Corp (NYSE: EXK) and DRDGOLD Ltd. (ADR) (NYSE: DRD).
In trading on Wednesday, telecommunications services shares fell by 0.51 percent. Meanwhile, top losers in the sector included Telecom Italia SpA (ADR) (NYSE: TI), down 9 percent, and BT Group plc (ADR) (NYSE: BT), down 3 percent.
Top Headline
Walgreens Boots Alliance Inc (NASDAQ: WBA) reported better-than-expected earnings for its third quarter, but the company missed analysts’ sales estimates. The company also raised lower end of its FY16 earnings outlook.
Walgreen Boots Alliance reported net earnings of $1.1 billion, down 15.23 percent from $1.2 billion while earnings fell 14.4 percent to $1.01 a share from $1.18 a share in the year-ago quarter. However, on an adjusted basis, its earnings would have advanced 14.7 percent to $1.3 billion and adjusted EPS 15.7 percent to $1.18. Street analysts were looking for earnings of $1.14 a share.
The company's net sales in the third quarter were $29.5 billion, up 2.4 percent from $28.8 billion in the previous year quarter, or 3.3 percent on a constant currency basis. This was lower than the analysts' expectations of $29.71 billion.
Equities Trading UP
Forward Industries, Inc. (NASDAQ: FORD) shares shot up 31 percent to $1.51 as the company reported a new three-year agreement with a global healthcare provider.
Shares of Versar Inc. (NYSE: VSR) got a boost, shooting up 34 percent to $1.54 as the company reported that it has been awarded a new contract for critical environmental work on behalf of Air Force Civil Engineer Center with contract ceiling of $500 million.
Nortek Inc (NASDAQ: NTK) shares were also up, gaining 39 percent to $86.98 after the company agreed to be acquired by Melrose Industries for $86.00 per share.
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Equities Trading DOWN
GlobeImmune Inc (NASDAQ: GBIM) shares dropped 41 percent to $1.07 after the company reported delisting and deregistration of common stock.
Shares of Supercom Ltd (NASDAQ: SPCB) were down 12 percent to $3.29 following Q1 results. SuperCom reported Q1 earnings of $0.01 per share on revenue of $5.9 million.
Eagle Bulk Shipping Inc (NASDAQ: EGLE) was down, falling around 22 percent to $0.34. Eagle Bulk Shipping reported proceeds of $85 million in sale of common stock.
Commodities
In commodity news, oil traded up 2.04 percent to $47.55 while gold traded up 0.68 percent to $1,368.00.
Silver traded up 1.37 percent Wednesday to $20.18, while copper fell 1.37 percent to $2.15.
Eurozone
European shares closed lower today. The eurozone’s STOXX 600 fell 1.67 percent, the Spanish Ibex Index dipped 1.75 percent, while Italy’s FTSE MIB Index slipped 2.26 percent. Meanwhile the German DAX declined 1.67 percent, and the French CAC 40 dropped 1.88 percent, while U.K. shares fell 1.25 percent.
Economics
The MBA reported that its index of mortgage application activity gained 14.20 percent for the week ended July 1.
U.S. trade deficit rose 10 percent to $41.1 billion in May, versus a revised $37.4 billion in April. However, economists were expecting a trade deficit of $40.2 billion.
The Markit Services PMI rose to 51.40 for June, versus a prior reading of 51.30. Economists projected a reading of 51.50.
The ISM non-manufacturing index gained to 56.50 in June, versus a previous reading of 52.90. However, economists were expecting a reading of 53.30.
The Federal Open Market Committee released minutes of its latest meeting.
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.