Following the market opening Wednesday, the Dow traded down 0.78% to 23579.50 while the NASDAQ rose 0.26% to 9025.62. The S&P also fell, dropping 0.46% to 2,856.91.

Leading and Lagging Sectors

Consumer discretionary shares climbed by 0.3% on Wednesday. Meanwhile, top gainers in the sector included Overstock.com, Inc. (NASDAQ:OSTK), up 11%, and WW International, Inc. (NASDAQ:WW), up 12%.

In trading on Wednesday, energy shares fell 3%.

Top Headline

Tower Semiconductor Ltd. (NASDAQ:TSEM) reported stronger-than-expected results for its first quarter on Wednesday.

Tower Semiconductor posted quarterly adjusted earnings of $0.20 per share, beating analysts’ estimates of $0.19 per share. The company’s sales came in at $300.00 million, exceeding the consensus view of $297.57 million.

Tower Semiconductor expects Q2 sales of $310 million.

Equities Trading UP

SIFCO Industries, Inc. (NYSE:SIF) shares shot up 109% to $4.60 following Q2 results. Sifco Industries posted Q2 earnings of $0.57 per share, versus a year-ago loss of $0.43 per share.

Shares of Forward Pharma A/S (NASDAQ:FWP) got a boost, shooting 42% to $10.97. Forward Pharma reported that the European Patent Office Technical Board of Appeal has rescheduled oral hearing of appeal against EPS2801355 to February 2, 2021.

Aviat Networks, Inc. (NASDAQ:AVNW) shares were also up, gaining 33% to $12.50 after the company reported upbeat Q3 results.

Equities Trading DOWN

Varex Imaging Corporation (NASDAQ:VREX) shares tumbled 29% to $17.92 after the company reported worse-than-expected Q2 results and withdrew its FY20 guidance.

Shares of Acer Therapeutics Inc. (NASDAQ:ACER) were down 16% to $3.17 after the company reported a 1.84 million share common stock offering via selling shareholders.

FTS International, Inc. (NASDAQ:FTSI) was down, falling 16% to $4.0695 after declining 16% on Tuesday.

Commodities


In commodity news, oil traded up 0.4% to $25.87, while gold traded up 0.1% to $1,707.30.

Silver traded down 0.1% Wednesday to $15.70, while copper rose 0.1% to $2.362.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 slipped 1.2%, the Spanish Ibex Index fell 0.8%, while Italy’s FTSE MIB Index fell 1.1%. Meanwhile, the German DAX dropped 1.4%, and the French CAC 40 fell 1.5% while UK shares fell 1%.

Economics

The Producer Price Index dropped 1.3% in April, versus analysts’ expectations for a 0.5% decline.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

The Treasury is set to auction 30-year bonds at 1:00 p.m. ET.