U.S. stocks turned lower midway through trading after recording sharp losses on Tuesday. US President Biden late Tuesday announced sanctions on some Russian banks and individuals.
The Dow traded down 0.06% to 33,577.80 while the NASDAQ fell 0.4% to 13,326.35. The S&P also fell, dropping, 0.20% to 4,296.31.
Check out this: Insiders Buy More Than $170M Of 4 Stocks
Leading and Lagging Sectors
Energy shares climbed by 0.9% on Wednesday. Meanwhile, top gainers in the sector included Renewable Energy Group, Inc. REGI, up 26% and Range Resources Corporation RRC up 10%.
In trading on Wednesday, consumer discretionary shares fell by 0.9%.
Lowe's Companies, Inc. LOW reported better-than-expected earnings for its fourth quarter and raised its guidance.
Lowe's Companies posted quarterly earnings of $1.78 per share, beating analysts’ estimates of $1.70 per share. The company’s quarterly sales came in at $21.34 billion, versus expectations of $20.87 billion.
Lowe's raised its FY22 EPS guidance from $12.25-$13.00 to $13.10-$13.60. The company also boosted its sales guidance from $94 billion-$97 billion to $97 billion -$99 billion.
Equities Trading UP
Tenneco Inc. TEN shares shot up 94% to $19.39 after the company announced it will be acquired by Apollo Funds. Tenneco also reported a Q4 loss of $0.11 per share.
Shares of Cepton, Inc. CPTN got a boost, shooting 27% to $18.30. Maxim Group initiated coverage on Cepton with a Buy rating and announced a price target of $22.
The Beauty Health Company SKIN shares were also up, gaining 33% to $17.07 after the company reported Q4 results and issued FY22 net sales guidance above estimates.
Equities Trading DOWN
Kodiak Sciences Inc. KOD shares tumbled 80% to $10.12 as the company announced negative top-line results from its Phase 2b/3 clinical trial evaluating the KSI-301 in treatment-naïve subjects with neovascular age-related macular degeneration.
Shares of Vertiv Holdings Co VRT were down 43% to $11.10 after the company reported worse-than-expected Q4 results and issued Q1 guidance below estimates. Vertical Research also downgraded the stock from Buy to Hold.
Kaltura, Inc. KLTR was down, falling 38% to $1.91 after the company reported weak quarterly sales and issued FY22 forecast.
In commodity news, oil traded up 1% to $93.24, while gold traded up 0.1% to $1,909.10.
Silver traded up 0.7% Wednesday to $24.49 while copper fell 0.4% to $4.4945.
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.24%, London’s FTSE 100 rose 0.43%, while Spain’s IBEX 35 Index fell 0.13%. The German DAX gained 0.09%, French CAC 40 jumped 0.46% and Italy’s FTSE MIB Index climbed 0.09%.
Annual inflation rate in the Eurozone was confirmed at a record level of 5.1% for January. The GfK Consumer Climate Indicator for Germany dropped to -8.1 heading into March, compared to -6.7 in February. The manufacturing climate indicator in France slipped to 112 in February from a four-year high level of 113 in the previous month.
The Treasury is set to auction 5-year notes at 1:00 p.m. ET.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 80,270,560 cases with around 963,370 deaths. India confirmed a total of at least 42,867,030 cases and 512,650 deaths, while Brazil reported over 28,351,870 COVID-19 cases with 645,530 deaths. In total, there were at least 428,655,310 cases of COVID-19 worldwide with more than 5,927,780 deaths.
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