U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining 300 points on Wednesday.
The Dow traded up 0.98% to 33,564.39 while the NASDAQ rose 0.82% to 12,593.12. The S&P also rose, gaining, 0.99% to 4,216.60.
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Leading and Lagging Sectors
Materials shares rose by 2.5% on Wednesday. Meanwhile, top gainers in the sector included Alpha Metallurgical Resources Inc AMR, up 14% and Teck Resources Ltd TECK up 12%.
In trading on Wednesday, communication services shares dipped by 2.2%.
Boeing Company reported wider-than-expected first quarter loss.
Boeing’s adjusted core loss came in at $2.75 per share, versus analysts’ estimates of a $0.25 per share loss. Group revenues declined 8% from last year to $14 billion, versus analysts' expectations of $16.02 billion
Equities Trading UP
Acutus Medical, Inc. AFIB shares shot up 28% to $1.02 after the company announced agreements to fund strategic growth priorities.
Shares of Vivakor, Inc. VIVK got a boost, shooting 105% to $3.50 after the company announced it has signed a 10-year contract with Hot Oil Transport with a potential value of up to $250 million.
Tempest Therapeutics, Inc. TPST shares were also up, gaining 57% to $3.69. Tempest reported a $15 million private placement financing.
Equities Trading DOWN
Molecular Partners AG MOLN shares tumbled 37% to $8.69. The company’s collaborating partner Amgen for MP0310 (AMG 506) will return the global rights of MP0310 to Molecular Partners following a strategic pipeline review.
Shares of Extreme Networks, Inc. EXTR were down 15% to $9.57 following Q3 results.
NCR Corporation NCR was down, falling 22% to $29.25 after the company reported worse-than-expected Q1 EPS and sales results. The company also cut its FY22 EPS and sales guidance.
In commodity news, oil traded up 0.1% to $101.77, while gold traded down 0.9% to $1,887.30.
Silver traded down 0.8% Wednesday to $23.355 while copper rose 0.1% to $4.4680.
European shares closed higher today. The eurozone’s STOXX 600 gained 0.73%, London’s FTSE 100 gained 0.53%, while Spain’s IBEX 35 Index rose 0.46%. The German DAX rose 0.27%, French CAC 40 rose 0.48% and Italy’s FTSE MIB Index rose 0.63%.
The consumer confidence in France declined to 88 points in April from a revised reading of 90 points in March, while GfK Consumer Climate Indicator in Germany fell to -26.5 heading into May.
The goods trade deficit in the US rose to $125.3 billion in March from $106.3 billion in the previous month.
U.S. wholesale inventories rose 2.3% month-over-month to $837.7 billion in March.
The pending home sales index fell 1.2% for March.
U.S. crude oil inventories rose 700,000 barrels last week, the Energy Information Administration said.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 82,789,710 cases with around 1,019,000 deaths. India confirmed a total of at least 43,065,660 cases and 522,370 deaths, while Brazil reported over 30,378,060 COVID-19 cases with 662,940 deaths. In total, there were at least 510,925,220 cases of COVID-19 worldwide with more than 6,249,430 deaths.
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