Tech Shares Move Higher, Nasdaq Jumps 200 Points

Tech Shares Move Higher, Nasdaq Jumps 200 Points

U.S. stocks traded higher midway through trading, with the NASDAQ Composite gaining more than 200 points on Wednesday.

The Dow traded up 0.29% to 31,920.00 while the NASDAQ rose 1.76% to 11,919.51. The S&P also rose, gaining, 0.82% to 3,969.13.

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Leading and Lagging Sectors


Consumer discretionary shares rose 1.5% on Wednesday. Meanwhile, top gainers in the sector included Workhorse Group Inc. WKHS, up 16% and AMCON Distributing Company DIT up 14%.


In trading on Wednesday, health care shares fell 0.5%.


Top Headline


Abbott Laboratories ABT reported better-than-expected earnings for its second quarter and raised its forecast.

The company reported Q2 FY22 adjusted EPS of $1.43, up 22.2% Y/Y, better than the consensus of $1.12. Q2 sales of $11.3 billion increased 10.1% on a reported basis and 14.3% on an organic basis, beating the consensus of $10.29 billion.

Abbott has increased FY22 adjusted EPS guidance to $4.90 from the earlier guidance of $4.70, compared to the consensus of $4.88.

 

Equities Trading UP


Pagaya Technologies Ltd. PGY shares shot up 100% to $5.40 on continued volatility after the company completed its SPAC merger agreement last month.


Shares of Rhythm Pharmaceuticals, Inc. RYTM got a boost, shooting 18% to $12.50 after the French National Agency for Medicines and Health Products Safety and Haute Autorité de santé granted pre-marketing authorization AP1 for IMCIVREE for patients with genetically-confirmed Bardet-Biedl syndrome for the treatment of obesity and the control of hunger.


Direct Digital Holdings, Inc. DRCT shares were also up, gaining 88% to $2.77 after the company reported 540% revenue growth in its Solossus SSP platform in Q1.


Equities Trading DOWN

Vascular Biogenics Ltd. VBLT shares tumbled 78% to $0.4427 after the company announced the data from its Phase 3 OVAL trial of ofra-vec did not meet the primary endpoints of achieving a statistically significant improvement.


Shares of FaZe Holdings Inc. FAZE were down 30% to $9.09. A SPAC merger announced between FaZe Clan and B. Riley Principal 150 Merger Corp in October has been completed.


Inozyme Pharma, Inc. INZY was down, falling 21% to $4.30. Inozyme Pharma announced preliminary biomarker, safety, and pharmacokinetic (PK) data from the first three subjects in the Phase 1 portion of its ongoing Phase 1/2 trial of INZ-701 in ABCC6 Deficiency, which presents as pseudoxanthoma elasticum (PXE) in older individuals.


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Commodities

In commodity news, oil traded down 0.5% to $103.66, while gold traded down 0.2% to $1,706.80.


Silver traded up 0.5% to $18.805 on Wednesday while copper rose 1.4% to $3.3380.



Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 0.28%, London’s FTSE 100 fell 0.38% while Spain’s IBEX 35 Index fell 1.36%. The German DAX fell 0.34%, French CAC 40 fell 0.34% and Italy’s FTSE MIB Index fell 1.91%.

Annual inflation rate in the UK climbed to 9.4% in June, recording the highest rate since 1982, while producer prices climbed 16.5% year-over-year in from a revised 15.8% in May. Annual producer inflation in Germany fell to a three-month low level of 32.7% in June from May’s record level of 33.6%.


Economics


Existing home sales in the US dipped 5.4% to an annual rate of 5.12 million in June, hitting a fresh low since June 2020 and well below analysts’ estimates of 5.38 million.


US crude oil inventories dropped by 0.446 million barrels in the week ended July 15th, following an increase of 3.254 million barrels in the prior period, the Energy Information Administration said.


The Treasury is set to auction 20-year bonds at 1:00 p.m. ET.


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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 91,529,860 cases with around 1,049,680 deaths. India confirmed a total of at least 43,803,610 cases and 525,820 deaths, while Brazil reported over 33,398,040 COVID-19 cases with 675,920 deaths. In total, there were at least 569,898,910 cases of COVID-19 worldwide with more than 6,392,170 deaths.

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