Dow Jumps 350 Points; Crude Oil Drops Over 2%

U.S. stocks traded higher midway through trading, with the Dow Jones gaining around 350 points on Wednesday.

The Dow traded up 1.09% to 32,748.95 while the NASDAQ rose 2.07% to 12,604.96. The S&P also rose, gaining, 1.26% to 4,142.83.

Also check this: Starbucks, Yum! Brands And 3 Stocks To Watch Heading Into Wednesday


Leading and Lagging Sectors


Communication services shares climbed 2.5% on Wednesday. Meanwhile, top gainers in the sector included Perion Network Ltd. PERI, up 10% and Globalstar, Inc. GSAT up 10%.


In trading on Wednesday, energy shares fell 1.9%.


Top Headline


The ISM Services PMI unexpectedly rose to 56.7 in July, recording the highest level in three months, compared to June’s reading of 55.3. However, analysts were expecting a reading of 53.5.


Equities Trading UP


Poseida Therapeutics, Inc. PSTX shares shot up 90% to $4.62 as the company entered into a strategic collaboration and license agreement with Roche Holdings AG, focused on developing allogeneic CAR-T therapies directed to hematologic malignancies.


Shares of Kintara Therapeutics, Inc. KTRA got a boost, shooting 51% to $0.2679 after the company entered into an equity purchase agreement with Lincoln Park Capital for up to $20 million.


Ping Identity Holding Corp. PING shares were also up, gaining 60% to $27.92 after the company announced it will be acquired by Thoma Bravo for $28.50 per share in cash. Ping Identity also posted a Q2 loss of $0.34 per share.


Equities Trading DOWN

Rocky Brands, Inc. RCKY shares tumbled 20% to $27.27 after the company reported worse-than-expected Q2 EPS results.


Shares of Horizon Therapeutics Public Limited Company HZNP were down 21% to $64.49 after the company reported worse-than-expected Q2 EPS and sales results and lowered FY22 sales guidance below estimates.


SolarEdge Technologies, Inc. SEDG was down, falling 19% to $295.94 after the company reported worse-than-expected Q2 EPS.

Also check out: Markets Bet On U.S. Stock Futures With Easing Fear Levels


Commodities

In commodity news, oil traded down 2.3% to $92.23, while gold traded down 0.8% to $1,774.60.


Silver traded down 1.4% to $19.850 on Wednesday while copper fell 1.8% to $3.4560.



Euro zone


European shares were higher today. The eurozone’s STOXX 600 gained 0.45%, London’s FTSE 100 rose 0.43% while Spain’s IBEX 35 Index rose 0.73%. The German DAX climbed 0.96%, French CAC 40 surged 0.91% and Italy’s FTSE MIB Index gained 0.94%.

The annual producer inflation in the Eurozone dropped to 35.8% in June from 36.2% in May, while retail sales fell 1.2% month-over-month in June. Producer prices in the Eurozone increased 1.1% month-over-month in June, while services PMI was revised higher to 51.2 in July from a preliminary reading of 50.6.

The S&P Global Italy Composite PMI dropped to 47.7 in July from 51.3 in the previous month, while UK’s Composite PMI fell to 52.1 in July from 53.7 in June. The S&P Global French Composite PMI slipped to 51.7 in July from 52.5 a month ago, while German Composite PMI rose slightly to 48.1 in July from a preliminary level of 48. Germany reported a trade surplus of €7.7 billion in June.


Economics

 

The S&P Global services PMI was revised higher to 47.3 in July versus a preliminary level of 47.


U.S. factory orders rose 2% month-over-month in June.


The ISM Services PMI unexpectedly rose to 56.7 in July, recording the highest level in three months, compared to June’s reading of 55.3. However, analysts were expecting a reading of 53.5.


US crude oil inventories increased by 4.467 million barrels in the week ended July 29th. Analysts, meanwhile, were projecting for a 0.629-million-barrel decline.


Check out this: Uber, Lyft And Some Other Big Stocks Recording Gains On Tuesday


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 93,319,700 cases with around 1,055,970 deaths. India confirmed a total of at least 44,067,140 cases and 526,470 deaths, while France reported over 33,921,340 COVID-19 cases with 152,280 deaths. In total, there were at least 584,458,570 cases of COVID-19 worldwide with more than 6,424,210 deaths.

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