U.S. stocks pared some losses toward the end of trading, following the release of Federal Reserve minutes.
The Dow traded down 0.11% to 34,113.71 while the NASDAQ fell 0.58% to 13,022. The S&P also fell, dropping, 0.27% to 4,293.45.
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Leading and Lagging Sectors
Energy shares climbed 1.2% on Wednesday. Meanwhile, top gainers in the sector included DMC Global Inc. BOOM, up 9% and HighPeak Energy, Inc. HPK up 9%.
In trading on Wednesday, materials shares fell by 1.4%.
Lowe's Companies, Inc. LOW reported better-than-expected Q2 EPS results.
Lowe's reported a second-quarter FY22 sales decline of 0.34% year-on-year to $27.48 billion, missing the consensus of $28.14 billion. EPS of $4.67 beat the analyst consensus of $4.62.
Equities Trading UP
Blue Water Vaccines, Inc. BWV shares shot up 137% to $6.04 after the company announced it plans to explore the potential development of a novel monkeypox vaccine using its norovirus shell and protrusion virus-like particle platform.
Shares of Cassava Sciences, Inc. SAVA got a boost, shooting 27% to $25.75 after a form 4 filing showed Director Sanford Robertson purchased 100,000 shares at an average price of $20.69.
Hill International, Inc. HIL shares were also up, gaining 61% to $2.7950 after Global Infrastructure Solutions (GISI) and the company announced an agreement to merge in an all-cash transaction valued at $173 million.
Equities Trading DOWN
Stronghold Digital Mining, Inc. SDIG shares tumbled 24% to $2.42 after the company reported worse-than-expected Q2 sales results.
Shares of PAVmed Inc. PAVM were down 27% to $1.4457 after the company issued business update and preliminary Q2 financial results. Lake Street maintained PAVmed with a Buy and lowered the price target from $7 to $5.
Unity Biotechnology, Inc. UBX was down, falling 22% to $1.0650 after the company announced a $25 million common stock offering.
In commodity news, oil traded up 1.5% to $87.82, while gold traded down 0.8% to $1,775.70.
Silver traded down 1.8% to $19.715 on Wednesday while copper fell 1.1% to $3.5850.
European shares closed lower today. The eurozone’s STOXX 600 declined 0.91%, London’s FTSE 100 fell 0.27% while Spain’s IBEX 35 Index fell 0.91%. The German DAX dipped 2.04%, French CAC 40 fell 0.97% and Italy’s FTSE MIB Index fell 1.04%.
The annual inflation rate in the UK accelerated to 10.1% in July from 9.4% in the earlier period, while core producer prices in the UK rose by 14.6% year-over-year in July following a revised 14.9% increase in the previous month.
The Eurozone economy expanded 0.6% on quarter in the second quarter, down from a preliminary reading of 0.7% growth, and compared to a 0.5% rise in first quarter. The number of employed persons in the Eurozone increased by 0.3% on the quarter during the three months to June.
U.S. retail sales unexpectedly stalled in July, versus market expectations for a 0.1% increase.
U.S. business inventories increased 1.4% from a month ago in June.
U.S. crude-oil inventories dropped 7.1 million barrels last week, the Energy Information Administration said.
The Federal Open Market Committee released minutes of its latest meeting.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 94,869,930 cases with around 1,063,080 deaths. India confirmed a total of at least 44,286,250 cases and 527,130 deaths, while France reported over 34,240,330 COVID-19 cases with 153,240 deaths. In total, there were at least 597,284,190 cases of COVID-19 worldwide with more than 6,460,130 deaths.
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