U.S. stocks traded slightly higher this morning, with the Nasdaq Composite gaining around 50 points on Wednesday.
Following the market opening Wednesday, the Dow traded up 0.11% to 32,946.26 while the NASDAQ rose 0.43% to 12,434.97. The S&P 500 also rose, gaining, 0.24% to 4,138.46.
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Leading and Lagging Sectors
Energy shares rose by 1.1% on Wednesday. Meanwhile, top gainers in the sector included Energy Fuels Inc. UUUU, up 15% and Denison Mines Corp. DNN up 14%.
In trading on Wednesday, information technology shares fell by 0.2%.
U.S. durable goods orders came in unchanged from a month ago in July, versus analysts’ estimates of a 0.6% increase and compared to a revised 2.2% growth in the previous month.
Equities Trading UP
- GigaCloud Technology Inc. GCT shares shot up 22% to $32.38 after dipping over 35% on Tuesday. Gigacloud Technology recently priced its IPO at $12.25 per share.
- Shares of Turquoise Hill Resources Ltd. TRQ got a boost, shooting 24% to $28.98 after Rio Tinto Group raised its offer to buy out Turquoise Hill Resources.
- Farfetch Limited FTCH shares were also up, gaining 18% to $9.25 after the company announced the acquisition of a 47.5% stake in YNAP.
Equities Trading DOWN
- Starbox Group Holdings Ltd. STBX shares tumbled 25% to $11.62 after jumping 285% on Tuesday. Starbox Group priced 5 million share IPO at $4.00 per share.
- Shares of Nordstrom, Inc. JWN were down 19% to $18.81. Nordstrom reported better-than-expected results for its second quarter, but lowered its FY22 outlook.
- Citi Trends, Inc. CTRN was down, falling 16% to $25.54 after the company reported worse-than-expected Q2 results.
In commodity news, oil traded up 0.6% to $94.26, while gold traded down 0.1% to $1,758.80.
Silver traded down 0.7% to $18.885 on Wednesday while copper fell 1.3% to $3.6475.
European shares were mixed today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 fell 0.4% while Spain’s IBEX 35 Index fell 0.4%. The German DAX dropped 0.1%, French CAC 40 rose 0.1% and Italy’s FTSE MIB Index fell 0.1%.
- U.S. durable goods orders came in unchanged from a month ago in July, versus analysts’ estimates of a 0.6% increase and compared to a revised 2.2% growth in the previous month.
- Pending home sales fell 1% month-over-month in July versus a revised 8.9% decline in June.
- The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
- The survey of business uncertainty report for August is scheduled for release at 11:00 a.m. ET.
- 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 95,537,990 cases with around 1,066,410 deaths. India confirmed a total of at least 44,368,190 cases and 527,450 deaths, while France reported over 34,387,610 COVID-19 cases with 153,700 deaths. In total, there were at least 602,725,910 cases of COVID-19 worldwide with more than 6,477,000 deaths.
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