Dow, S&P 500 Turn Lower; Altimmune Shares Slide

Dow, S&P 500 Turn Lower; Altimmune Shares Slide

U.S. stocks pared gains toward the end of trading, with the Dow Jones dropping around 80 points on Wednesday.

The Dow traded down 0.26% to 31,023.34 while the NASDAQ rose 0.23% to 11,660.57. The S&P 500 also fell, dropping, 0.05% to 3,930.65.

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Leading and Lagging Sectors


Energy shares climbed 3% on Wednesday. Meanwhile, top gainers in the sector included Evolution Petroleum Corporation EPM, up 19% and NACCO Industries, Inc. NC up 18%.


In trading on Wednesday, real estate shares fell by 1.3%.


Top Headline


The Producer Price Index for final demand declined 0.1% month-over-month in August, compared to a 0.4% decline in July.

 

Equities Trading UP

 

  • bioAffinity Technologies, Inc. BIAF shares shot up 38% to $5.70 after the company announced publication of its research in high-throughput flow cytometry analysis of sputum in PLOS ONE.
  • Shares of SciSparc Ltd. SPRC got a boost, shooting 45% to $1.1296 after the company announced it entered into an agreement to acquire Wellution for $20 million.
  • Evolution Petroleum Corporation EPM shares were also up, gaining 19% to $8.10 after the company posted upbeat Q4 results and reported a $25 million share repurchase program.

 

Equities Trading DOWN

  • Vintage Wine Estates, Inc. VWE shares tumbled 39% to $3.37 after the company reported Q4 EPS results were lower year over year and issued FY23 sales guidance below estimates. Telsey Advisory Group and Canaccord Genuity downgraded the stock.
  • Shares of Altimmune, Inc. ALT were down 28% to $14.66. The company announced topline results from its 12-week Phase 1b study of pemvidutide in subjects with non-alcoholic fatty liver disease.
  • Kaspien Holdings Inc. KSPN was down, falling 25% to $2.14 following Q2 results. Kaspien Holdings posted a Q2 loss of $1.69 per share.


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Commodities

In commodity news, oil traded up 2.7% to $89.64, while gold traded down 0.5% at $1,709.10.


Silver traded up 0.4% to $19.575 on Wednesday while copper fell 1% to $3.5190.



Euro zone


European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.86%, London’s FTSE 100 fell 1.47%, while Spain’s IBEX 35 Index fell 0.10%. The German DAX declined 1.22%, French CAC 40 fell 0.37% and Italy’s FTSE MIB Index gained 0.49%.

Industrial production in the Eurozone dropped 2.3% month-over-month in July following a revised 1.1% increase in the previous month. Annual inflation rate in the UK fell to 9.9% in August from 10.1% in July.

 

Economics

 

  • The Producer Price Index for final demand declined 0.1% month-over-month in August, compared to a 0.4% decline in July.
  • US crude oil inventories climbed by 2.442 million barrels in the week ended September 9th, the Energy Information Administration said.

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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 97,200,700 cases with around 1,076,340 deaths. India confirmed a total of at least 44,510,050 cases and 528,210 deaths, while France reported over 34,764,560 COVID-19 cases with 154,570 deaths. In total, there were at least 615,021,030 cases of COVID-19 worldwide with more than 6,521,020 deaths.

Posted In: Mid-Afternoon Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets