Dow Rises 50 Points; Silver Drops Over 2%

U.S. stocks pared losses toward the end of trading, with the Dow Jones gaining over 50 points on Wednesday.

The Dow traded up 0.18% to 30,371.76 while the NASDAQ fell 0.05% to 11,171.34. The S&P 500 also rose, gaining, 0.11% to 3,795.09.

Also check this: Bitcoin Surges Past This Key Level; Here Are The Top Crypto Movers For Wednesday


Leading and Lagging Sectors


Energy shares jumped by 2.4% on Wednesday. Leading the sector was strength from Nine Energy Service, Inc. NINE and KLX Energy Services Holdings, Inc. KLXE.


In trading on Wednesday, real estate shares fell by 2.5%.


Top Headline

 

US crude oil inventories dropped by 1.356 million barrels in the week ended September 30th, versus market estimates of a 2.052-million-barrel rise, the Energy Information Administration said.

 

Equities Trading UP

 

  • Nauticus Robotics, Inc. KITT shares shot up 75% to $5.64 after the company said it was awarded a second multi-million dollar contract by the U.S. Defense Innovation Unit for the development of an amphibious unmanned system.
  • Shares of Vicinity Motor Corp. VEV got a boost, shooting 13% to $1.17 after the company announced it started delivering Canada's first Class 3 electric truck.
  • Tupperware Brands Corporation TOPS shares were also up, gaining 101% to $10.94. TOP Ships recently reported a 412% surge in net income for the six months ended June 30.

 

Equities Trading DOWN

  • Bit Brother Limited BTB shares tumbled 39% to $0.1953 after jumping 185% on Tuesday.
  • Shares of AeroClean Technologies, Inc. AERC were down 21% to $4.6904. AeroClean Technologies shares jumped 85% on Tuesday after the company and Molekule announced they have entered into a definitive agreement to combine the companies in an all-stock merger.
  • Sotera Health Company SHC was down, falling 10% to $7.20 after Citigroup downgraded the stock from Buy to Neutral.


Also check out: Dow Jumps Over 800 Points, Volatility In Markets Decreases


Commodities

In commodity news, oil traded up 1.4% to $87.77, while gold traded down 0.5% at $1,722.20.


Silver traded down 2.3% to $20.615 on Wednesday while copper rose 0.7% to $3.5130.


Euro zone


European shares closed lower today. The eurozone’s STOXX 600 fell 1.02%, London’s FTSE 100 fell 0.48% while Spain’s IBEX 35 Index fell 1.52%. The German DAX dropped 1.21%, French CAC 40 fell 0.90% and Italy’s FTSE MIB Index fell 1.52%.

The S&P Global Eurozone services PMI was revised down to 48.8 in September versus a preliminary level of 48.9, while composite PMI fell to 48.1 in September from a preliminary reading of 48.2.

The S&P Global Germany’s services PMI was revised lower to 45 in September versus a preliminary reading of 45.4, while French services PMI was revised lower to 52.9 in September from a flash reading of 53. Industrial production in France rose 2.4% from the prior month in August. The S&P Global Spain services PMI dropped to 48.5 in September from 50.6 in the previous month.

 

Economics

 

  • Private businesses in the US added 208,000 jobs in September versus a revised 185,000 in August. The latest reading came in above market expectations of 200,000.
  • The trade deficit in the US shrank to $67.4 billion in August, recording the lowest level since May last year. Imports to the US fell by $3.7 billion from a month ago to $326.3 in August, while exports fell by $0.7 billion to $258.9 billion.
  • The S&P Global services PMI was revised higher to 49.3 in September from a preliminary level of 49.2.
  • The ISM services PMI fell to 56.7 in September from 56.9 in August. However, the latest reading exceeded market estimates of 56.
  • US crude oil inventories dropped by 1.356 million barrels in the week ended September 30th, versus market estimates of a 2.052-million-barrel rise, the Energy Information Administration said.
  • Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 4:00 p.m. ET.


Check out this: Fear Among US Investors Is Decreasing, Here's Why


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,308,950 cases with around 1,085,360 deaths. India confirmed a total of at least 44,601,930 cases and 528,730 deaths, while France reported over 35,573,130 COVID-19 cases with 155,270 deaths. In total, there were at least 624,421,150 cases of COVID-19 worldwide with more than 6,553,480 deaths.

 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Afternoon Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!