US Stocks Open Higher; Nasdaq Rises 60 Points

U.S. stocks traded higher this morning, with the Nasdaq gaining around than 600 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.25% to 33,786.86 while the NASDAQ rose 0.55% to 10,802.67. The S&P 500 also rose, gaining, 0.43% to 3,936.25.
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Leading and Lagging Sectors


Real estate shares gained by 1.8% on Wednesday. Meanwhile, top gainers in the sector included Compass Inc COMP, up 8%, and Opendoor Technologies Inc OPEN, up 9%.


In trading on Wednesday, health care shares fell by 0.1%.


Top Headline


Mortgage applications in the US rose 1.2% in the first week of January.

 


Equities Trading UP

 

  • Broadwind Inc BWEN shares shot up 101% to $4.55 after the company announced the receipt of approximately $175 million in new tower orders from a leading global wind turbine manufacturer.
  • Shares of Lipella Pharmaceuticals Inc LIPO got a boost, shooting 90% to $5.91 after the company announced top line results of its Phase 2a clinical trial evaluating the safety and efficacy of its drug candidate LP-10 for Hemorrhagic Cystitis.
  • Inotiv Inc NOTV shares were also up, gaining 34% to $7.47 after the company reported better-than-expected Q4 EPS results.

 

Equities Trading DOWN

  • CommVault Systems, Inc. CVLT shares tumbled 17% to $54.00 after the company issued Q3 guidance below estimates. Piper Sandler cut its price target on the stock from $70 to $60.
  • Shares of Gladstone Commercial Corporation GOOD were down 12% to $17.18.
  • Halozyme Therapeutics, Inc. HALO was down, falling 11% to $49.70 after the company issued FY23 adjusted EPS and revenue guidance below estimates.


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Commodities

In commodity news, oil traded up 2.1% to $76.73 while gold traded up 0.3% at $1,882.30.


Silver traded up 1% to $23.89 on Wednesday while copper rose 2% to $4.1575.

 



Euro zone


European shares were higher today. The eurozone’s STOXX 600 rose 0.6%, London’s FTSE 100 rose 0.9% while Spain’s IBEX 35 Index gained 0.3%. The German DAX climbed 1%, French CAC 40 climbed 1% and Italy’s FTSE MIB Index rose 0.7%.


Retail sales in Italy increased by 0.8% from a month ago in November versus a revised 0.3% decline in the prior month. Industrial production in Spain fell by 1.1% year-over-year in November.

 


Asia Pacific Markets


Asian markets closed mixed on Wednesday, with the Hong Kong’s Hang Seng Index gaining 0.49%, and China’s Shanghai Composite Index falling 0.24%. Japan’s Nikkei 225 gained 1.03%.

The index of coincident economic indicators in Japan dropped to 99.1 in November from 99.6 in October, while index of leading economic indicators fell to 97.6 in November from a final reading of 98.6 in October. Retail sales in Australia rose by 1.4% month-over-month to AUD 35.92 billion during November, while monthly Consumer Price Index indicator rose by 7.3% in the year to November.

 

Economics


Mortgage applications in the US rose 1.2% in the first week of January.

 

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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 103,151,840 cases with around 1,121,720 deaths. India confirmed a total of at least 44,681,520 cases and 530,720 deaths, while France reported over 39,421,140 COVID-19 cases with 163,100 deaths. In total, there were at least 669,583,810 cases of COVID-19 worldwide with more than 6,718,320 deaths.

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