Nasdaq Rises 1%; US Pending Home Sales Increase In February

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining over 100 points on Wednesday.

The Dow traded up 0.58% to 32,580.89 while the NASDAQ rose 1.09% to 11,843.85. The S&P 500, also rose, gaining, 0.90% to 4,006.83.

Check This Out: $18.5M Bet On Southwest Gas? Check Out These 3 Stocks Insiders Are Buying


Leading and Lagging Sectors

  • Real estate shares jumped by 1.5% on Wednesday. Meanwhile, top gainers in the sector included SL Green Realty Corp. SLG, up 5%, and Newmark Group, Inc. NMRK, up 6%.
  • In trading on Wednesday, health care shares rose by just 0.2%.


Top Headline

Pending home sales in the US rose 0.8% month-over-month in February to the highest level since August, versus an 8.1% increase in the previous month and also topping market expectations for a 2.3% decline.


Equities Trading UP

  • Arcturus Therapeutics Holdings Inc. ARCT shares shot up 23% to $19.10 after the company reported better-than-expected Q4 EPS and sales results.
  • Shares of LogicMark, Inc. LGMK got a boost, shooting 71% to $0.2394 after the company announced financial results for the year ended 2022. The company reported FY22 revenue of $11.9 million.
  • Local Bounti Corporation LOCL shares were also up, gaining 34% to $0.6001 after the company announced it secured up to $145 million of additional financing to support growth. The company also reported Q4 financial results and issued guidance.


Equities Trading DOWN

  • Shift Technologies, Inc. SFT shares dropped 29% to $1.20 after the company reported worse-than-expected Q4 sales results.
  • Shares of ProQR Therapeutics N.V. PRQR were down 32% to $2.4285. ProQR Therapeutics posted a FY loss of €0.91 per share.
  • bluebird bio, Inc. BLUE was down, falling 28% to $3.0950 after the company reported Q4 and full year 2022 financial results. Also, a Bloomberg report suggesting Bluebird Bio expects a delay on its FDA sickle cell drug application is also impacting the stock.

Also Check This Out: Bitcoin Surges Past This Key Level; Mask Network, Frax Share Among Top Gainers



In commodity news, oil traded up 1.4% to $74.21 while gold traded down 0.3% at $1,967.30.

Silver traded up 0.1% to $23.435 on Wednesday while copper rose 0.6% to $4.1090.


Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.22%, London’s FTSE 100 rose 1.02% while Spain’s IBEX 35 Index gained 1.4%. The German DAX gained 1.19%, French CAC 40 rose 1.46% and Italy’s FTSE MIB Index gained 1.42%.

Consumer credit in the UK rose by £1.413 billion in February versus a revised £1.686 billion increase in the previous month. The consumer confidence in France declined to 81 in March from 82 a month ago, while German GfK Consumer Climate Indicator rose for a sixth straight month to a reading of -29.5 heading into April.


Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 gaining 1.33%, Hong Kong’s Hang Seng Index climbing 2.06% and China’s Shanghai Composite Index declining 0.16%. India’s S&P BSE Sensex gained 0.3%.

Singapore’s Domestic Supply Price Index fell 4.7% year-over-year in February versus a revised 1.5% drop in the prior month.



  • Mortgage applications in the US climbed 2.9% in the week ended March 24, 2023.
  • Pending home sales in the US rose 0.8% month-over-month in February to the highest level since August, versus an 8.1% increase in the previous month and also topping market expectations for a 2.3% decline.
  • US crude oil inventories dropped by 7.489 million barrels in the week ended March 24, 2023, versus market estimates of a 0.092 million barrel rise, the Energy Information Administration said.

Now Read This: Top 5 Risk Off Stocks That May Crash In March


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,120,650 cases with around 1,153,970 deaths. India confirmed a total of at least 44,709,670 cases and 530,840 deaths, while France reported over 39,771,700 COVID-19 cases with 165,570 deaths. In total, there were at least 683,539,740 cases of COVID-19 worldwide with more than 6,828,510 deaths.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsTrading IdeasMid Day 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!