Dow Falls 90 Points; Mesa Air Group Shares Plummet

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite gaining around 1% points on Wednesday.

The Dow traded down 0.27% to 33,471.60 while the NASDAQ rose 1.01% to 12,302.61. The S&P 500, also rose, gaining, 0.34% to 4,133.17.

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Leading and Lagging Sectors

• Communication services shares rose by 1.9% on Wednesday. Meanwhile, top gainers in the sector included Taboola.com Ltd. TBLA, up 25%, and Angi Inc. ANGI, up 22%.
• In trading on Wednesday, energy shares fell 1.2%.

Top Headline

The annual inflation rate in the US fell to 4.9% in April, recording the lowest level since April 2021, and compared to 5% in March.

Equities Trading UP

• CTI BioPharma Corp. CTIC shares shot up 85% to $8.93 after Sobi announced it will acquire the company in a transaction worth $1.7 billion.
• Shares of Microvast Holdings, Inc. MVST got a boost, shooting 43% to $1.8850 after the company reported better-than-expected Q1 sales results.
• Harbor Custom Development, Inc. HCDI shares were also up, gaining 94% to $9.26 after the company announced a buyer waived all contingencies on a $14,250,000 sale of townhomes.

Equities Trading DOWN

• Babylon Holdings Limited BBLN shares dropped 71% to $2.0850 after the company reported mixed Q1 financial results. The company also announced it secured financing and plans to implement a take private transaction with support from AlbaCore Capital.
• Shares of Mesa Air Group, Inc. MESA were down 29% to $1.4550 after the company reported worse-than-expected Q2 adjusted EPS and sales results.
• SeaStar Medical Holding Corporation ICU was down, falling 37% to $1.2231 after the company issued regulatory update related to its HDE application for pediatric selective cytopheretic device.

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Commodities

In commodity news, oil traded down 1.5% to $72.58 while gold traded down 0.2% at $2,038.50.

Silver traded down 0.9% to $25.665 on Wednesday while copper fell 1.4% to $3.8460.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.38%, London’s FTSE 100 fell 0.29% while Spain’s IBEX 35 Index fell 0.17% The German DAX fell 0.37%, French CAC 40 dipped 0.49% and Italy’s FTSE MIB Index fell 0.43%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 dropping 0.41%, Hong Kong’s Hang Seng Index dropping 0.53% and China’s Shanghai Composite Index falling 1.15%. India’s S&P BSE Sensex rose 0.3%.

Economics

The annual inflation rate in the US fell to 4.9% in April, recording the lowest level since April 2021, and compared to 5% in March.