Dow Rises Over 100 Points; Goldman Sachs Earnings Miss Estimates

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.37% to 35,082.94 while the NASDAQ rose 0.41% to 14,412.36. The S&P 500, also rose, gaining, 0.41% to 4,573.69.

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Leading and Lagging Sectors

• Real estate shares climbed by 1.3% on Wednesday.
• In trading on Wednesday, materials shares fell by 0.4%.

Top Headline

The Goldman Sachs Group, Inc. GS reported weaker-than-expected second-quarter earnings.

Goldman Sachs reported quarterly EPS of $3.08, which plunged 60% Y/Y, missing the consensus of $3.18. Net revenues were $10.90 billion, 8% lower than the second quarter of 2022, and compared to marker estimates of $10.84 billion.

Equities Trading UP

• SMX (Security Matters) Public Limited Company SMX shares shot up 39% to $0.2033. Security Matters received a notice of allowance for its U.S. patent application 17/285,167 Titled "System And Method For Detection And Identification Of Foreign Elements In A Substance By X-Ray Or Gamma-Ray Detection And Emission."
• Shares of Panbela Therapeutics, Inc. PBLA got a boost, shooting 37% to $2.8400 after the company divested certain assets in its eflornithine pediatric neuroblastoma program to US WorldMeds for $9.5 million.
• Carvana Co. CVNA shares were also up, gaining 28% to $51.12 after the company reported better-than-expected second-quarter sales and guided positive adj. EBITDA for the third quarter. Carvana entered into distribution agreement with Citigroup, Moelis relating to offering of up to $1 billion of class A common stock.

Equities Trading DOWN

• Sono Group N.V. SEV shares dropped 33% to $0.2223 after the company received a notice of delisting from the Nasdaq.
• Shares of Amarin Corporation plc AMRN were down 22% to $1.12 after the company initiated an organizational restructuring program, issued lower interim second-quarter revenues.
• Aqua Metals, Inc. AQMS was down, falling 22% to $1.3200. Aqua Metals prices $17.4 million public offering of 15.82 million shares of common stock at a price of $1.10 per share.

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Commodities

In commodity news, oil traded up 1.4% to $76.78 while gold traded up 0.1% at $1,982.60.

Silver traded up 0.5% to $25.38 on Wednesday while copper fell 0.5% to $3.8105.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.3%, London’s FTSE 100 gained 1.6% while Spain’s IBEX 35 Index gained 0.2% The German DAX gained 0.2% French CAC 40 rose 0.4% and Italy’s FTSE MIB Index rose 0.1%.

The consumer price inflation rate in the Eurozone was confirmed at 5.5% in June, notching the lowest level since Jan. 2022. Construction output in the Eurozone increased 0.1% from the prior year in May, compared to the revised 0.4% growth in the earlier month. Passenger car registrations in the European Union jumped 17.8% year-over-year to 1 million units in June.

Consumer price inflation in the UK fell to 7.9% in June, recording the lowest level since March 2022, while producer inflation slowed to 0.1% year-over-year in June compared to a revised 2.7% in the prior month.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 gaining 1.24%, China’s Shanghai Composite Index falling 0.33% and Hong Kong’s Hang Seng Index gaining 0.03%. India’s S&P BSE Sensex, meanwhile, rose 0.45%.

The Reuters Tankan sentiment index for manufacturers in Japan declined to a reading of +3 in July versus +8 in June.

Economics

• Mortgage applications in the U.S. rose 1.1% in the week ended July 14, 2023, versus a 0.9% growth in the prior week.
• Housing starts in the U.S. fell by 8% month-over-month to an annualized rate of 1.434 million in June, compared to market estimates of 1.48 million.
• Building permits in the U.S. fell by 3.7% to an annual rate of 1.44 million in June.

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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 107,400,110 cases with around 1,168,940 deaths. India confirmed a total of at least 44,994,920 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 691,724,010 cases of COVID-19 worldwide with more than 6,900,710 deaths.