U.S. stocks pared some losses toward the end of trading, with the Dow Jones turning higher on Wednesday.

The Dow traded up 0.05% to 35,332.35 while the NASDAQ fell 0.46% to 13,820.37. The S&P 500, also fell, dropping, 0.07% to 4,496.29.

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Leading and Lagging Sectors

• Energy shares jumped by 1.7% on Wednesday.
• In trading on Wednesday, information technology shares fell 0.7%.

Top Headline

The Wendy's Company (NASDAQ:WEN) reported upbeat earnings for its second quarter, while sales missed estimates.

The company reported second-quarter FY23 sales growth of 4.4% year-on-year to $561.57 million, missing the analyst consensus of $566.95 million. Adjusted EPS of $0.28 beat the consensus estimate of $0.27.

Wendy's continues to expect FY23 adjusted EPS of $0.95 - $1.00 versus the consensus of $0.98.

Equities Trading UP

Equities Trading DOWN

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Commodities

In commodity news, oil traded up 1.8% to $84.41 while gold traded down 0.6% at $1,949.20.

Silver traded down 0.3% to $22.75 on Wednesday while copper rose 0.7% to $3.7920.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.43%, London’s FTSE 100 rose 0.80% while Spain’s IBEX 35 Index rose 0.57% The German DAX gained 0.49% French CAC 40 rose 0.72% and Italy’s FTSE MIB Index gained 1.31%.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 falling 0.53%, China’s Shanghai Composite Index falling 0.49% and Hong Kong’s Hang Seng Index gaining 0.32%. India’s S&P BSE Sensex, meanwhile, rose 0.1%.

China's producer prices declined 4.4% year-over-year in July following a 5.4% decline in the previous month, while consumer prices fell by 0.3%% year-over-year in July, versus a flat reading in the prior month.

Japan’s machine tool orders fell 19.8% year-over-year to JPY 114,251 million in July following a revised 22.2% decline in the prior month.

Economics

• Mortgage applications in the U.S. declined 3.1% during the first week of August.
• U.S. crude oil inventories increased by 5.851 million barrels in the week to Aug. 4, 2023, compared to market expectations for a 0.567 million barrel rise, the EIA said.

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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 107,569,370 cases with around 1,170,790 deaths. India confirmed a total of at least 44,996,030 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 693,010,490 cases of COVID-19 worldwide with more than 6,905,650 deaths.