Dow Surges Over 100 Points; US Producer Prices Rise In September

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 0.39% to 33,869.26 while the NASDAQ rose 0.60% to 13,644.43. The S&P 500 also rose, gaining, 0.41% to 4,376.26.

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Leading and Lagging Sectors

Real estate shares surged by 1.1% on Wednesday.

In trading on Wednesday, energy shares fell by 1.9%.

Top Headline

Producer prices in the U.S. increased 0.5% month-over-month in September, versus a 0.7% rise in the prior month, but above market expectations of 0.3%.

Equities Trading UP

Tempest Therapeutics, Inc. TPST shares shot up 725% to $1.98 after the company released new data demonstrating superiority of TPST-1120 arm across multiple study endpoints in first-line hepatocellular carcinoma study.

Shares of Wheeler Real Estate Investment Trust, Inc. WHLR got a boost, shooting 79% to $1.58 after falling 7% on Tuesday.

Gaucho Group Holdings, Inc. VINO shares were also up, gaining 40% to $1.25 after falling over 12% on Tuesday. Gaucho Group announced its journey towards organic cultivation for select sections of its renowned Pinot Noir and Cabernet Sauvignon vineyards.

Equities Trading DOWN

Silk Road Medical, Inc SILK shares dropped 50% to $6.95 after the company announced preliminary third-quarter revenue results below estimates and issued FY23 revenue guidance below estimates.

Shares of E2open Parent Holdings, Inc. ETWO were down 37% to $2.77 as the company posted downbeat results for its second quarter and named Andrew Appel as interim CEO, effective immediately.

SuperCom Ltd. SPCB was down, falling 33% to $0.59 after surging 144% on Tuesday. SuperCom Ltd. is an Israel-based provider of digital identity and cybersecurity products and solutions to governments and private and public organizations throughout the world.

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Commodities

In commodity news, oil traded down 0.8% to $85.25 while gold traded up 0.7% at $1,887.60.

Silver traded up 1.3% to $22.235 on Wednesday while copper rose 0.1% to $3.6350.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.4% London’s FTSE 100 gained 0.2% while Spain’s IBEX 35 Index rose 0.1% The German DAX rose 0.3% French CAC 40 slipped 0.1%, while Italy’s FTSE MIB Index gained 0.9%.

Germany’s consumer price inflation rate fell to 4.5% year-over-year in September from 6.1% in the prior month.

Asia Pacific Markets

Asian markets closed higher on Wednesday, with Japan’s Nikkei 225 gaining 0.60%, China’s Shanghai Composite Index gaining 0.12% and Hong Kong’s Hang Seng Index gaining 1.29%. India’s S&P BSE Sensex, meanwhile, rose 0.6%.

Chinese vehicle sales climbed by 9.5% year-over-year in September, recording the second straight month of growth. Japan's machine tool orders fell 11.2% year-over-year to JPY 133,913 million in September following a 17.6% decline in the prior month, while Reuters Tankan sentiment index for manufacturers in Japan was unchanged at +4 for October.

Economics

Mortgage applications in the U.S. rose by 0.6% in the week ending Oct. 6..

Producer prices in the U.S. increased 0.5% month-over-month in September, versus a 0.7% rise in the prior month, but above market expectations of 0.3%.

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