Nasdaq Surges Over 100 Points; US Economy Expands Faster Than Expected

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

Following the market opening Wednesday, the Dow traded up 0.13% to 35,461.86 while the NASDAQ rose 0.88% to 14,406.93. The S&P 500 also rose, gaining, 0.57% to 4,580.99.

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Leading and Lagging Sectors

Real estate shares rose by 1.2% on Wednesday.

In trading on Wednesday, consumer staples shares fell by 0.2%.

Top Headline

The US economy grew an annualized 5.2% in the third quarter, compared to 4.9% in the preliminary estimate, and higher than market estimates of 5%.

Equities Trading UP

Vivos Therapeutics, Inc. VVOS shares shot up 162% to $11.61 after the company received first ever FDA 510(k) clearance for oral device treatment of severe obstructive sleep apnea.

Shares of China Pharma Holdings, Inc. CPHI got a boost, shooting 114% to $0.2129. China Pharma reported completion of third party testing of dry eye disease therapeutic device.

Envoy Medical, Inc. COCH shares were also up, gaining 55% to $2.75. Envoy Medical, last week, reported a profit for the third quarter.

Equities Trading DOWN

BioVie Inc. BIVI shares dropped 65% to $1.77 after the company announced topline efficacy data from its Phase 3 trial of NE3107 for mild to moderate Alzheimer's disease.

Shares of Treasure Global Inc. TGL were down 47% to $0.1096 after the company reported pricing of $4 million underwritten public offering.

Farfetch Limited FTCH was down, falling 44% to $1.1798. Farfetch said it will not announce its third quarter financial results and will not hold its related conference call earlier scheduled for Nov. 29, 2023.

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Commodities

In commodity news, oil traded up 1.1% to $77.27 while gold traded up 0.1% at $2,061.40.

Silver traded up 0.8% to $25.495 on Wednesday while copper rose 0.3% to $3.8510.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.5%, London’s FTSE 100 fell 0.2% while Spain’s IBEX 35 Index rose 0.8% The German DAX rose 1.1% French CAC 40 rose 0.4%, while Italy’s FTSE MIB Index rose 0.9%.

The industry confidence indicator in the Eurozone declined to -9.5 in November versus a revised reading of -9.2 in the prior month, while economic sentiment indicator rose to 93.8 in November versus the revised reading of 93.5.

Consumer credit in the UK increased by £1.289 billion in October versus a revised £1.370 billion in the earlier month. The manufacturing confidence index in Italy rose to 96.6 in November versus 96.1 a month ago, while consumer confidence index in Italy climbed to 103.6 in November from 101.6 in the prior period. Retail sales in Spain surged by 5% year-over-year in October versus a revised 6.3% increase in the previous month, while consumer price inflation rate fell to 3.2% year-over-year in November.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 falling 0.26%, Hong Kong’s Hang Seng Index falling 2.08% and China’s Shanghai Composite Index falling 0.56%. India’s S&P BSE Sensex, meanwhile, climbed 1.1%.

The Domestic Supply Price Index in Singapore fell 2.2% year-over-year in October compared to a revised 0.5% decline in the earlier month.

Economics

The US economy grew an annualized 5.2% in the third quarter, compared to 4.9% in the preliminary estimate, and higher than market estimates of 5%.

Corporate profits in the U.S. jumped by 4.1% from the prior quarter to $2.709 trillion during the third quarter.

The U.S. trade deficit in goods increased to $89.8 billion in October versus a revised $86.8 billion in the prior month.

Wholesale inventories in the U.S. declined by 0.2% month-over-month in October, compared to a revised 0.1% increase in the previous month.

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