US Stocks Mostly Lower; FedEx Earnings Miss Estimates

U.S. stocks traded mostly lower this morning, with the Dow Jones index falling around 75 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.21% to 37,480.08 while the NASDAQ rose 0.01% to 15,005.14. The S&P 500 also fell, dropping, 0.16% to 4,760.63.

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Leading and Lagging Sectors

Communication services shares jumped by 0.9% on Wednesday.

In trading on Wednesday, consumer staples shares fell by 0.8%.

Top Headline

FedEx Corporation FDX posted weaker-than-expected earnings for its second quarter and lowered its full-year revenue outlook on Tuesday.

FedEx reported quarterly earnings of $3.99 per share, falling short of the Street's estimate of $4.19. The company reported quarterly sales of $22.20 billion which missed analyst expectations of $22.39 billion, according to Benzinga Pro.

Equities Trading UP

Polished.com Inc. POL shares shot up 110% to $2.2250. Jerald Hammann, A Polished.com shareholder, urged shareholders concerned about their investment in Polished.com to collaborate to increase the effectiveness of their actions.

Shares of ParaZero Technologies Ltd. PRZO got a boost, surging 63% to $1.1450. ParaZero successfully completed its drone safety project with a Fortune 500 leading automotive manufacturer.

Asset Entities Inc. ASST shares were also up, gaining 36% to $0.5313. Asset Entities recently announced the launch of Ternary V2, the next generation of Ternary’s Stripe-verified digital community payment processing platform.

Equities Trading DOWN

bluebird bio, Inc. BLUE shares dropped 45% to $1.3450 after the company announced pricing of a $125 million public offering of common stock.

Shares of Jin Medical International Ltd. ZJYL were down 44% to $64.31 after gaining around 12% on Tuesday. Last Thursday, before the market open, the company announced that it had signed a preliminary Memorandum of Understanding (MOU) with Jiangsu Zhongjin Kanglu Information Technology Co., Ltd.

Harbor Custom Development, Inc. HCDI was down, falling 37% to $0.2025. Harbor Custom Development recently announced Chapter 11 bankruptcy protection filing.

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Commodities

In commodity news, oil traded up 1.4% to $74.99 while gold traded up 0.1% at $2,052.10.

Silver traded up 1.6% to $24.715 on Wednesday while copper rose 0.4% to $3.9145.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.1%, London’s FTSE 100 gained 1% while Spain’s IBEX 35 Index rose 0.1% The German DAX rose 0.1% French CAC 40 rose 0.1%, while Italy’s FTSE MIB Index fell 0.1%.

Construction output in the Eurozone fell by 0.7% year-over-year in October following a revised 0.7% increase in the prior month. The Eurozone posted a current account surplus of EUR 30.1 billion in October versus a year-ago deficit of EUR 14.6 billion. Passenger car registrations in the European Union surged 6.7% year-over-year to 855.6 thousand units during November.

Producer prices in Germany fell by 7.9% year-over-year in November, while the GfK Consumer Climate Indicator for Germany increased to -25.1 heading into January versus a revised reading of -27.6 in December. UK producer prices decline 0.2% year-over-year in November, while annual inflation rate in the UK eased to 3.9% in November from 4.6% in October.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 1.37%, Hong Kong’s Hang Seng Index gaining 0.66% and China’s Shanghai Composite Index falling 1.03%. India’s S&P BSE Sensex, meanwhile, fell 1.3%.

The People's Bank of China held its lending rates at the December fixing. Japanese trade deficit narrowed to JPY 776.94 billion in November from JPY 2,057,64 billion in the year-ago period.

Economics

The US current account deficit narrowed by 7.6% to $200.3 billion in the third quarter, versus the revised figure of $216.8 billion in the prior quarter and compared to markets estimates of a $196 billion gap.

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