Dow Surges 100 Points; PriceSmart Earnings Top Views

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

Following the market opening Wednesday, the Dow traded up 0.27% to 37,627.83 while the NASDAQ rose 0.24% to 14,893.51. The S&P 500 also rose, gaining, 0.23% to 4,767.44.

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Leading and Lagging Sectors

Communication services shares rose by 1% on Wednesday.

In trading on Wednesday, materials shares fell by 0.3%.

Top Headline

PriceSmart, Inc. PSMT reported better-than-expected earnings for its first quarter on Tuesday.

Pricesmart posted adjusted earnings of $1.24 per share, beating market estimates of $1.09 per share. The company’s quarterly sales came in at $1.17 billion versus estimates of $1.16 billion, according to data from Benzinga Pro.

Equities Trading UP

Clearmind Medicine Inc. CMND shares shot up 47% to $3.0550. Clearmind Medicine completed a Type A Meeting with the FDA for clinical trial of its proprietary MEAI-based, CMND-100 compound, for the treatment of alcohol use disorder.

Shares of Nvni Group Limited NVNI got a boost, surging 48% to $2.8359.

Nauticus Robotics, Inc. KITT shares were also up, gaining 60% to $0.4689. Nauticus Robotics secured additional funding and appointed John W. Gibson, Jr as interim CEO.

Equities Trading DOWN

DocGo Inc. DCGO shares dropped 25% to $3.6095. Fuzzy Panda Research issued a report and disclosed a short position in the stock.

Shares of Aclaris Therapeutics, Inc. ACRS were down 25% to $0.9600 after the company's Phase 2B study of ATI-1777 2% QD was not statistically superior on the primary efficacy endpoint.

HWH International Inc. HWH was down, falling 17% to $2.33 after dipping 26% on Tuesday.

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Commodities

In commodity news, oil traded up 1.2% to $73.10 while gold traded up 0.3% at $2,038.50.

Silver traded up 0.1% to $23.105 on Wednesday while copper rose 0.4% to $3.7760.

Euro zone

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

Industrial production in France increased 0.5% month-over-month in November versus a 0.3% decline a month ago.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 2.01%, Hong Kong’s Hang Seng Index falling 0.57% and China’s Shanghai Composite Index falling 0.54%. India’s S&P BSE Sensex, meanwhile, rose 0.38%.

Average cash earnings in Japan rose by 0.2% year-over-year in November, recording the 23rd straight month of increasing wages. The monthly Consumer Price Index indicator in Australia increased by 4.3% in the year to November.

Economics

Mortgage applications in the U.S. rose by 9.9% in the first week of the year, compared to the 10.7% decline from the prior period.

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