Dow Jumps 100 Points; Netflix Reports Strong Q4 Sales

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

Following the market opening Wednesday, the Dow traded up 0.29% to 38,013.76 while the NASDAQ rose 0.85% to 15,557.69. The S&P 500 also rose, gaining, 0.53% to 4,890.27.

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Leading and Lagging Sectors

Communication services shares rose by 1.4% on Wednesday.

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

Top Headline

Netflix, Inc. NFLX reported better-than-expected sales for its fourth quarter.

Netflix reported fourth-quarter revenue of $8.83 billion, which was up 12.5% year-over-year. The total came in ahead of a Street consensus estimate of $8.72 billion. The company reported fourth-quarter earnings per share of $2.11, which missed a Street consensus estimate of $2.21.

The company, meanwhile, added 13.12 million net paid subscribers in the fourth quarter.

Equities Trading UP

Getaround, Inc. GETR shares shot up 155% to $0.4705 after the company announced a new debt facility with Mudrick Capital Management for up to $20 million.

Shares of Evaxion Biotech A/S EVAX got a boost, surging 72% to $8.60 after a 13G filing showed Merck & Co reported an 11.4% stake in the company as of Dec. 21, 2023.

SciSparc Ltd. SPRC shares were also up, gaining 45% to $5.02 after the company revealed $20 million standby equity purchase agreement.

Equities Trading DOWN

Digital World Acquisition Corp. DWAC shares dropped 14% to $43.85. Digital World has an agreement in place to merge with Trump Media and Technology Group, which owns the Truth Social platform, to bring the latter public.

Shares of Annovis Bio, Inc. ANVS were down 15% to $9.95. Annovis Bio postponed Phase III study data release.

DuPont de Nemours, Inc. DD was down, falling 12% to $65.56 after the company announced preliminary fourth-quarter and full year 2023 results, and issued first-quarter guidance.

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Commodities

In commodity news, oil traded up 0.8% to $74.97 while gold traded up 0.5% at $2,035.80.

Silver traded up 2.5% to $23.02 on Wednesday while copper rose 2.3% to $3.8820.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1%, London’s FTSE 100 rose 0.4% while Spain’s IBEX 35 Index rose 1.1% The German DAX climbed 1.6% French CAC 40 gained 0.9% while Italy’s FTSE MIB Index rose 0.6%.

The HCOB Eurozone manufacturing PMI climbed to 46.6 in January, notching the highest level in ten months, while services PMI fell to 48.4 in January from 48.8 in the prior month. France’s composite PMI fell to 44.2 in January from December’s reading of 44.8, while German composite PMI slipped to 47.1 from 47.4 in the prior month.

The S&P Global UK manufacturing PMI climbed to a nine-month high of 47.3 in January, while services PMI increased to 53.8 in January from 53.4.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 falling 0.80%, Hong Kong’s Hang Seng Index climbing 3.56% and China’s Shanghai Composite Index gaining 1.80%. India’s S&P BSE Sensex, meanwhile, rose 0.98%.

The HSBC Flash Indian services PMI increased to 61.2 in January from 59 in the previous month, while Indian manufacturing PMI climbed to 56.9 from 54.9 in December.

The au Jibun Bank Japan composite PMI increased to 51.1 in January versus a final reading of 50.0 in the earlier month. Japan's posted a trade surplus of JPY 62.10 billion in December versus a year-ago deficit of JPY 1,497.93 billion.

Economics

U.S. mortgage applications increased by 3.7% in the week ending Jan. 19, 2024.

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