Dow Edges Lower; US Composite PMI Rises In January

U.S. stocks traded mixed toward the end of trading, with the Dow Jones index turning lower on Wednesday.

The Dow traded down 0.05% to 37,886.62 while the NASDAQ rose 0.59% to 15,517.32. The S&P 500 also rose, gaining, 0.29% to 4,878.52.

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Leading and Lagging Sectors

Communication services shares rose by 1.7% on Wednesday.

In trading on Wednesday, utilities shares fell by 0.8%.

Top Headline

The S&P Global US services PMI rose to a seven-month high level of 52.9 in January, while manufacturing PMI surged to 50.3 in January from 47.9 in the prior month.

The S&P Global composite PMI rose to 52.3 in January, compared to previous month's level of 50.9.

Equities Trading UP

Getaround, Inc. GETR shares shot up 161% to $0.4794 after the company announced it secured $20 million in financing.

Shares of Evaxion Biotech A/S EVAX got a boost, surging 127% to $11.33 after a 13G filing showed Merck & Co reported an 11.4% stake in the company as of Dec. 21, 2023.

Kura Oncology, Inc. KURA shares were also up, gaining 46% to $19.58 after the company announced an oversubscribed $150 million private placement.

Equities Trading DOWN

BlackBerry Limited BB shares dropped 19% to $2.8850 after the company announced a proposed private offering of $160 million of convertible senior notes.

Shares of Annovis Bio, Inc. ANVS were down 18% to $9.57 after the company announced a postponement in the Phase III study data release for buntanetap in Parkinson's Disease.

DuPont de Nemours, Inc. DD was down, falling 11% to $66.37 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 1.1% to $75.20 while gold traded down 0.5% at $2,016.20.

Silver traded up 1.7% to $22.84 on Wednesday while copper rose 2.3% to $3.8810.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.18%, London’s FTSE 100 rose 0.56% while Spain’s IBEX 35 Index rose 1.16% The German DAX climbed 1.58% French CAC 40 gained 0.91% while Italy’s FTSE MIB Index rose 0.87%.

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.

The S&P Global US services PMI rose to a seven-month high level of 52.9 in January, while manufacturing PMI surged to 50.3 in January from 47.9 in the prior month.

The S&P Global composite PMI rose to 52.3 in January, compared to previous month's level of 50.9.

US crude oil inventories fell by 9.233 million barrels in the week ending Jan. 19, recording the biggest decline since August and compared to market estimates of a 2.15 million-barrel decline.

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