Nasdaq Gains 100 Points; Kraft Heinz Sales Miss Views

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

Following the market opening Wednesday, the Dow traded up 0.20% to 38,350.89 while the NASDAQ rose 0.74% to 15,772.10. The S&P 500 also rose, gaining, 0.55% to 4,980.23.

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Leading and Lagging Sectors

Industrials shares rose by 1% on Wednesday.

In trading on Wednesday, consumer staples shares fell by 0.4%.

Top Headline

The Kraft Heinz Company KHC reported weaker-than-expected sales for its fourth quarter.

Kraft Heinz posted adjusted earnings of 78 cents per share, beating market estimates of 77 cents per share. The company’s quarterly sales came in at $6.86 billion, missing expectations of $6.98 billion.

Equities Trading UP

Datasea Inc. DTSS shares shot up 752% to $12.02. On Tuesday, Datasea posted a narrower second-quarter loss.

Shares of Earlyworks Co., Ltd. ELWS got a boost, surging 395% to $2.25 on two passive stakes.

Brera Holdings PLC BREA shares were also up, gaining 139% to $2.4347.

Equities Trading DOWN

Azitra, Inc. AZTR shares dropped 68% to $0.2813. Azitra priced its $5 million public offering of 16.667 million common shares at $0.30 per share.

Shares of Enviva Inc. EVA were down 40% to $0.2656. Enviva is preparing to file for bankruptcy within days, the Wall Street Journal reported.

Ohmyhome Limited OMH was down, falling 40% to $1.3650 after the company priced its upsized $4.8 million public offering of 3,555,555 ordinary shares at $1.35 per share.

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Commodities

In commodity news, oil traded up 0.1% to $77.91 while gold traded down 0.2% at $2,002.30.

Silver traded down 0.4% to $22.065 on Wednesday while copper rose 0.1% to $3.7160.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.5%, London’s FTSE 100 rose 0.9% while Spain’s IBEX 35 Index rose 0.6% The German DAX rose 0.4% French CAC 40 rose 0.6% while Italy’s FTSE MIB Index rose 0.7%.

The Eurozone economy stagnated in the final quarter of 2023, compared to a 0.1% decline in the prior three-month period. Industrial production in the Eurozone increased by 2.6% month-over-month in December.

The UK’s inflation rate came in unchanged at 4.0% in January, compared to market estimates of 4.2%. Factory gate prices of goods produced by UK manufacturers fell 0.6% year-over-year in January following a 0.1% increase in December.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 falling 0.69%, Hong Kong’s Hang Seng Index gaining 0.84% and India’s S&P BSE Sensex gaining around 0.5%.

India’s wholesale prices increased by 0.27% year-over-year in January, compared to 0.73% in December.

Economics

U.S. mortgage applications declined by 2.3% in the week ending Feb. 9, compared to a 3.7% increase in the prior week.

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