S&P 500 Edges Lower; ADT Posts Upbeat Earnings

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling around 100 points on Wednesday.

The Dow traded down 0.27% to 38,867.91 while the NASDAQ fell 0.50% to 15,954.75. The S&P 500 also fell, dropping, 0.18% to 5,068.92.

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Leading and Lagging Sectors

Real estate shares rose by 1.4% on Wednesday.

In trading on Wednesday, communication services shares fell by 0.8%.

Top Headline

ADT Inc. ADT reported better-than-expected earnings for its fourth quarter on Wednesday.

ADT posted fourth-quarter fiscal 2023 sales decline of 7.2% year-on-year to $1.22 billion, missing the consensus of $1.44 billion. Adjusted EPS was 25 cents, beating the consensus of 4 cents.

ADT expects CSB segment revenue of 4.8 billion-$5.0 billion. The company expects adjusted EPS of $0.60 – $0.70, against consensus of $0.50.

Equities Trading UP

Vivani Medical, Inc. VANI shares shot up 274% to $3.78 after the company announced preclinical data on weight loss effects for NPM-115 and disclosed that semaglutide is the active pharmaceutical ingredient in NPM-139.

Shares of Adial Pharmaceuticals, Inc. ADIL got a boost, surging 159% to $2.1917. Adial Pharmaceuticals secured new US patent covering lead product for alcohol use disorder.

vTv Therapeutics Inc. VTVT shares were also up, gaining 117% to $18.05 after the company announced a $51 million private placement from healthcare-focused institutional investors and the JDRF T1D Fund.

Equities Trading DOWN

Oragenics, Inc. OGEN shares dropped 42% to $1.42. Oragenics priced its public offering 1.4 million common shares at $1.50 per share for gross proceeds of $2.1 million.

Shares of Integral Ad Science Holding Corp. IAS were down 42% to $9.92 after the company reported fourth-quarter financial results.

Inogen, Inc. INGN was down, falling 35% to $6.08 following weak quarterly results.

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Commodities

In commodity news, oil traded down 0.3% to $78.65 while gold traded down 0.2% at $2,040.40.

Silver traded fell 0.5% to $22.645 on Wednesday while copper fell 0.3% to $3.8390.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.35%, London’s FTSE 100 fell 0.76% while Spain’s IBEX 35 Index fell 0.45% The German DAX gained 0.25% French CAC 40 rose 0.08% while Italy’s FTSE MIB Index declined 0.27%.

The services confidence indicator in the Eurozone fell to 6 in February, the lowest in three months, while economic sentiment indicator fell to 95.4 in February. The consumer confidence indicator in the Eurozone increased by 0.6 points to a reading of -15.5 in February.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 falling 0.08%, Hong Kong’s Hang Seng Index dipping 1.51%, China’s Shanghai Composite Index tumbling 1.91% and India’s S&P BSE Sensex falling 1.08%.

Hong Kong’s GDP increased by 4.3% year-over-year in the fourth quarter, up from a 4.1% increase in the prior period. The index of leading economic indicators in Japan was revised higher to 110.2 in December versus preliminary reading of 110, while index of coincident economic indicators was revised lower to 115.9 in December versus a flash reading of 116.2.

Economics

U.S. mortgage applications fell by 5.6% on the week ending Feb. 23.

The U.S. economy grew an annualized 3.2% in the fourth quarter, versus a 4.9% rate in the previous quarter.

The U.S. trade deficit in goods rose to $90.20 billion in January versus a revised $87.89 billion in the prior month.

U.S. wholesale inventories declined by 0.1% month-over-month in January following a 0.4% increase a month ago.

U.S. crude oil inventories increased by 4.199 million barrels in the week ending Feb. 23, versus market estimates of a 2.743 million gain, the EIA said.

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