US Stocks Mixed; Williams-Sonoma Earnings Top Views

U.S. stocks traded mixed this morning, with the Nasdaq Composite falling around 50 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.08% to 39,037.74 while the NASDAQ fell 0.37% to 16,206.04. The S&P 500 also rose, gaining, 0.11% to 5,169.68.

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Leading and Lagging Sectors

Energy shares jumped by 1.6% on Wednesday.

In trading on Wednesday, information technology shares fell by 0.9%.

Top Headline

Williams-Sonoma, Inc. WSM posted better-than-expected earnings for its fourth quarter on Wednesday.

Williams-Sonoma posted quarterly earnings of $5.44 per share, beating market estimates of $5.12 per share. The company’s quarterly sales came in at $2.28 billion versus expectations of $2.23 billion.

The company announced a new $ 1 billion stock repurchase authorization and increased its quarterly dividend.

Equities Trading UP

Gaxos.ai Inc. GXAI shares shot up 129% to $12.19 after the company announced it acquired the rights to use certain AI-enabled technology from Ultiself.

Shares of NuCana plc NCNA got a boost, surging 61% to $0.6276 after the company was granted a US Patent for "Phosphoramidate Derivatives For Use In The Treatment Of Cancer; Especially In The Treatment Where The Patient Shows Resistance."

Kintara Therapeutics, Inc. KTRA shares were also up, gaining 54% to $0.1285.

Equities Trading DOWN

voxeljet AG VJET shares dropped 40% to $0.60 after the company announced it will voluntarily delist its ADSs from Nasdaq and deregister its ADSs. The company also announced the restatement and extension of its loan financing with Anzu.

Shares of SurgePays, Inc. SURG were down 32% to $4.7589 after the company reported worse-than-expected fourth-quarter financial results.

Luna Innovations Incorporated LUNA was down, falling 34% to $4.16 after the company announced that it will delay the release of its fourth-quarter and FY23 financial results. and said financial statements for the quarters ended Jun. 30 and Sept. 30 should no longer be relied upon.

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Commodities

In commodity news, oil traded up 1.5% to $78.71 while gold traded up 0.1% at $2,168.70.

Silver traded up 0.5% to $24.525 on Wednesday while copper rose 1.8% to $4.0030.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.2%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 1.5% The German DAX rose 0.1% French CAC 40 rose 0.6% while Italy’s FTSE MIB Index gained 0.6%.

Industrial production in the Eurozone declined by 3.2% month-over-month in January versus a revised 1.6% increase in December.

The UK's trade deficit increased to £3.129 billion in January from £2.603 billion in the previous month. Industrial production in the UK declined 0.2% month-over-month for January. The British economy grew by 0.2% month-over-month in January compared to a 0.1% decline in December.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 falling 0.26%, Hong Kong’s Hang Seng Index falling 0.07%, China’s Shanghai Composite Index falling 0.40% and India’s S&P BSE Sensex dipping 1.23%.

Economics

U.S. mortgage applications rose by 7.1% in the week ending March 8, versus a 9.7% increase in the prior period.

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