Nasdaq Gains 1%; Thermo Fisher Scientific Posts Upbeat Earnings

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining over 1% on Wednesday.

The Dow traded up 0.24% to 52,623.22 while the NASDAQ gained 1.06% to 26,704.46. The S&P 500 also rose, gaining, 0.47% to 7,748.93.

Leading and Lagging Sectors

Information technology shares jumped by 1.4% on Wednesday.

In trading on Wednesday, communication services stocks fell by 1.2%.

Top Headline

Thermo Fisher Scientific Inc. (NYSE:TMO) posted upbeat third-quarter results and raised its FY2026 forecast.

The company posted adjusted earnings of $6.68 per share, beating market estimates of $6.40 per share. The company’s sales came in at $12.137 billion versus expectations of $11.946 billion.

Equities Trading UP
           

• Super Micro Computer, Inc. (NASDAQ:SMCI) shares shot up 11% to $36.10 after the company raised its first-quarter sales guidance above estimates.
• Shares of Winnebago Industries, Inc. (NYSE:WGO) got a boost, surging 7% to $24.88 after the company reported better-than-expected fourth-quarter adjusted EPS results.
• Space Exploration Technologies Corp. (NASDAQ:SPCX) shares were also up, gaining 11% to $163.79 after the company reported better-than-expected third-quarter financial results and issued first-quarter sales guidance above estimates.

Equities Trading DOWN

• AEVEX Corp. (NYSE:AVEX) shares dipped 21% to $11.26 following reports suggesting that the Navy halted new orders of its drone boats.
• Shares of Alpha Teknova Inc (NASDAQ:TKNO) were down 30% to $5.20 after the company reported preliminary third-quarter financial results. Also, the company announced the pricing of its $40 million offering of 8 million shares at $5.00 per share.
• Telix Pharmaceuticals Limited (NASDAQ:TLX) was down, falling 10% to $10.05 following third-quarter results.

Commodities 

In commodity news, oil traded down 1.1% to $96.75 while gold traded up 0.1% at $4,146.10.

Silver traded down 0.7% to $57.615 on Wednesday, while copper fell 0.7% to $6.5580.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1%, while Spain’s IBEX 35 Index rose 1.1%, London’s FTSE 100 rose 0.4%, Germany’s DAX climbed 1.5%, while France’s CAC 40 gained 1.1%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 gaining 0.85%, Hong Kong’s Hang Seng index falling 0.90%, China’s SSE Composite Index dipping 0.60% and India’s BSE Sensex falling 0.19%.

Economics

• U.S. mortgage applications tumbled 5.3% in the week ending Oct. 16, recording a seventh straight weekly decline.
• U.S. crude inventories declined by 3.061 million barrels in the week ended Oct. 16, compared to market estimates of a 0.8 million-barrel draw.

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