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U.S. stocks traded lower this morning, with the Dow Jones dropping over 100 points on Wednesday.
Following the market opening Wednesday, the Dow traded down 0.34% to 33,860.62 while the NASDAQ fell 0.66% to 12,073.62. The S&P 500, also fell, dropping, 0.42% to 4,137.31.
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Morgan Stanley (NYSE:MS) reported upbeat Q1 earnings results.
Morgan Stanley reported Q1 net revenues of $14.5 billion, down from $14.8 billion a year ago, exceeding the consensus of $13.9 billion. Net income declined to $3.0 billion from $3.7 billion a year ago, with EPS of $1.70 beating the consensus of $1.62.
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In commodity news, oil traded down 2% to $79.21 while gold traded down 1% at $1,999.90.
Silver traded up 0.1% to $25.275 on Wednesday while copper fell 1.1% to $4.0485.
Stocks of crude oil in the US dropped by 2.675 million barrels in the week that April 14, 2023, compared to estimates of a 2.464 million decline, the API said Tuesday.
European shares were mixed today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.2% while Spain’s IBEX 35 Index rose 0.3%. The German DAX fell 0.1%, French CAC 40 rose 0.1% and Italy’s FTSE MIB Index gained 0.2%.
Construction output in the Eurozone increased 2.3% from a year ago in February versus a revised 0.5% growth in the previous month. The annual inflation rate in the Eurozone was confirmed at 6.9% in March, recording its lowest level since Feb. 2022. The Eurozone recorded a current account surplus of EUR 21.3 billion in February versus a year-ago deficit of EUR 1.9 billion.
UK’s producer inflation eased to 8.7% year-over-year in March versus a revised 11.9% in the prior month, while consumer price inflation rate slowed to 10.1% year-over-year in March from 10.4% in February.
Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 dropping 0.18%, Hong Kong’s Hang Seng Index falling 1.37% and China’s Shanghai Composite Index declining 0.68%. India’s S&P BSE Sensex dropped 0.2%.
Industrial production in Japan climbed 4.6 percent month-over-month in February. The Westpac-Melbourne Institute Leading Economic Index in Australia came in almost flat versus the previous month during March.
Mortgage applications in the US fell 8.8% in the week ended April 14, 2023, following a 5.3% increase in the prior week, according to Mortgage Bankers Association.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,481,960 cases with around 1,158,340 deaths. India confirmed a total of at least 44,845,400 cases and 531,190 deaths, while France reported over 39,914,030 COVID-19 cases with 166,160 deaths. In total, there were at least 685,865,890 cases of COVID-19 worldwide with more than 6,843,940 deaths.