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U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping over 100 points on Wednesday.
The Dow traded down 0.82% to 32,773.27 while the NASDAQ fell 0.86% to 12,905.49. The S&P 500, also fell, dropping, 0.88% to 4,168.38.
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Advance Auto Parts, Inc. (NYSE:AAP) reported worse-than-expected first-quarter financial results. The company also reduced its full-year guidance and decided to reduce its quarterly dividend.
AAP reported first-quarter FY23 sales growth of 1.3% year-on-year to $3.42 billion, missing the analyst consensus estimate of $3.43 billion. Earnings of 72 cents per share missed the analyst consensus of $2.57 per share.
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In commodity news, oil traded down 0.9% to $68.83 while gold traded up 0.6% at $1,988.00.
Silver traded up 1.5% to $23.575 on Wednesday while copper fell 0.6% to $3.6395.
European shares were lower today. The eurozone’s STOXX 600 fell 0.99%, London’s FTSE 100 fell 0.88% while Spain’s IBEX 35 Index fell 1.22% The German DAX slipped 1.55% French CAC 40 fell 1.57% and Italy’s FTSE MIB Index fell 1.88%.
The annual inflation rate in Italy declined to 7.6% in May from 8.2% in the prior month, while GDP grew by 0.6% quarter-on-quarter during the three months to March 2023. Spain reported a current account surplus of €5575 million in March, recording the highest surplus since July 2016.
The unemployment rate in Germany was steady at 5.6% during May. The French economy expanded 0.2% on quarter in the first quarter, while producer prices fell 5.1% month-over-month in April. The consumer price inflation in France dropped to 5.1 % year-over-year for May.
Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 dropping 1.41%, Hong Kong’s Hang Seng Index declining 1.94% and China’s Shanghai Composite Index falling 0.61%. India’s S&P BSE Sensex fell 0.6%.
Japan's housing starts fell by 11.9% year-over-year in April versus aa 3.2% decline in the previous month, while consumer confidence index in Japan rose to 36 in May from 35.4 a month ago. Retail sales in Japan rose by 5% year-over-year in April, while industrial production fell by 0.4 % month-over-month during April.
The official NBS non-manufacturing PMI for China fell to 54.5 in May from 56.4 in the previous month, while official NBS manufacturing PMI declined to a five-month low level of 48.8 in May.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,107,490 cases with around 1,165,310 deaths. India confirmed a total of at least 44,990,580 cases and 531,870 deaths, while France reported over 40,081,380 COVID-19 cases with 167,310 deaths. In total, there were at least 689,549,940 cases of COVID-19 worldwide with more than 6,884,630 deaths.