Dow Rises Over 100 Points; Goldman Sachs Earnings Miss Estimates

Author: Lisa Levin | July 19, 2023 09:58am

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.37% to 35,082.94 while the NASDAQ rose 0.41% to 14,412.36. The S&P 500, also rose, gaining, 0.41% to 4,573.69.

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Leading and Lagging Sectors

• Real estate shares climbed by 1.3% on Wednesday.
• In trading on Wednesday, materials shares fell by 0.4%.

 

Top Headline

The Goldman Sachs Group, Inc. (NYSE:GS) reported weaker-than-expected second-quarter earnings.

Goldman Sachs reported quarterly EPS of $3.08, which plunged 60% Y/Y, missing the consensus of $3.18. Net revenues were $10.90 billion, 8% lower than the second quarter of 2022, and compared to marker estimates of $10.84 billion.

 

Equities Trading UP

• SMX (Security Matters) Public Limited Company (NASDAQ:SMX) shares shot up 39% to $0.2033. Security Matters received a notice of allowance for its U.S. patent application 17/285,167 Titled "System And Method For Detection And Identification Of Foreign Elements In A Substance By X-Ray Or Gamma-Ray Detection And Emission."
• Shares of Panbela Therapeutics, Inc. (NASDAQ:PBLA) got a boost, shooting 37% to $2.8400 after the company divested certain assets in its eflornithine pediatric neuroblastoma program to US WorldMeds for $9.5 million.
• Carvana Co. (NYSE:CVNA) shares were also up, gaining 28% to $51.12 after the company reported better-than-expected second-quarter sales and guided positive adj. EBITDA for the third quarter. Carvana entered into distribution agreement with Citigroup, Moelis relating to offering of up to $1 billion of class A common stock.

 

Equities Trading DOWN

• Sono Group N.V. (NASDAQ:SEV) shares dropped 33% to $0.2223 after the company received a notice of delisting from the Nasdaq.
• Shares of Amarin Corporation plc (NASDAQ:AMRN) were down 22% to $1.12 after the company initiated an organizational restructuring program, issued lower interim second-quarter revenues.
• Aqua Metals, Inc. (NASDAQ:AQMS) was down, falling 22% to $1.3200. Aqua Metals prices $17.4 million public offering of 15.82 million shares of common stock at a price of $1.10 per share.

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Commodities

In commodity news, oil traded up 1.4% to $76.78 while gold traded up 0.1% at $1,982.60.

Silver traded up 0.5% to $25.38 on Wednesday while copper fell 0.5% to $3.8105.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.3%, London’s FTSE 100 gained 1.6% while Spain’s IBEX 35 Index gained 0.2% The German DAX gained 0.2% French CAC 40 rose 0.4% and Italy’s FTSE MIB Index rose 0.1%.

The consumer price inflation rate in the Eurozone was confirmed at 5.5% in June, notching the lowest level since Jan. 2022. Construction output in the Eurozone increased 0.1% from the prior year in May, compared to the revised 0.4% growth in the earlier month. Passenger car registrations in the European Union jumped 17.8% year-over-year to 1 million units in June.

Consumer price inflation in the UK fell to 7.9% in June, recording the lowest level since March 2022, while producer inflation slowed to 0.1% year-over-year in June compared to a revised 2.7% in the prior month.

 

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 gaining 1.24%, China’s Shanghai Composite Index falling 0.33% and Hong Kong’s Hang Seng Index gaining 0.03%. India’s S&P BSE Sensex, meanwhile, rose 0.45%.

The Reuters Tankan sentiment index for manufacturers in Japan declined to a reading of +3 in July versus +8 in June.

 

Economics

• Mortgage applications in the U.S. rose 1.1% in the week ended July 14, 2023, versus a 0.9% growth in the prior week.
• Housing starts in the U.S. fell by 8% month-over-month to an annualized rate of 1.434 million in June, compared to market estimates of 1.48 million.
• Building permits in the U.S. fell by 3.7% to an annual rate of 1.44 million in June.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,400,110 cases with around 1,168,940 deaths. India confirmed a total of at least 44,994,920 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 691,724,010 cases of COVID-19 worldwide with more than 6,900,710 deaths.

Posted In: AMRN AQMS CVNA GS PBLA SEV SMX