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News

Dow Surges Over 100 Points; US Producer Prices Rise In September

Author: Lisa Levin | October 11, 2023 09:40am

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 0.39% to 33,869.26 while the NASDAQ rose 0.60% to 13,644.43. The S&P 500 also rose, gaining, 0.41% to 4,376.26.

Check This Out: Top 5 Consumer Stocks That May Implode This Quarter

 

Leading and Lagging Sectors

 

Real estate shares surged by 1.1% on Wednesday.

In trading on Wednesday, energy shares fell by 1.9%.

 

Top Headline

 

Producer prices in the U.S. increased 0.5% month-over-month in September, versus a 0.7% rise in the prior month, but above market expectations of 0.3%.

 

Equities Trading UP

 

Tempest Therapeutics, Inc. (NASDAQ:TPST) shares shot up 725% to $1.98 after the company released new data demonstrating superiority of TPST-1120 arm across multiple study endpoints in first-line hepatocellular carcinoma study.

Shares of Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) got a boost, shooting 79% to $1.58 after falling 7% on Tuesday.

Gaucho Group Holdings, Inc. (NASDAQ:VINO) shares were also up, gaining 40% to $1.25 after falling over 12% on Tuesday. Gaucho Group announced its journey towards organic cultivation for select sections of its renowned Pinot Noir and Cabernet Sauvignon vineyards.

 

Equities Trading DOWN

 

Silk Road Medical, Inc (NASDAQ:SILK) shares dropped 50% to $6.95 after the company announced preliminary third-quarter revenue results below estimates and issued FY23 revenue guidance below estimates.

Shares of E2open Parent Holdings, Inc. (NYSE:ETWO) were down 37% to $2.77 as the company posted downbeat results for its second quarter and named Andrew Appel as interim CEO, effective immediately.

SuperCom Ltd. (NASDAQ:SPCB) was down, falling 33% to $0.59 after surging 144% on Tuesday. SuperCom Ltd. is an Israel-based provider of digital identity and cybersecurity products and solutions to governments and private and public organizations throughout the world.

Also Check This Out: CSX To Rally Around 27%? Here Are 10 Other Analyst Forecasts For Wednesday

 

Commodities

 

In commodity news, oil traded down 0.8% to $85.25 while gold traded up 0.7% at $1,887.60.

Silver traded up 1.3% to $22.235 on Wednesday while copper rose 0.1% to $3.6350.

 

Euro zone

 

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.4% London’s FTSE 100 gained 0.2% while Spain’s IBEX 35 Index rose 0.1% The German DAX rose 0.3% French CAC 40 slipped 0.1%, while Italy’s FTSE MIB Index gained 0.9%.

Germany’s consumer price inflation rate fell to 4.5% year-over-year in September from 6.1% in the prior month.

 

Asia Pacific Markets

 

Asian markets closed higher on Wednesday, with Japan’s Nikkei 225 gaining 0.60%, China’s Shanghai Composite Index gaining 0.12% and Hong Kong’s Hang Seng Index gaining 1.29%. India’s S&P BSE Sensex, meanwhile, rose 0.6%.

Chinese vehicle sales climbed by 9.5% year-over-year in September, recording the second straight month of growth. Japan's machine tool orders fell 11.2% year-over-year to JPY 133,913 million in September following a 17.6% decline in the prior month, while Reuters Tankan sentiment index for manufacturers in Japan was unchanged at +4 for October.

 

Economics

 

Mortgage applications in the U.S. rose by 0.6% in the week ending Oct. 6..

Producer prices in the U.S. increased 0.5% month-over-month in September, versus a 0.7% rise in the prior month, but above market expectations of 0.3%.

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Posted In: ETWO SILK SPCB TPST VINO WHLR

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