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News

Nasdaq Gains 50 Points; US Crude Inventories Rise Last Week

Author: Avi Kapoor | January 10, 2024 01:04pm

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 50 points on Wednesday.

The Dow traded up 0.17% to 37,588.15 while the NASDAQ rose 0.34% to 14,908.42. The S&P 500 also rose, gaining, 0.21% to 4,766.64.

Check This Out: How To Earn $500 A Month From JPMorgan Stock Ahead Of Q4 Earnings Report

 

Leading and Lagging Sectors

 

Communication services shares rose by 0.8% on Wednesday.

In trading on Wednesday, energy shares fell by 0.9%.

 

Top Headline

 

Crude oil inventories in the U.S. increased by 1.338 million barrels in the week ending Jan. 5, versus market estimates of a 0.675 million barrel decline.

 

Equities Trading UP

 

Clearmind Medicine Inc. (NASDAQ:CMND) shares shot up 39% to $2.8850 after the company said it completed a Type A meeting with the U.S. Food and Drug Administration.

Shares of Amarin Corporation plc (NASDAQ:AMRN) got a boost, surging 26% to $1.2250 after the company reported preliminary fourth-quarter financial results and announced plans to initiate a share repurchase program of up to $50 million.

Nauticus Robotics, Inc. (NASDAQ:KITT) shares were also up, gaining 97% to $0.5757. Nauticus Robotics secured additional funding and appointed John W. Gibson, Jr as interim CEO.

 

Equities Trading DOWN

 

DocGo Inc. (NASDAQ:DCGO) shares dropped 32% to $3.2385. Fuzzy Panda Research issued a report and disclosed a short position in the stock.

Shares of Aclaris Therapeutics, Inc. (NASDAQ:ACRS) were down 19% to $1.04 after the company's Phase 2B study of ATI-1777 2% QD was not statistically superior on the primary efficacy endpoint.

Aehr Test Systems (NASDAQ:AEHR) was down, falling 17% to $18.53 after the company lowered its full-year revenue guidance.

Ainos, Inc. (NASDAQ:AIMD) fell 14.9% to $2.22.

Also Check This Out: Top 3 Risk Off Stocks That Are Set To Fly In Q1

 

Commodities

 

In commodity news, oil traded down 0.1% to $72.22 while gold traded up 0.1% at $2,033.40.

Silver traded down 0.1% to $23.09 on Wednesday while copper rose 0.1% to $3.7635.

 

Euro zone

 

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.14%, London’s FTSE 100 fell 0.41% while Spain’s IBEX 35 Index rose 0.13% The German DAX rose 0.04% French CAC 40 fell 0.05% while Italy’s FTSE MIB Index rose 0.18%.

Industrial production in France increased 0.5% month-over-month in November versus a 0.3% decline a month ago.

 

Asia Pacific Markets

 

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 2.01%, Hong Kong’s Hang Seng Index falling 0.57% and China’s Shanghai Composite Index falling 0.54%. India’s S&P BSE Sensex, meanwhile, rose 0.38%.

Average cash earnings in Japan rose by 0.2% year-over-year in November, recording the 23rd straight month of increasing wages. The monthly Consumer Price Index indicator in Australia increased by 4.3% in the year to November.

 

Economics

 

Mortgage applications in the U.S. rose by 9.9% in the first week of the year, compared to the 10.7% decline from the prior period.

U.S. wholesale inventories declined by 0.2% month-over-month in November compared to a revised 0.3% fall in the previous month.

Crude oil inventories in the U.S. increased by 1.338 million barrels in the week ending Jan. 5, versus market estimates of a 0.675 million barrel decline.

Now Read This: Urban Outfitters To Rally Around 14%? Here Are 10 Top Analyst Forecasts For Wednesday

Posted In: ACRS AEHR AIMD AMRN CMND DCGO KITT

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