Nasdaq Surges 150 Points; Retail Sales Flat For April

Author: Avi Kapoor | May 15, 2024 11:05am

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 150 points on Wednesday.

The Dow traded up 0.59% to 39,790.88 while the NASDAQ rose 0.93% to 16,665.13. The S&P 500 also rose, gaining, 0.80% to 5,288.72.

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Leading and Lagging Sectors

Utilities shares rose by 1.5% on Wednesday.

In trading on Wednesday, energy shares fell by 0.8%.

Top Headline

U.S. retail sales came in unchanged month-over-month in April compared to a revised 0.6% increase in March.

Equities Trading UP
                       

• OptimizeRx Corporation (NASDAQ:OPRX) shares shot up 25% to $13.12 following upbeat quarterly results.
• Shares of Edible Garden AG Incorporated (NASDAQ:EDBL) got a boost, surging 31% to $5.60 following first-quarter results.
• iPower Inc. (NASDAQ:IPW) shares were also up, gaining 37% to $1.22 after the company reported better-than-expected third-quarter financial results.

Equities Trading DOWN

• Virpax Pharmaceuticals, Inc. (NASDAQ:VRPX) shares dropped 63% to $0.83 after the company reported pricing of $2.25m public offering.
• Shares of Pixelworks, Inc. (NASDAQ:PXLW) were down 40% to $1.1150 after the company issued soft second-quarter guidance.
• Aethlon Medical, Inc. (NASDAQ:AEMD) was down, falling 47% to $0.45 after the company announced pricing of $4.7 million public offering.

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Commodities

In commodity news, oil traded down 0.7% to $77.47 while gold traded up 0.7% at $2,375.50.

Silver traded up 1.8% to $29.22 on Wednesday, while copper fell 0.1% to $4.8895.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.44%, Germany's DAX rose 0.68% and France's CAC 40 rose 0.01%. Spain's IBEX 35 Index rose 0.98%, while London's FTSE 100 rose 0.08%.

Industrial production in the Eurozone increased by 0.6% month-over-month in March compared to a revised 1% gain in the previous month. The Eurozone economy grew by 0.3% on quarter during the first three months, compared to a 0.1% decline in the prior quarter.

The annual inflation rate in France fell to 2.2% in April from 2.3% in March.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei gaining 0.08%, China's Composite Index falling 0.82%, Hong Kong's Hang Seng Index falling 0.22% and India's S&P BSE Sensex falling 0.22%.

Total passenger vehicle sales in India rose 1.2% year-over-year to 287,746 in April compared to an 8.9% rise in the prior month. The People’s Bank of China kept the interest rate unchanged at 2.50%.

Economics

• Mortgage applications in the US rose 0.5% from the prior week in the period ending May 10.
• U.S. consumer prices rose 0.3% month-over-month in April compared to 0.4% in the previous month, and also down from market expectations of 0.4%.
• Annual inflation rate in the U.S. slowed to 3.4% in April from 3.5% a month ago.
• U.S. retail sales came in unchanged month-over-month in April compared to a revised 0.6% increase in March.
• The NY Empire State Manufacturing Index declined to -15.6 in May compared to -14.3 in the prior month, and versus market estimates of -10.0.
• Total business inventories declined by 0.1% month-over-month in March compared to a revised 0.3% gain in February.
• The NAHB/Wells Fargo Housing Market Index declined to 45.0 in May, recording the lowest level in four months.
• Crude oil inventories in the U.S. declined by 2.508 million barrels in the week ending May 10, compared to a 1.362 million gain in the prior period.

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Posted In: AEMD EDBL IPW OPRX PXLW VRPX