U.S. Stocks Mixed as Dow Jones Gains Over 100 Points
On Wednesday, U.S. stocks traded mixed as the Dow Jones gained over 100 points, while the NASDAQ fell and the S&P 500 rose slightly. The Dow Jones traded up 0.28% to 39,113.63, the NASDAQ fell 0.25% to 16,225.31, and the S&P 500 rose 0.02% to 5,176.06.
Leading and Lagging Sectors
Energy shares jumped by 1.7% on Wednesday, while information technology shares fell by 0.9%.
Top Headline
Dollar Tree, Inc. (DLTR) reported worse-than-expected fourth-quarter financial results and issued first-quarter EPS guidance below estimates. The company reported fourth-quarter FY23 sales growth of 11.9% year-on-year to $8.63 billion, missing the analyst consensus estimate of $8.67 billion. Adjusted EPS of $2.55 missed the consensus estimate of $2.65.
Equities Trading UP
Gaxos.ai Inc. (GXAI) shares shot up 80% to $9.55 after the company announced it acquired the rights to use certain AI-enabled technology from Ultiself. NuCana plc (NCNA) saw its shares surge 38% to $0.5390 after being granted a US Patent for “Phosphoramidate Derivatives For Use In The Treatment Of Cancer.” The Beauty Health Company (SKIN) also saw its shares rise by 24% to $4.45 after reporting better-than-expected fourth-quarter revenue results.
Equities Trading DOWN
voxeljet AG (VJET) shares dropped 45% to $0.55 after the company announced it will voluntarily delist its ADSs from Nasdaq and deregister its ADSs. SOS Limited (SOS) saw its shares fall 30% to $1.50 after announcing the pricing of a $7.85 million public offering. Luna Innovations Incorporated (LUNA) was down 37% to $3.93 after announcing a delay in the release of its financial results.
Commodities
In commodity news, oil traded up 2.7% to $79.63, while gold traded up 0.7% at $2,181.30. Silver traded up 3.1% to $25.155, and copper rose 3.2% to $4.0595.
Eurozone and Asia Pacific Markets
European shares were mostly higher, with the eurozone’s STOXX 600 rising 0.16%, London’s FTSE 100 rising 0.31%, Spain’s IBEX 35 Index rising 1.65%, and the German DAX falling 0.02%. In Asia, markets closed lower, with Japan’s Nikkei 225 falling 0.26%, Hong Kong’s Hang Seng Index falling 0.07%, China’s Shanghai Composite Index falling 0.40%, and India’s S&P BSE Sensex dipping 1.23%.
Economics
U.S. mortgage applications rose by 7.1% in the week ending March 8, versus a 9.7% increase in the prior period. Crude oil inventories in the U.S. declined by 1.536 million barrels in the week ended March 8, versus market estimates of a 1.338 million gain, according to the EIA.
Overall, it was a mixed day for U.S. stocks, with some sectors performing well while others struggled. Investors will be keeping a close eye on economic data and corporate earnings reports to gauge the market’s direction in the coming days.
