Crude Oil Edges Higher; Thermo Fisher Scientific Cuts FY23 Forecast
U.S. stocks traded mostly lower midway through trading, with the Nasdaq Composite falling more than 150 points on Wednesday.
The Dow traded up 0.20% to 33,206.51 while the NASDAQ fell 1.76% to 12,908.76. The S&P 500 also fell, dropping, 0.92% to 4,208.77.
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Leading and Lagging Sectors
Utilities shares rose by 0.5% on Wednesday.
In trading on Wednesday, communication services shares fell by 4.7%.
Top Headline
Thermo Fisher Scientific Inc. (NYSE:TMO) reported mixed third-quarter financial results and lowered its FY23 guidance.
Thermo Fisher Scientific posted adjusted earnings of $5.69 per share, versus expectations of $5.61 per share. The company’s sales came in at $10.57 billion, compared to estimates of $10.59 billion.
Equities Trading UP
Abri SPAC I, Inc. (NASDAQ:ASPA) shares shot up 117% to $27.10 after the company announced its stockholders approved of the proposed merger with DLQ, Inc.
Shares of BIO-key International, Inc. (NASDAQ:BKYI) got a boost, shooting 31% to $0.2497 following third-quarter results.
Stride, Inc. (NYSE:LRN) shares were also up, gaining 20% to $53.49 after the company reported first-quarter results.
Equities Trading DOWN
Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) shares dropped 28% to $1.31 as the company reported pricing of $4.55 million underwritten public offering.
Shares of Appreciate Holdings, Inc. (NASDAQ:SFR) were down 36% to $0.0949. Appreciate Holdings received a notice from Nasdaq regarding delisting.
Vicor Corporation (NASDAQ:VICR) was down, falling 27% to $38.92 after reporting results for the third quarter.
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Commodities
In commodity news, oil traded up 0.3% to $83.97 while gold traded up 0.1% at $1,988.80.
Silver traded down 0.4% to $23.015 on Wednesday while copper fell 0.6% to $3.6040.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.25%, London’s FTSE 100 rose 0.08% while Spain’s IBEX 35 Index fell 0.24% The German DAX fell 0.21% French CAC 40 slipped 0.08%, while Italy’s FTSE MIB Index fell 0.95%.
The Ifo Business Climate indicator for Germany increased by 1.1 points from the earlier month to a reading of 86.9 in October. Bank lending to households in the Eurozone increased by 0.8% year-over-year in September, down from market estimates of 1%. Producer prices in Spain declined by 8.6% year-over-year in September versus a revised 9.9% drop in the previous month.
Asia Pacific Markets
Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 rising 0.67%, Hong Kong’s Hang Seng Index rose 0.55% and China’s Shanghai Composite Index gaining 0.40%. India’s S&P BSE Sensex, meanwhile, fell around 0.8%.
The index of leading economic indicators in Japan fell to 109.2 in August versus a flash reading of 109.5, while the index of coincident economic indicators rose to 114.6 in August versus a preliminary reading of 114.3. Australian inflation rate declined to 5.4% year-over-year in the third quarter compared to 6.0% in the earlier period.
Economics
Mortgage applications in the U.S. declined by 1% in the week ending Oct. 20.
Building permits in the U.S. fell by 4.5% to an annual rate of 1.471 million in September.
U.S. new home sales climbed by 12.3% to an annualized rate of 759,000 in September versus a revised 676,000 in the prior month.
Crude oil inventories in the U.S. climbed by 1.371 million barrels in the week ending Oct. 20, following a 4.491 million decline in the prior period.
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