Dow Falls 100 Points; Procter & Gamble Posts Upbeat Earnings
U.S. stocks traded lower this morning, with the Dow Jones falling around 100 points on Wednesday.
Following the market opening Wednesday, the Dow traded down 0.32% to 33,888.75 while the NASDAQ fell 0.80% to 13,425.76. The S&P 500 also fell, dropping, 0.55% to 4,349.19.
Check This Out: How To Earn $500 A Month From Bank of America After Earnings Beat
Leading and Lagging Sectors
Energy shares climbed by 0.9% on Wednesday.
In trading on Wednesday, industrials shares fell by 1.7%.
Top Headline
Procter & Gamble Co (NYSE:PG) reported better-than-expected earnings for its third quarter on Tuesday.
Procter & Gamble reported first-quarter FY24 sales growth of 6.1% year-over-year to $21.87 billion, beating the consensus of $21.67 billion. Adjusted EPS of $1.83 (+17% Y/Y) beat the consensus of $1.71.
Equities Trading UP
Shift Technologies, Inc. (NASDAQ:SFT) shares shot up 100% to $0.2150. Shift Technologies recently said it will file for Chapter 11 bankruptcy protection.
Shares of Treasure Global Inc. (NASDAQ:TGL) got a boost, shooting 76% to $0.550 after the company announced an AI robot designed to conduct extended-hour live commerce sessions on TikTok.
SeaStar Medical Holding Corporation (NASDAQ:ICU) shares were also up, gaining 60% to $0.7251 after the FDA granted the company’s Selective Cytopheretic Device Breakthrough Device Designation for hepatorenal syndrome.
Equities Trading DOWN
Nuvve Holding Corp. (NASDAQ:NVVE) shares dropped 47% to $0.1378. Nuvve Holding reported pricing of $1 million underwritten public offering of 7,142,857 shares of common stock at a price of $0.14 per share.
Shares of NuZee, Inc. (NASDAQ:NUZE) were down 41% to $3.05 after the company priced its $1.275 million underwritten public offering of common stock.
Bridger Aerospace Group Holdings, Inc. (NASDAQ:BAER) was down, falling 27% to $4.50 as the company announced a $70 million proposed public follow-on offering to fund growth initiatives. The company sees revenue of $51 million to $55 million for the quarter ended Sept. 30.
Also Check This Out: $20M Bet On This Biotechnology Stock? Check Out These 3 Stocks Insiders Are Buying
Commodities
In commodity news, oil traded up 1.7% to $88.17 while gold traded up 1.8% at $1,970.80.
Silver traded up 1.5% to $23.365 on Wednesday while copper rose 0.7% to $3.6020.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.8%, London’s FTSE 100 fell 0.7% while Spain’s IBEX 35 Index fell 0.8% The German DAX fell 0.9% French CAC 40 declined 0.9%, while Italy’s FTSE MIB Index slipped 0.6%.
The inflation rate in the Eurozone eased to 4.3% year-over-year in September from 5.2% in August, while construction output declined by 0.1% year-over-year in August.
UK’s producer prices fell 0.1% year-over-year in September versus a revised 0.5% decline in August, while inflation rate came in at 6.7% in September versus market estimates of 6.6%.
Asia Pacific Markets
Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 gaining 0.01%, China’s Shanghai Composite Index falling 0.80% and Hong Kong’s Hang Seng Index falling 0.23%. India’s S&P BSE Sensex, meanwhile, dipped 0.8%.
China's industrial production growth came in unchanged at 4.5% for September, while the country’s economy grew by 4.9% year-over-year in the third quarter. China's retail sales rose by 5.5% year-over-year in September.
Economics
Housing starts in the U.S. increased by 7% month-over-month to an annualized rate of 1.36 million in September.
Building permits fell by 4.4% to an annual rate of 1.473 million in September.
Now Read This: Check Out 3 Real Estate Stocks With Over 3% Dividend Yields From Wall Street's Most Accurate Analysts
