Dow Jumps 200 Points; Synchrony Financial Posts Upbeat Earnings
U.S. stocks traded mixed toward the end of trading, with the S&P 500 falling over 1% on Wednesday.
The Dow traded up 0.53% to 41,173.41 while the NASDAQ fell 2.51% to 18,044.33. The S&P 500 also fell, dropping, 1.24% to 5,597.06.
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Leading and Lagging Sectors
Consumer staples shares jumped by 1.4% on Wednesday.
In trading on Wednesday, information technology shares fell by 3.6%.
Top Headline
Synchrony Financial (NYSE:SYF) reported better-than-expected second-quarter results on Wednesday.
The company posted quarterly net interest income of $4.405 billion, beating the consensus of $4.287 billion. The company reported EPS of $1.55, above the consensus of $1.36.
Equities Trading UP
- Aditxt, Inc. (NASDAQ:ADTX) shares shot up 36% to $2.17. Aditxt and Evofem amended merger agreement.
- Shares of Aehr Test Systems (NASDAQ:AEHR) got a boost, surging 25% to $21.09 after the company reported better-than-expected Q4 financial results and issued FY25 revenue guidance above estimates. Also, the company announced it entered into a stock purchase agreement and made $12.7 million in orders for its FOX WaferPak full wafer Contractors.
- Shimmick Corporation (NASDAQ:SHIM) shares were also up, gaining 47% to $2.96 after the company received a $27.6 million subcontract for the Sunol Valley Water Treatment Plant Ozonation Project.
Equities Trading DOWN
- ASLAN Pharmaceuticals Limited (NASDAQ:ASLN) shares dropped 41% to $0.6611 after the company announced that its Singapore-incorporated, sole operating subsidiary has filed for voluntary liquidation.
- Shares of Cassava Sciences, Inc. (NASDAQ:SAVA) were down 29% to $9.61 after announcing changes in executive leadership. The company named Rick Barry as Executive Chairman and Principal Executive Office and said Remi Barbier resigned as President, CEO, and Board Member.
- Five Below, Inc. (NASDAQ:FIVE) was down, falling 22% to $79.31 after the company announced a CEO transition. Additionally, comparable sales decreased in the 10-week period ended July 13.
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Commodities
In commodity news, oil traded up 2.5% to $82.75 while gold traded down 0.3% at $2,461.00.
Silver traded down 3.4% to $30.39 on Wednesday, while copper fell 0.9% to $4.4105.
Euro zone
European shares closed mixed today. The eurozone's STOXX 600 fell 0.48%, Germany's DAX fell 0.44% and France's CAC 40 fell 0.12%. Spain's IBEX 35 Index rose 0.13%, while London's FTSE 100 rose 0.28%.
Annual inflation rate in the Eurozone eased to 2.5% in June from 2.6% in May. French current account deficit shrank to EUR 3.1 billion in May versus a revised EUR 3.5 billion in the prior month.
U.K. producer prices increased 1.4% year-over-year in June following a 1.7% rise in the prior month, while annual inflation rate came in steady at 2% in June.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 falling 0.43%, Hong Kong's Hang Seng Index gaining 0.06% and China's Shanghai Composite Index falling 0.45%.
Singapore’s non-oil domestic exports fell by 8.7% year-over-year in June following a revised 0.7% decline in May.
Economics
- U.S. mortgage applications climbed by 3.9% during the third week of July.
- U.S. housing starts increased by 3% from the prior month to an annualized rate of 1,314,000 in June compared to a revised 4.6% fall a month ago.
- Building permits in the U.S. climbed by 3.4% to an annual rate of 1.446 million in June.
- Industrial production in the U.S. climbed 0.6% from a month ago in June compared to market estimates of a 0.3% gain.
- U.S. crude oil inventories declined by 4.87 million barrels in the week ended July 12, falling for the third consecutive week, the EIA said.
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