Dow Rises Over 100 Points; Target Posts Upbeat Earnings
U.S. stocks traded higher midway through trading, with the Dow Jones gaining over 100 points on Wednesday.
The Dow traded up 0.32% to 34,939.64 while the NASDAQ rose 0.18% to 14,119.17. The S&P 500 also rose, gaining, 0.20% to 4,504.73.
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Leading and Lagging Sectors
Materials shares surged by 0.7% on Wednesday.
In trading on Wednesday, utilities shares fell by 0.4%.
Top Headline
Target Corporation (NYSE:TGT) reported better-than-expected third-quarter financial results.
Target reported a third-quarter FY23 sales decline of 4.22% year-on-year to $25.398 billion, beating the analyst consensus estimate of $25.31 billion. Adjusted EPS of $2.10 beat the analyst consensus estimate of $1.48.
Equities Trading UP
AST SpaceMobile, Inc. (NASDAQ:ASTS) shares shot up 24% to $4.6781 following third-quarter results
Shares of Heron Therapeutics, Inc. (NASDAQ:HRTX) got a boost, shooting 56% to $0.8441 after the company reported mixed third-quarter financial results and issued guidance.
Taysha Gene Therapies, Inc. (NASDAQ:TSHA) shares were also up, gaining 25% to $1.66 after the company reported third-quarter results.
Equities Trading DOWN
Jaguar Global Growth Corporation I (NASDAQ:JGGC) shares dropped 28% to $5.10.
Shares of Ispire Technology Inc. (NASDAQ:ISPR) were down 16% to $13.74 after jumping over 50% on Tuesday. The company reported a narrower loss for its first quarter.
Global-e Online Ltd. (NASDAQ:GLBE) was down, falling 26% to $29.00 as the company reported third-quarter FY23 sales growth of 27% year-over-year, to $133.605 million, missing the consensus of $140.97 million.
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Commodities
In commodity news, oil traded down 1.2% to $77.33 while gold traded down 0.1% at $1,964.80.
Silver traded up 1.5% to $23.475 on Wednesday while copper rose 0.9% to $3.7170.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 0.42%, London’s FTSE 100 rose 0.62% while Spain’s IBEX 35 Index rose 0.18% The German DAX rose 0.86% French CAC 40 rose 0.33%, while Italy’s FTSE MIB Index climbed 0.42%.
Industrial production in the Eurozone fell by 1.1% month-over-month in September versus a 0.6% increase in the prior period. The Eurozone recorded a trade surplus of EUR 10 billion in September versus a EUR 29.8 billion gap in the year-ago month.
The annual inflation rate in Italy fell to 1.7% in October from 5.3% a month ago, while French consumer price inflation was confirmed at 4% year-over-year for the month. UK’s producer prices declined 0.6% year-over-year in October, while inflation rate in the UK fell to 4.6% in October. German wholesale prices declined by 4.2% year-over-year in October.
Asia Pacific Markets
Asian markets closed higher on Wednesday, with Japan’s Nikkei 225 rising 2.52%, Hong Kong’s Hang Seng Index jumping 3.92% and China’s Shanghai Composite Index gaining 0.55%. India’s S&P BSE Sensex, meanwhile, surged 1.14%.
India’s trade deficit increased to a record high of $31.5 billion in October versus a $26.3 billion gap in the year-ago period. Japan’s industrial production growth was revised higher to 0.5% month-over-month in September versus a preliminary reading of 0.2%, while Japanese economy shrank 2.1% on an annualized basis in the third quarter.
China's retail sales jumped by 7.6% year-over-year in October, while industrial production rose by 4.6% year-over-year in October.
Economics
Producer prices in the U.S. declined 0.5% month-over-month in October, the most since April 2020 and compared to market estimates of a 0.1% rise.
The NY Empire State Manufacturing Index climbed 14 points to a reading of 9.1 in November, recording the highest reading since April and versus market estimates of -2.8.
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