Nasdaq Edges Higher; Bed Bath & Beyond Shares Plunge
U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping more than 100 points on Wednesday
The Dow traded down 0.33% to 31,684.89 while the NASDAQ fell 0.03% to 11,886.43. The S&P 500 also fell, dropping, 0.18% to 3,978.98.
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Leading and Lagging Sectors
Communication services shares rose by 0.7% on Wednesday. Meanwhile, top gainers in the sector included Liberty TripAdvisor Holdings, Inc. (NASDAQ:LTRPB), up 12% and Snap Inc. (NYSE:SNAP) up 9%.
In trading on Wednesday, materials shares tumbled by 0.8%.
Top Headline
US crude oil inventories dropped by 3.326 million barrels in the week ended August 26th, compared to analysts’ expectations for a 1.483-million-barrel decline, the EIA said.
Equities Trading UP
- Yiren Digital Ltd. (NYSE:YRD) shares shot up 45% to $1.0238 after reporting unaudited financial results for the fourth quarter and the fiscal year ended December 31, 2021.
- Shares of Nuwellis, Inc. (NASDAQ:NUWE) got a boost, shooting 123% to $1.47 after the company announced new clinical data demonstrating 100% survival at 30 days following the use of ultrafiltration in high-risk postoperative coronary artery bypass grafting patients.
- ChargePoint Holdings, Inc. (NASDAQ:CHPT) shares were also up, gaining 17% to $16.89 after the company reported better-than-expected Q2 sales results.
Equities Trading DOWN
- Bed Bath & Beyond Inc. (NASDAQ:BBBY) shares tumbled 21% to $9.56 after the company issued Q2 sales guidance below analyst estimates and guided a Q2 comparable sales decline of approximately 26%. The company also announced cost optimization plans, which include job cuts and a discontinuation of three of its nine labels. Additionally, the company filed for a stock shelf offering.
- Shares of NewAge, Inc. (NASDAQ:NBEV) were down 38% to $0.2254 after the company announced it filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code.
- Express, Inc. (NYSE:EXPR) was down, falling 21% to $1.5250 after the company reported worse-than-expected Q2 sales results and issued guidance.
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Commodities
In commodity news, oil traded down 1.8% to $90.04, while gold traded down 0.7% at $1,724.70.
Silver traded down 2.2% to $17.89 on Wednesday while copper fell 1% to $3.5165.
Euro zone
European shares closed lower today. The eurozone’s STOXX 600 fell 1.12%, London’s FTSE 100 fell 1.05%, while Spain’s IBEX 35 Index fell 1.17%. The German DAX dropped 0.97%, French CAC 40 fell 1.17% and Italy’s FTSE MIB Index slipped 1.22%.
Annual inflation rate in the Eurozone increased to 9.1% in August from 8.9% in the previous month, while annual inflation rate in Italy accelerated to 8.4% from 7.9%.
The French economy grew 0.5% on quarter in the second quarter compared to a 0.2% drop in the previous quarter, while annual inflation rate in the country fell to 5.8% in August from 6.1% in the earlier month. Import prices in Germany rose by 28.9% year-over-year in July.
Economics
- US private businesses hired 132,000 workers in August compared to 268,000 in July, the ADP said. It is the smallest addition since the beginning of 2021.
- The Chicago PMI rose slightly to 52.2 in August from 52.1 in the previous month.
- US crude oil inventories dropped by 3.326 million barrels in the week ended August 26th, compared to analysts’ expectations for a 1.483-million-barrel decline.
- Data on farm prices for July will be released at 3:00 p.m. ET.
- Federal Reserve Bank of Dallas President Lorie Logan will speak at 6:00 p.m. ET.
- Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 6:30 p.m. ET.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 96,149,010 cases with around 1,069,740 deaths. India confirmed a total of at least 44,429,250 cases and 527,870 deaths, while France reported over 34,509,960 COVID-19 cases with 154,030 deaths. In total, there were at least 607,452,440 cases of COVID-19 worldwide with more than 6,492,730 deaths.