Nasdaq Gains 1%; LegalZoom Shares Slide
U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 1% on Wednesday.
The Dow traded up 0.50% to 39,488.59 while the NASDAQ rose 1.01% to 18,615.28. The S&P 500 also rose, gaining, 0.70% to 5,616.11.
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Leading and Lagging Sectors
Materials shares jumped by 1.2% on Wednesday.
In trading on Wednesday, financials shares fell by 0.1%.
Top Headline
The EIA said U.S. crude oil inventories declined by 3.444 million barrels in the week ended July 5, compared to market estimates of a 3.0 million decline.
Equities Trading UP
- Virpax Pharmaceuticals, Inc. (NASDAQ:VRPX) shares shot up 87% to $2.1718 after the company announced results for a Swine Model pilot study for Probudur.
- Shares of Longeveron Inc. (NASDAQ:LGVN) got a boost, surging 56% to $4.4650 after the company announced that the FDA granted Regenerative Medicine Advanced Therapy designation to Lomecel-B for the treatment of mild Alzheimer’s Disease.
- Kazia Therapeutics Limited (NASDAQ:KZIA) shares were also up, gaining 264% to $0.7011 after the company announced results from GBM-AGILE, a phase II/III study that included an evaluation of paxalisib versus standard of care for patients with glioblastoma.
Equities Trading DOWN
- Alarum Technologies Ltd. (NASDAQ:ALAR) shares dropped 20% to $35.68 after the company announced estimated guidance for the first half of 2024.
- Shares of SeaStar Medical Holding Corporation (NASDAQ:ICU) were down 32% to $8.78 after the company entered into a $10 million registered direct offering of 947,868 shares at $10.55 per share.
- LegalZoom.com, Inc. (NASDAQ:LZ) was down, falling 25% to $5.88 after the company announced a CEO transition and lowered its full year guidance.
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Commodities
In commodity news, oil traded up 0.8% to $82.02 while gold traded up 0.7% at $2,383.40.
Silver traded up 0.2% to $31.105 on Wednesday, while copper rose 0.5% to $4.6020.
Euro zone
European shares closed higher today. The eurozone's STOXX 600 gained 0.91%, Germany's DAX gained 0.94% and France's CAC 40 rose 0.86%. Spain's IBEX 35 Index rose 1.59%, while London's FTSE 100 rose 0.66%.
Asia Pacific Markets
Asian markets closed mostly lower on Wednesday, with Japan's Nikkei gaining 0.61%, Hong Kong's Hang Seng Index declining 0.29%, China's Shanghai Composite Index dipping 0.68% and India's S&P BSE Sensex falling 0.53%.
Japanese machine tool orders climbed by 9.7% year-over-year to JPY 133,817 million in June compared to a 4.2% rise in the prior month.
Economics
- Mortgage applications in the U.S. fell by 0.2% during the first week of July.
- U.S. wholesale inventories increased by 0.6% month-over-month in May compared to a 0.2% gain in the previous month.
- The EIA said U.S. crude oil inventories declined by 3.444 million barrels in the week ended July 5, compared to market estimates of a 3.0 million decline.
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