U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling around 0.5% on Wednesday.
The Dow traded down 0.16% to 38,503.94 while the NASDAQ fell 0.47% to 15,557.94. The S&P 500 also fell, dropping, 0.11% to 4,969.94.
Positive and Negative Market Sectors
Energy shares rose by 1.5% on Wednesday.
In trading on Wednesday, information technology shares fell by 1%.
Outstanding Headline
Exelon Corp EXC reported better-than-expected fourth-quarter financial results and increased its quarterly dividend.
Exelon reported fourth-quarter fiscal 2023 operating revenue growth of 15% year-over-year to $5.37 billion, beating the estimates of $4.17 billion. Adjusted EPS improved to 60 cents from 43 cents in 2022, beating the estimate of 58 cents.
Stocks Experiencing Growth
MediaAlpha, Inc. MAX shares shot up 18% to $18.71 after the company reported better-than-expected fourth-quarter financial results.
Shares of Gentherm Incorporated THRM got a boost, surging 23% to $60.65 after the company reported better-than-expected fourth-quarter financial results and issued guidance.
Motus GI Holdings, Inc. MOTS shares were also up, gaining 58% to $1.0326 after the company was granted U.S. Patent #11904085 for ‘Systems And Methods For Cleaning A Colon.’
Stocks Experiencing Decline
Palo Alto Networks, Inc. PANW shares dropped 27% to $268.49 after the company issued third-quarter adjusted EPS and total revenue guidance below estimates.
Shares of U Power Limited UCAR were down 30% to $0.0716 after the company received a delisting notice from the Nasdaq Stock Market due to its ordinary shares’ closing bid price falling below $0.10 for ten consecutive trading days, as per the Low Priced Stocks Rule.
Community Health Systems, Inc. CYH was down, falling 26% to $2.97 after the company reported fourth-quarter financial results.
Commodities Market
In commodity news, oil traded up 0.6% to $77.52 while gold traded down 0.3% at $2,034.40.
Silver traded down 1.1% to $22.88 on Wednesday while copper rose 0.1% to $3.8730.
Euro zone Market
European shares were mostly higher today. The eurozone’s STOXX 600 fell 0.22%, London’s FTSE 100 fell 0.75% while Spain’s IBEX 35 Index rose 0.67% The German DAX gained 0.22% French CAC 40 rose 0.17% while Italy’s FTSE MIB Index rose 1%.
The Confederation of British Industry survey’s total order book balance climbed by 10 points to a reading of -20 in February.
Asia Pacific Market
Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 falling 0.26%, Hong Kong’s Hang Seng Index rising 1.57%, China’s Shanghai Composite Index gaining 0.97% and India’s S&P BSE Sensex falling 0.59%.
Japanese trade deficit narrowed to JPY 1,758.311 billion in January from JPY 3,506.43 billion in the year-ago month. Exports from Japan surged by 11.9% year-over-year, while imports to Japan dipped 9.6% year-over-year.
Economics Update
U.S. mortgage applications fell by 10.6% on the week ending Feb. 16, 2024.
Now Read This: Starbucks, Regeneron Pharmaceuticals And 2 Other Stocks Insiders Are Selling
