U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 200 points on Wednesday.
The Dow traded up 0.34% to 47,247.64 while the NASDAQ gained 0.96% to 23,572.70. The S&P 500 also rose, gaining, 0.67% to 6,817.18.
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Leading and Lagging Sectors
Communication services shares jumped by 1.7% on Wednesday.
In trading on Wednesday, real estate stocks fell by 0.1%.
Top Headline
U.S. crude oil inventories surged by 5.202 million barrels in the week ending Oct. 31, compared to market estimates of a 0.6-million increase.
Equities Trading UP
- Babcock & Wilcox Enterprises, Inc. (NYSE:BW) shares shot up 37% to $5.13 after the company reported better-than-expected third-quarter EPS results.
- Shares of SMX (Security Matters) PLC (NASDAQ:SMX) got a boost, surging 27% to $1.87 after SMX and CARTIF entered into non-binding LOI to integrate SMX’s end-to-end tracing platform into CARTIF’s portfolio and Industry 5.0 projects
- Solid Power Inc (NASDAQ:SLDP) shares were also up, gaining 55% to $8.72 after the company reported better-than-expected third-quarter EPS results.
Equities Trading DOWN
- Rubico Inc (NASDAQ:RUBI) shares dropped 53% to $0.2850 after the company priced an underwritten offering of 12.3 million units at $0.609 each, raising gross proceeds of $7.5 million.
- Shares of WF International Ltd (NASDAQ:WXM) were down 58% to $1.08 after pricing a follow-on public offering of 1,720,688 units at $2.00 per unit, expected to raise $3.44 million in gross proceeds.
- Biohaven Ltd (NYSE:BHVN) was down, falling 38% to $8.64. The company announced it received a Complete Response Letter from the FDA for the New Drug Application seeking approval of VYGLXIA for the treatment of spinocerebellar ataxia.
Commodities
In commodity news, oil traded down 1% to $59.98 while gold traded up 1% at $3,999.00.
Silver traded up 1.5% to $47.975 on Wednesday, while copper rose 0.6% to $4.9770.
Euro zone
European shares were higher today. The eurozone's STOXX 600 gained 0.23%, while Spain's IBEX 35 Index rose 0.39%. London's FTSE 100 rose 0.64%, Germany's DAX 40 rose 0.42% and France's CAC 40 gained 0.08% during the session.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 falling 2.50%, Hong Kong's Hang Seng declining 0.07% and China's Shanghai Composite gaining 0.23%.
Economics
- U.S. private businesses added 42,000 jobs in October, following a revised 29,000 jobs cut in the previous month, and above market estimates of 25,000.
- The volume of mortgage applications in the U.S. fell by 1.9% from the previous week during the final week of October, compared to a 7.1% jump in the previous week.
- U.S. crude oil inventories surged by 5.202 million barrels in the week ending Oct. 31, compared to market estimates of a 0.6-million increase.
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