U.S. stocks pared gains toward the end of trading, with the Dow Jones dropping around 80 points on Wednesday.
The Dow traded down 0.26% to 31,023.34 while the NASDAQ rose 0.23% to 11,660.57. The S&P 500 also fell, dropping, 0.05% to 3,930.65.
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Leading and Lagging Sectors
Energy shares climbed 3% on Wednesday. Meanwhile, top gainers in the sector included Evolution Petroleum Corporation (NYSE:EPM), up 19% and NACCO Industries, Inc. (NYSE:NC) up 18%.
In trading on Wednesday, real estate shares fell by 1.3%.
Top Headline
The Producer Price Index for final demand declined 0.1% month-over-month in August, compared to a 0.4% decline in July.
Equities Trading UP
- bioAffinity Technologies, Inc. (NASDAQ:BIAF) shares shot up 38% to $5.70 after the company announced publication of its research in high-throughput flow cytometry analysis of sputum in PLOS ONE.
- Shares of SciSparc Ltd. (NASDAQ:SPRC) got a boost, shooting 45% to $1.1296 after the company announced it entered into an agreement to acquire Wellution for $20 million.
- Evolution Petroleum Corporation (NYSE:EPM) shares were also up, gaining 19% to $8.10 after the company posted upbeat Q4 results and reported a $25 million share repurchase program.
Equities Trading DOWN
- Vintage Wine Estates, Inc. (NASDAQ:VWE) shares tumbled 39% to $3.37 after the company reported Q4 EPS results were lower year over year and issued FY23 sales guidance below estimates. Telsey Advisory Group and Canaccord Genuity downgraded the stock.
- Shares of Altimmune, Inc. (NASDAQ:ALT) were down 28% to $14.66. The company announced topline results from its 12-week Phase 1b study of pemvidutide in subjects with non-alcoholic fatty liver disease.
- Kaspien Holdings Inc. (NASDAQ:KSPN) was down, falling 25% to $2.14 following Q2 results. Kaspien Holdings posted a Q2 loss of $1.69 per share.
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Commodities
In commodity news, oil traded up 2.7% to $89.64, while gold traded down 0.5% at $1,709.10.
Silver traded up 0.4% to $19.575 on Wednesday while copper fell 1% to $3.5190.
Euro zone
European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.86%, London’s FTSE 100 fell 1.47%, while Spain’s IBEX 35 Index fell 0.10%. The German DAX declined 1.22%, French CAC 40 fell 0.37% and Italy’s FTSE MIB Index gained 0.49%.
Industrial production in the Eurozone dropped 2.3% month-over-month in July following a revised 1.1% increase in the previous month. Annual inflation rate in the UK fell to 9.9% in August from 10.1% in July.
Economics
- The Producer Price Index for final demand declined 0.1% month-over-month in August, compared to a 0.4% decline in July.
- US crude oil inventories climbed by 2.442 million barrels in the week ended September 9th, the Energy Information Administration said.
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 97,200,700 cases with around 1,076,340 deaths. India confirmed a total of at least 44,510,050 cases and 528,210 deaths, while France reported over 34,764,560 COVID-19 cases with 154,570 deaths. In total, there were at least 615,021,030 cases of COVID-19 worldwide with more than 6,521,020 deaths.
