Midway through Wednesday’s trading session, U.S. stocks showed a downward trend, with the Nasdaq Composite dropping around 0.5%.
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 registered a decline, dropping 0.11% to 4,969.94.
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Sector Performance
Energy shares experienced a 1.5% increase on Wednesday.
In contrast, information technology shares witnessed a 1% decline in trading on Wednesday.
Key Earnings Report
Exelon Corp, with the ticker symbol EXC, reported robust fourth-quarter financial results, surpassing analyst estimates and announcing an increase in its quarterly dividend.
Exelon reported a 15% year-over-year growth in fourth-quarter fiscal 2023 operating revenue to $5.37 billion, outperforming the estimated $4.17 billion. The adjusted EPS improved to 60 cents from 43 cents in 2022, exceeding the estimate of 58 cents.
Market Gainers
Shares of MediaAlpha, Inc. with the ticker symbol MAX surged 18% to $18.71 after reporting better-than-anticipated fourth-quarter financial results.
Gentherm Incorporated, with the ticker symbol THRM, witnessed a significant boost, with shares surging 23% to $60.65 after reporting better-than-expected fourth-quarter financial results and issuing positive guidance.
Motus GI Holdings, Inc. with the ticker symbol MOTS also experienced an upsurge, gaining 58% to $1.0326 after being granted U.S. Patent #11904085 for ‘Systems And Methods For Cleaning A Colon.’
Market Losers
Palo Alto Networks, Inc. with the ticker symbol PANW observed a 27% decrease to $268.49 after issuing third-quarter adjusted EPS and total revenue guidance below estimates.
U Power Limited with the ticker symbol UCAR witnessed a 30% decline to $0.0716 after receiving 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.
Community Health Systems, Inc. with the ticker symbol CYH experienced a 26% fall to $2.97 after reporting fourth-quarter financial results.
Commodity Market Update
In the commodity market, crude oil prices saw a 0.6% increase to $77.52, while gold prices decreased by 0.3% to $2,034.40.
Silver prices observed a 1.1% decline to $22.88, while copper prices rose by 0.1% to $3.8730 on Wednesday.
European and Asian Market Analysis
European shares mainly saw gains today, with the eurozone’s STOXX 600 falling 0.22%, London’s FTSE 100 declining by 0.75%, Spain’s IBEX 35 Index increasing by 0.67%, the German DAX gaining 0.22%, French CAC 40 rising 0.17%, and Italy’s FTSE MIB Index surging by 1%.
The Confederation of British Industry survey’s total order book balance climbed by 10 points to a reading of -20 in February.
In Asia, markets closed with mixed performance on Wednesday. Japan’s Nikkei 225 decreased by 0.26%, Hong Kong’s Hang Seng Index surged by 1.57%, China’s Shanghai Composite Index gained 0.97%, and India’s S&P BSE Sensex fell by 0.59%.
The 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.
Economic Indicators
U.S. mortgage applications fell by 10.6% on the week ending Feb. 16, 2024.
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