U.S. stocks traded higher midway through the trading day, with the Nasdaq Composite gaining around 150 points on Wednesday.
The Dow traded up 0.36% to 38,040.66 while the NASDAQ rose 0.97% to 15,574.97. The S&P 500 also rose, gaining 0.66% to 4,896.89.
Check This Out: Netflix To Rally Around 18%? Here Are 10 Top Analyst Forecasts For Wednesday
Market Performance
Communication services shares rose by 1.7% on Wednesday.
In trading on Wednesday, utilities shares fell by 0.8%.
Top News
US crude oil inventories fell by 9.233 million barrels in the week ending Jan. 19, marking the biggest decline since August, far surpassing market estimates of a 2.15 million-barrel decline.
Stocks Trending Up
Getaround, Inc. GETR shares surged by a staggering 158% to $0.4750 after the company announced it secured $20 million in financing.
Shares of Evaxion Biotech A/S EVAX skyrocketed 116% to $10.80 after a 13G filing showed Merck & Co reported an 11.4% stake in the company as of Dec. 21, 2023.
SciSparc Ltd. SPRC shares also saw a substantial increase, gaining 64% to $5.67 after the company announced a $20 million standby equity purchase agreement.
Stocks Trending Down
BlackBerry Limited BB shares plummeted by 18% to $2.9050 after the company announced a proposed private offering of $160 million of convertible senior notes.
Shares of Annovis Bio, Inc. ANVS were down 16% to $9.73 after the company announced a postponement in the Phase III study data release for buntanetap in Parkinson’s Disease.
DuPont de Nemours, Inc. DD was down, falling 12% to $65.94 after the company announced preliminary fourth-quarter and full year 2023 results, and issued first-quarter guidance.
Commodities Market
In commodity news, oil soared 1.4% to $75.41 while gold fell by 0.5% to $2,015.90.
Silver rose by 1.7% to $22.850 on Wednesday while copper jumped by 2.2% to $3.8775.
Euro Zone Performance
European shares were higher on the day. The eurozone’s STOXX 600 gained 1.07%, London’s FTSE 100 rose 0.54%, Spain’s IBEX 35 Index rose 1.04%, the German DAX climbed 1.50%, French CAC 40 gained 0.85%, and Italy’s FTSE MIB Index rose 0.67%.
See also <!DOCTYPE html><html lang="en"><head> <meta charset="UTF-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <title>Exploring 2 Promising Tech Stocks for Future Growth</title></head><body><h2>Unleashing the Potential of Tech Stocks</h2><p>The tech landscape has been abuzz with activity, propelling the Nasdaq Composite to a 13% surge since the start of the year. The allure of artificial intelligence (AI) in transforming various tech sectors has captivated investors, driving optimism for the future. Industries ranging from cloud computing to chip production, data centers, autonomous vehicles, and consumer products have all felt the reverberations of AI's disruptive force, setting the stage for prolonged growth.</p><h2>The Resilience of Tech Stocks Over Time</h2><p>The tech industry boasts a storied history of delivering consistent gains, making it an enticing playground for both novice and seasoned investors alike. This sector thrives on the perpetual cycle of demand for hardware and software upgrades, rarely experiencing stagnation from one year to the next.</p><p>Over the past decade, the Nasdaq-100 Technology Sector index has soared by an impressive 409%, weathering the storm of the COVID-19 pandemic and market upheavals in 2022. Despite these challenges, the rise of AI and other cutting-edge technologies indicates that the tech domain remains fertile ground for prospective investors in the years ahead.</p><h2>An In-Depth Look at Two Compelling Tech Stock Picks</h2><h3>1. Advanced Micro Devices</h3><p>At the forefront of chip manufacturing, Advanced Micro Devices (NASDAQ: AMD) commands a pivotal position in the tech realm. The company's chips power a myriad of devices, from custom-built PCs and laptops to cloud platforms and video game consoles. With AMD's chips nestled inside everyday gadgets, the company's pervasive influence often goes unnoticed.</p><p>In a groundbreaking move back in 2020, AMD clinched exclusive chip supply deals with industry giants Sony and Microsoft for their flagship gaming consoles, PlayStation 5 and Xbox Series X|S, respectively. The immense success of these consoles, garnering nearly 80 million units sold collectively, underscores the profitability of AMD's strategic partnerships.</p><p>Despite its illustrious past, AMD's recent focus on expanding its footprint in the AI domain has captured industry attention. Competing head-on with Nvidia in the AI sphere, AMD has rolled out its MI300X AI GPUs, a critical component for constructing AI models. The company launched this GPU lineup in December of the previous year, with early signs indicating a promising trajectory.</p><p>In the first quarter of 2024, AMD witnessed a 2% uptick in revenue year over year, surpassing Wall Street projections by $20 million. While this growth may seem modest, the robust performance of key segments signals positive momentum. Notably, a surge in GPU sales fueled an 80% revenue spike in the data center segment, alongside an impressive 85% revenue surge in the client segment driven by heightened CPU sales.</p><p>Although AMD faces fierce competition from Nvidia as it vies for market share and looks to expand its AI PC division, the company's long-term prospects appear bright. Furthermore, AMD's price-to-earnings ratio has plummeted by 75% over the past six months, reflecting a potential uptick in stock value. Given its commanding stance in the tech industry, AMD emerges as a compelling stock option for investors eyeing 2024 and beyond.</p><h3>2. Amazon</h3><p>Amazon (NASDAQ: AMZN) stands out as a premier avenue for tech investment, thanks to its diversified business model. While Amazon initially made waves through its online retail dominance, the company has diversified its portfolio significantly over the years. Alongside securing a mammoth market share in e-commerce, Amazon has emerged as a heavyweight in cloud computing through Amazon Web Services (AWS), ventured into video streaming, grocery services, satellite ventures, and now set its sights on AI technologies.</p></body></html><!DOCTYPE html><html lang="en"><head> <meta charset="UTF-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <title>Amazon's Dominance in Tech & AI Markets</title></head><body> <article> Amazon's Dominance in Tech & AI Markets
The HCOB Eurozone manufacturing PMI climbed to 46.6 in January, marking the highest level in ten months, while services PMI fell to 48.4 in January from 48.8 in the prior month. France’s composite PMI fell to 44.2 in January from December’s reading of 44.8, while German composite PMI slipped to 47.1 from 47.4 in the prior month.
The S&P Global UK manufacturing PMI rose to a nine-month high of 47.3 in January, while services PMI increased to 53.8 in January from 53.4.
Asia Pacific Markets
Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 falling by 0.80%, Hong Kong’s Hang Seng Index climbing by 3.56%, and China’s Shanghai Composite Index gaining by 1.80%. India’s S&P BSE Sensex, meanwhile, rose by 0.98%.
The HSBC Flash Indian services PMI increased to 61.2 in January from 59 in the previous month, while Indian manufacturing PMI climbed to 56.9 from 54.9 in December.
The au Jibun Bank Japan composite PMI increased to 51.1 in January versus a final reading of 50.0 in the earlier month. Japan posted a trade surplus of JPY 62.10 billion in December versus a year-ago deficit of JPY 1,497.93 billion.
Economic Indicators
U.S. mortgage applications increased by 3.7% in the week ending Jan. 19, 2024.
The S&P Global US services PMI rose to a seven-month high level of 52.9 in January, while manufacturing PMI surged to 50.3 in January from 47.9 in the prior month.
The S&P Global composite PMI rose to 52.3 in January, compared to the previous month’s level of 50.9.
US crude oil inventories fell by 9.233 million barrels in the week ending Jan. 19, marking the biggest decline since August and significantly exceeding market estimates of a 2.15 million-barrel decline.
Now Read This: How To Earn $500 A Month From Apple Stock Ahead Of Q1 Earnings Report
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
