US stock markets presented a mixed picture on Wednesday, with the Dow Jones Industrial Average edging up by 0.1% to 40,978.50. However, the tech-heavy NASDAQ Composite dipped by 0.23% to 17,096.94, and the S&P 500 followed suit with a slight decline of 0.01% to 5,528.99.
Sector performance was varied, with utilities leading the way, gaining 1.1% on the day. On the other hand, information technology shares fell by 0.5%.
The US trade deficit expanded to $78.8 billion in July, marking the largest gap since June 2022. This represents a widening from the $73 billion deficit recorded in June.
Several individual stocks experienced notable price swings. Faraday Future Intelligent Electric Inc. (FFIE) shares surged by 62% to $5.55. Asset Entities Inc. (ASST) also saw a significant jump, with shares climbing 56% to $3.1999. WiSA Technologies, Inc. (WISA) shares climbed 83% to $1.2089 after announcing a definitive asset purchase agreement for $210 million to acquire the intellectual property and IT assets of Data Vault Holdings.
On the downside, Athira Pharma, Inc. (ATHA) shares plummeted by 76% to $0.6616 following the release of topline results from its Phase 2/3 LIFT-AD clinical trial of fosgonimeton for mild-to-moderate Alzheimer’s disease. Oragenics, Inc. (OGEN) shares tumbled 46% to $0.5740 after pricing a $4.45 million public offering of 8,106,584 shares at $0.55 per share. Shuttle Pharmaceuticals Holdings, Inc. (SHPH) shares declined by 34% to $1.39.
In the commodity markets, oil prices fell by 1.1% to $69.60, while gold prices decreased by 0.3% to $2,515.70. Silver prices, however, rose by 0.3% to $28.42, and copper prices dipped by 0.3% to $4.08.
European markets experienced a decline on Wednesday. The eurozone’s STOXX 600 index fell by 0.9%, Germany’s DAX dropped 0.7%, and France’s CAC 40 declined by 0.9%. Spain’s IBEX 35 Index fell by 0.5%, while London’s FTSE 100 lost 0.3%.
The S&P Global UK services PMI climbed to 53.7 in August, up from 52.5 in July. Producer prices in the Eurozone rose 0.8% month-over-month in July, compared to a revised 0.6% increase in June. The HCOB Eurozone composite PMI was revised lower to 51 in August, down from a flash reading of 51.2.
Asian markets closed lower on Wednesday. Japan’s Nikkei 225 fell by 4.24%, Hong Kong’s Hang Seng Index declined by 1.10%, China’s Shanghai Composite Index dropped by 0.67%, and India’s BSE Sensex fell by 0.25%.
The HSBC India Composite PMI rose to 60.7 in August, up from a flash reading of 60.5. Caixin China General Composite PMI remained unchanged at 51.2 in August.
