The U.S. stock market experienced a mixed bag on Wednesday, with the Dow Jones Industrial Average dipping over 50 points. The Dow closed down 0.15% to 42,145.12, while the NASDAQ edged down 0.02% to 18,070.61. The S&P 500 also dipped, falling 0.01% to 5,732.80.
Leading the way in sector performance, utilities shares saw a boost, jumping by 0.5%. On the other hand, energy shares faced a downturn, falling by 0.7%.
One of the key headlines of the day came from Cintas Corporation (CTAS). The company reported better-than-expected first-quarter financial results and raised its guidance. Cintas reported quarterly earnings of $1.10 per share, exceeding the analyst consensus estimate of 95 cents per share. The company also met analyst expectations for quarterly sales, reporting $2.50 billion.
Equities on the Move
Several stocks experienced significant price movements during the day. AtlasClear Holdings, Inc. (ATCH) shares soared by 94% to $0.3729. Eightco Holdings Inc. (OCTO) also saw a surge in share price, gaining 73% to reach $4.3050. Eightco Holdings is projecting revenues of $100 million for 2025. CERo Therapeutics Holdings, Inc. (CERO) shares were also up, rising 45% to $0.1378 following the announcement that the company secured $1.25 million in financing and requested an FDA type A meeting to address the clinical hold on CER-1236.
However, not all stocks saw positive movement. Vertex Energy, Inc. (VTNR) shares took a tumble, plummeting 62% to $0.1369 after the company filed for Chapter 11 bankruptcy. Stitch Fix, Inc. (SFIX) also experienced a significant drop, with shares falling 35% to $2.4310 following the company’s release of worse-than-expected fourth-quarter EPS results. Creative Media & Community Trust Corporation (CMCT) shares declined by 26% to $1.14.
Commodities Update
In commodity markets, oil traded down 1.7% to $70.35, while gold saw an uptick, trading up 0.3% at $2,684.90. Silver traded down 1.1% to $32.075 on Wednesday, while copper rose 0.1% to $4.4945.
European Market Snapshot
European shares traded mixed. The eurozone’s STOXX 600 rose 0.1%. Germany’s DAX fell 0.2% and France’s CAC 40 also fell 0.2%. Spain’s IBEX 35 Index rose 0.1%, while London’s FTSE 100 rose 0.1%.
In terms of economic data, producer prices in Spain declined by 1.3% year-over-year in August, compared to a revised 1.6% decline in the previous month. The consumer confidence indicator in France climbed to 95.1 in September, up from 92.5 in the prior month.
Asian Markets Wrap Up
Asian markets mostly closed higher on Wednesday. Japan’s Nikkei 225 fell 0.19%, while Hong Kong’s Hang Seng Index jumped 0.68%. China’s Shanghai Composite Index gained 1.16%, and India’s BSE Sensex gained 0.30%. The People’s Bank of China cut its one-year policy loan rate by 30bps to 2.0%.
U.S. Economic Indicators
In the U.S., building permits increased by 4.6% to an annual rate of 1.470 million in August. U.S. mortgage applications rose by 11% from the prior week during the week ending Sept. 20, compared to a 14.2% gain in the earlier week.
