US stock markets ended Wednesday with a mixed bag of results. While the Dow Jones Industrial Average dipped 0.59%, losing over 200 points to close at 41,960.39, the NASDAQ saw a slight uptick, rising 0.03% to 18,079.66. The S&P 500 also fell, dropping 0.16% to 5,723.63.
Sector-wise, utilities shares experienced a positive day, jumping 0.7%, while energy shares took a hit, declining by 1.9%. The performance of these sectors mirrored the overall market trend, highlighting the volatility in the market.
One of the major economic headlines impacting the day’s trading was the report on new single-family home sales in the US. The numbers revealed a decrease of 4.7% from the previous month, settling at an annualized rate of 716,000 in August. This downturn, following a revised 10.3% gain in July, suggests a possible cooling in the housing market.
Focusing on individual stocks, Capricor Therapeutics, Inc. (CAPR) saw a significant surge, its shares climbing 37% to $12.44. This upward movement was fueled by positive developments including price target increases by Maxim Group and Oppenheimer. Eightco Holdings Inc. (OCTO) also experienced a strong day, its shares soaring 46% to $3.6250, driven by the company’s optimistic revenue projections of $100 million for 2025. CERo Therapeutics Holdings, Inc. (CERO) also gained momentum, rising 13% to $0.1056, following the announcement of secured financing of $1.25 million and an FDA type A meeting request regarding its clinical hold on CER-1236.
However, not all stocks experienced a positive day. Vertex Energy, Inc. (VTNR) saw a sharp decline, its shares plummeting 56% to $0.1585 after the company announced its filing for Chapter 11 bankruptcy. Stitch Fix, Inc. (SFIX) also experienced a significant drop, its shares falling 37% to $2.3510 after the company reported disappointing fourth-quarter earnings per share results. Target Hospitality Corp. (TH) was another notable decliner, falling 18% to $7.70 after the company announced the disbandment of its Special Committee.
Looking at commodities, oil traded down 2.6% to $69.69 while gold saw a slight increase, trading up 0.3% at $2,685.50. Silver also saw a downturn, falling 0.9% to $32.135, while copper declined by 0.1% to $4.4880.
Across the Atlantic, European markets closed lower on Wednesday. The Eurozone’s STOXX 600 fell 0.11%, Germany’s DAX declined 0.41%, and France’s CAC 40 dropped 0.50%. Spain’s IBEX 35 Index also fell 0.38%, while London’s FTSE 100 experienced a slight decline of 0.17%. Economic data released from the region included a 1.3% year-over-year decline in producer prices in Spain for August, while consumer confidence in France rose to 95.1 in September from 92.5 the previous month.
Moving to Asia Pacific, markets closed mostly 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 saw a modest gain of 0.30%. In China, the People’s Bank of China reduced its one-year policy loan rate by 30bps to 2.0%.
Back in the US, economic indicators showed mixed signals. US building permits rose 4.6% to an annual rate of 1.470 million in August. Meanwhile, mortgage applications climbed 11% from the prior week ending September 20th, following a 14.2% increase the previous week.
Overall, Wednesday’s trading session was characterized by volatility across global markets. While some sectors and stocks performed well, others faced significant challenges. The housing market data also contributed to the day’s market sentiment, suggesting a potential slowdown in the sector. It remains to be seen how these trends will continue to unfold in the coming days and weeks.
