US stock markets closed Wednesday with a mixed bag of results. The Dow Jones Industrial Average, a benchmark for blue-chip companies, gained around 0.1%, ending the day at 42,262.68. However, the tech-heavy NASDAQ Composite Index fell 0.05% to 18,703.09, and the broad S&P 500 Index also dipped, dropping 0.03% to 5,831.09.
The day’s biggest news came from Eli Lilly and Co (LLY), a pharmaceutical giant, which reported worse-than-expected third-quarter earnings and lowered its 2024 guidance. The company’s revenue reached $11.44 billion, representing a 20% year-over-year increase, but missed analyst estimates of $12.10 billion. Adjusted earnings per share also fell short, coming in at $1.18 compared to the expected $1.45. This disappointing performance contributed to the tech sector’s downturn.
Despite the tech sector’s decline, communication services stocks performed well, rising 1.8%. This boost was likely driven by positive developments from various companies in the sector.
Here are some of the top performing stocks on Wednesday:
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Tharimmune, Inc. (THAR):
Shares surged 79% to $3.61 after the company announced it received positive feedback from the European Medicines Agency (EMA) regarding its TH104 clinical program. The EMA deemed the proposed Phase 2 study acceptable and provided guidance for a future Phase 3 study.*
Omnicell, Inc. (OMCL):
The stock soared 31% to $52.47 following the company’s better-than-expected third-quarter earnings report and an upward revision of its FY24 guidance.*
Reddit, Inc. (RDDT):
Shares climbed 44% to $117.36 after the company also reported exceeding third-quarter earnings estimates and issued strong fourth-quarter revenue guidance.On the other hand, these companies saw their stock prices decline:
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SRIVARU Holding Limited (SVMH):
Shares tumbled 55% to $0.0304 following the company’s announcement of an upsized public offering.*
The Container Store Group, Inc. (TCS):
The stock dropped 37% to $5.27 after the company released its second-quarter earnings report.*
Applied DNA Sciences, Inc. (APDN):
Shares fell 39% to $0.1938 after the company announced a registered direct offering and a concurrent private placement.In commodities trading, oil prices rose 2.3% to $68.75, while gold gained 0.7% to $2,799.70. Silver, however, declined 1% to $34.095, and copper rose 0.1% to $4.3640.
European markets closed lower, with the eurozone’s STOXX 600 index dipping 1.25%. Germany’s DAX fell 1.13%, France’s CAC 40 slipped 1.10%, Spain’s IBEX 35 Index fell 0.68%, and London’s FTSE 100 fell 0.73%.
Asian markets also closed mostly lower on Wednesday. Japan’s Nikkei 225 gained 0.96%, while Hong Kong’s Hang Seng Index dipped 1.55%, China’s Shanghai Composite Index fell 0.61%, and India’s BSE Sensex fell 0.53%.
Economic data released on Wednesday showed positive signs for the US economy. Pending home sales surged 7.4% in September, a significant improvement from the previous month. The US economy grew by an annualized 2.8% in the third quarter. Private businesses hired 233,000 workers in October, demonstrating continued strength in the labor market. Crude oil inventories in the US decreased by 0.515 million barrels in the week ended October 25.
These economic indicators suggest that the US economy remains resilient despite the ongoing inflationary pressures and interest rate hikes. It will be interesting to see how these factors continue to impact the stock market in the coming weeks and months.
