US stock markets closed higher on Wednesday, fueled by gains in the technology-heavy Nasdaq Composite, which rose by 0.3%. The Dow Jones Industrial Average also finished in the green, adding 0.34% to close at 44,059.95. The S&P 500, a broader gauge of the US stock market, gained 0.32%, ending the day at 6,003.04.
The Consumer Discretionary sector, which includes companies involved in non-essential goods and services, was a standout performer, surging by 1.3% on Wednesday. This sector’s positive performance suggests investor optimism regarding consumer spending and economic growth. On the other hand, Communication Services shares, which include telecommunications and media companies, lagged behind, falling by 0.2% during the trading session.
Notable Movers
Several individual stocks made significant moves on Wednesday.
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Microvast Holdings, Inc. (MVST)
shares soared 392% to $0.8890 after the company released better-than-expected financial results for the third quarter. The positive results, likely exceeding market expectations, fueled a strong surge in the company’s share price.*
BTC Digital Ltd. (BTCT)
shares jumped 75% to $4.7100 after the company announced a strategic agreement with Recte Technologies and Asia Investment Fund to host 1,100 bitcoin mining machines in the US. This move is likely to increase BTC Digital’s mining capacity and potentially boost its future earnings.*
Kaixin Holdings (KXIN)
shares also saw a significant gain, rising 61% to $4.7100 following the company’s announcement of a Nasdaq letter confirming its regained compliance with the minimum bid price requirement. This news signals a positive outlook for the company’s future trading on the Nasdaq exchange.Losses on the Day
Not all stocks finished the day in the green. Several companies saw significant share price declines.
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Syros Pharmaceuticals, Inc. (SYRS)
shares plummeted 86% to $0.3701 after the company announced that its SELECT-MDS-1 Phase 3 trial of tamibarotene failed to meet its primary endpoint. This disappointing news, leading to the discontinuation of the study, significantly impacted the company’s valuation.*
GlucoTrack, Inc. (GCTK)
shares dropped 75% to $0.3817 after the company announced a $10 million public offering of 7.2 million shares with attached warrants. This offering, likely intended to raise capital, may have concerned investors and led to the significant share price decline.*
Wag! Group Co. (PET)
shares fell 72% to $0.1821 following the company’s announcement of worse-than-expected third-quarter financial results and a reduction in its FY24 revenue outlook. The disappointing results, likely exceeding market expectations, triggered a sell-off among investors.Commodities
In commodity markets, oil prices rose 0.6%, reaching $68.54 per barrel. Gold, on the other hand, traded down 0.7%, settling at $2,587.80 per ounce. Silver also saw a decline, dropping 0.4% to $30.635 per ounce. Copper fell 1% to $4.0955 per pound.
European Markets
European stocks closed mostly lower on Wednesday. The eurozone’s STOXX 600 fell 0.13%, Germany’s DAX slipped 0.16%, and France’s CAC 40 declined 0.14%. Spain’s IBEX 35 Index was down 0.05%, while London’s FTSE 100 rose 0.06%.
Asian Markets
Asian markets also closed mixed. Japan’s Nikkei 225 fell 1.66%, Hong Kong’s Hang Seng Index dropped 0.12%, while China’s Shanghai Composite Index gained 0.51%. India’s BSE Sensex ended the day down 1.25%.
Economic Data
The US mortgage application index rose 0.5% from the previous week in the week ending November 8. The annual inflation rate in the US climbed to 2.6% in October, up from 2.4% in September, matching market expectations. The Consumer Price Index (CPI) rose 0.2% month-over-month in October.
