U.S. stocks closed higher on Wednesday, with the tech-heavy Nasdaq Composite leading the gains. The index climbed by around 0.5%, reaching 17,903.01. The Dow Jones Industrial Average also saw a modest increase, trading up 0.08% to 40,867.75. The S&P 500, a broader market index, rose by 0.37% to 5,618.02.
This positive performance was driven by a combination of factors, including strong corporate earnings and positive economic data. TJX Companies, Inc. (TJX), a leading off-price retailer, reported strong second-quarter performance, surpassing analyst expectations for both earnings and revenue. The company also raised its fiscal 2025 profit outlook, boosting investor sentiment.
In addition to strong earnings, several companies saw their stock prices surge due to positive developments. BigBear.ai Holdings, Inc. (BBAI) shares shot up 31% after the company received an award as a subcontractor to Concept Solutions. PROCEPT BioRobotics Corporation (PRCT) stock soared 29% following the announcement of FDA 510(k) clearance for its HYDROS Robotic system. Stronghold Digital Mining, Inc. (SDIG) shares also gained significantly, rising 67% after the company announced a definitive merger agreement to be acquired by Bitfarms.
However, not all companies experienced gains. Eyenovia, Inc. (EYEN) shares dropped 35% after the company announced the pricing of a $5.14 million public offering. Macy’s, Inc. (M) stock fell by 12% after weak quarterly sales, and PagSeguro Digital Ltd. (PAGS) shares also declined by 12% following its second-quarter earnings report.
In the commodity market, oil prices declined by 2.2% to $71.60, while gold prices fell slightly by 0.1% to $2,547.20. Silver also traded down by 0.1% to $29.51, while copper prices rose by 0.7% to $4.1890.
European markets also closed higher on Wednesday. The eurozone’s STOXX 600 index gained 0.33%, Germany’s DAX rose 0.50%, and France’s CAC 40 gained 0.52%. Spain’s IBEX 35 Index also rose by 0.24%, while London’s FTSE 100 increased by 0.12%. The annual inflation rate in the Eurozone increased to 2.6% in July from 2.5% in the prior month, indicating a slight uptick in inflation.
Asian markets closed mixed on Wednesday. Japan’s Nikkei 225 fell 0.29%, Hong Kong’s Hang Seng Index fell 0.69%, and China’s Shanghai Composite Index fell 0.35%. India’s BSE Sensex, however, rose by 0.13%. The annual inflation rate in Hong Kong increased to 2.5% in July from 1.5% in the prior month.
In the U.S. economy, mortgage applications declined by 10.1% from the previous week, ending August 16. Crude oil inventories in the U.S. fell by 4.649 million barrels in the week ending August 16, surpassing market expectations for a decline of 2.72 million barrels.
Overall, the global markets were positive on Wednesday, driven by a combination of positive corporate earnings, economic data, and geopolitical factors.
