US Stocks Mixed, Nasdaq Gains 0.5% as Tesla Soars
U.S. stocks traded mixed on Wednesday morning, with the Nasdaq Composite gaining around 0.5%. The Dow Jones Industrial Average traded down 0.10% to 38,465.33, while the S&P 500 rose 0.19% to 5,080.34.
Leading Sectors
Consumer discretionary shares climbed by 1% on Wednesday.
Lagging Sectors
Industrial shares fell by 0.5% in trading on Wednesday.
Top Headlines
* Shares of Tesla Inc. (TSLA) gained around 10% during Wednesday’s session following the release of quarterly results. Tesla posted weaker-than-expected earnings and sales results for its first quarter on Tuesday. The company reported first-quarter revenue of $21.3 billion, which missed a Street consensus estimate of $22.15 billion. The electric vehicle giant also announced plans to speed up the launch of new models.
* BranchOut Food Inc. (BOF) shares shot up 90% to $2.1404 after the company announced it has expanded its existing relationship with the nation’s largest retailer, which brings the total annualized value of commitments from the retailer to over $8 million.
* Shares of Amesite Inc. (AMST) got a boost, surging 76% to $3.5201 after the company announced the Beta release of its NurseMagic app.
* Chicken Soup for the Soul Entertainment, Inc. (CSSE) shares were also up, gaining 62% to $0.2471 after gaining over 8% on Tuesday.
Equities Trading Down
* Evotec SE (EVO) shares dropped 34% to $5.18. The company reported FY23 financial results. Evotec announced a priority reset to optimize its business to meet evolving market demand and focus on profitable growth in 2024 and beyond.
* Shares of Avenue Therapeutics, Inc. (ATXI) were down 31% to $0.0927 after the company announced a reverse stock split.
* GlucoTrack, Inc. (GCTK) was down, falling 30% to $0.53.
Commodities
In commodity news, oil traded down 0.7% to $82.79 while gold traded down 0.5% at $2,329.40. Silver traded down 0.7% to $27.16 on Wednesday, while copper rose 0.5% to $4.4560.
Eurozone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.2%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index fell 0.1% The German DAX gained 0.3% French CAC 40 rose 0.4% while Italy’s FTSE MIB Index gained 0.1%. The Ifo Business Climate indicator for Germany climbed to 89.4 in April, topping market estimates of 88.9.
Asia Pacific
Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 2.42%, Hong Kong’s Hang Seng Index gaining 2.21%, China’s Shanghai Composite climbing 0.76% and India’s S&P BSE Sensex gaining 0.16%. Australia’s inflation rate fell to 3.6% year-over-year in the first quarter from 4.1% in the previous period.
Economics
U.S. mortgage applications declined by 2.7% from the prior week in the period ending April 19. New orders for manufactured durable goods rose by 2.6% month-over-month in March compared to a revised 0.7% gain in February.
