The US stock market saw a mixed performance on Wednesday, with the technology-heavy Nasdaq Composite gaining over 50 points. However, the Dow Jones Industrial Average traded down by 0.35%, ending the day at 42,060.13. The broader S&P 500 index also rose, gaining 0.06% to close at 5,736.28.
Information technology shares led the way, jumping by 0.9% during the session. On the other hand, energy shares took a hit, falling by 1.1%.
One of the key economic releases of the day was the report on new single-family home sales in the US. These sales dropped by 4.7% in August, reaching an annualized rate of 716,000 units. This followed a revised 10.3% gain in July.
Several companies saw significant price movements during the day. Capricor Therapeutics, Inc. (CAPR) shares surged by 20% after Maxim Group and Oppenheimer increased their price targets on the stock. Eightco Holdings Inc. (OCTO) shares soared by 66% after the company projected revenues of $100 million for 2025.
CERo Therapeutics Holdings, Inc. (CERO) shares also gained 20% after securing $1.25 million in financing and requesting an FDA type A meeting to address a clinical hold on their CER-1236 drug.
However, not all companies experienced gains. Vertex Energy, Inc. (VTNR) shares plunged by 65% after the company announced it had filed for Chapter 11 bankruptcy. Stitch Fix, Inc. (SFIX) shares dropped by 35% after reporting worse-than-expected fourth-quarter earnings per share (EPS) results. Target Hospitality Corp. (TH) shares fell by 18% after the company’s board of directors decided to disband the Special Committee.
In the commodity markets, oil prices dipped by 1.4%, trading at $70.57 per barrel. Gold prices, on the other hand, rose by 0.5%, reaching $2,689.20 per ounce. Silver prices also increased by 0.1%, while copper prices climbed by 0.5%.
European stock markets traded mixed on Wednesday. The eurozone’s STOXX 600 index fell by 0.20%, Germany’s DAX index dropped by 0.54%, and France’s CAC 40 index declined by 0.66%. Spain’s IBEX 35 index fell by 0.31%, and London’s FTSE 100 index dropped by 0.22%.
Producer prices in Spain declined by 1.3% year-over-year in August, while the consumer confidence indicator in France climbed to 95.1 in September from 92.5 in the previous month.
Asian markets closed mostly higher on Wednesday. Japan’s Nikkei 225 index fell by 0.19%, while Hong Kong’s Hang Seng Index jumped by 0.68%. China’s Shanghai Composite Index gained 1.16%, and India’s BSE Sensex rose by 0.30%. The People’s Bank of China cut its one-year policy loan rate by 30bps to 2.0%.
In the US, building permits increased by 4.6% in August, reaching an annualized rate of 1.470 million. U.S. mortgage applications rose by 11% during the week ending September 20, compared to a 14.2% increase in the previous week.
