US stock markets experienced a positive mid-day session on Wednesday, with the Dow Jones Industrial Average leading the charge. The Dow surged over 250 points, closing the day with a 0.59% gain, reaching 42,994.38. The S&P 500 also saw gains, rising 0.19% to settle at 5,826.42. However, the NASDAQ Composite Index slipped slightly, falling 0.05% to 18,306.79.
Sector-wise, utilities shares demonstrated strong performance, climbing 0.8% during the trading day. Conversely, consumer staples shares experienced a dip, falling by 0.5%.
Top Movers in Equities
The day’s trading saw significant movement in several individual stocks. Among the notable risers were 180 Life Sciences Corp (ATNF), whose shares skyrocketed 713% to $12.36. This surge was attributed to the company’s plans to enter the online gaming industry with its newly acquired gaming technology platform. Altus Power, Inc. (AMPS) also experienced a positive boost, surging 15% to $3.48 following the announcement of a formal review of strategic alternatives by its Board of Directors. Furthermore, the company reaffirmed its FY24 guidance. Versus Systems Inc. (VS) shares also saw substantial gains, climbing 399% to $5.64 after the company unveiled a $2.5 million investment and licensing agreement with ASPIS.
On the other hand, several stocks experienced significant declines. Bright Minds Biosciences Inc (DRUG) shares dropped 37% to $24.24 after Firefly Neuroscience collaborated with Bright Minds Biosciences to analyze data from its positive Phase 1 study using Artificial Intelligence. Silvaco Group, Inc. (SVCO) shares fell 25% to $8.34 as the company reported a decrease in orders from Asia during the third quarter and revised its FY24 revenue outlook downward. Novavax, Inc. (NVAX) was also in the red, plummeting 17% to $10.45 after the FDA placed a clinical hold on the company’s investigational new drug application for its COVID-19-influenza combination and standalone influenza vaccine candidates.
Commodities Update
In the commodities market, oil traded down 0.2% to $70.46, while gold saw a slight increase of 0.6%, reaching $2,694.90. Silver climbed 1.6% to $32.270 on Wednesday, and copper rose 1% to $4.3810.
European Markets
European equities exhibited mixed performance today. The eurozone’s STOXX 600 index gained 0.02%, while Germany’s DAX rose 0.1%. However, France’s CAC 40 index fell 0.17%. Spain’s IBEX 35 Index rose 0.75%, and London’s FTSE 100 gained 1.15%.
Asia Pacific Markets
Asian markets closed mostly lower on Wednesday. Japan’s Nikkei 225 fell 1.83%, Hong Kong’s Hang Seng Index dropped 0.16%, and India’s BSE Sensex fell 0.39%. China’s Shanghai Composite Index, however, gained 0.05% on the day.
Economic News
In economic news, U.S. mortgage applications experienced a 17% decline from the previous week during the second week of October. Meanwhile, export prices in the U.S. fell 0.7% month-over-month in September, exceeding market estimates of a 0.4% drop. Import prices also declined by 0.4% from the previous month in September.