U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 300 points on Wednesday.
The Dow traded up 1.16% to 33,625.46 while the NASDAQ rose 1.34% to 12,658.55. The S&P also rose, gaining, 1.33% to 4,230.78.
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Leading and Lagging Sectors
Information technology shares rose by 1.7% on Wednesday. Meanwhile, top gainers in the sector included Enphase Energy, Inc. (NASDAQ:ENPH), up 11% and Chindata Group Holdings Limited (NASDAQ:CD) up 9%.
In trading on Wednesday, communication services shares dipped by 2.4%.
Top Headline
Boeing Company reported wider-than-expected first quarter loss.
Boeing’s adjusted core loss came in at $2.75 per share, versus analysts’ estimates of a $0.25 per share loss. Group revenues declined 8% from last year to $14 billion, versus analysts' expectations of $16.02 billion
Equities Trading UP
Acutus Medical, Inc. (NASDAQ:AFIB) shares shot up 32% to $1.0578 after the company announced agreements to fund strategic growth priorities.
Shares of Vivakor, Inc. (NASDAQ:VIVK) got a boost, shooting 129% to $3.91 after the company announced it has signed a 10-year contract with Hot Oil Transport with a potential value of up to $250 million.
Tempest Therapeutics, Inc. (NASDAQ:TPST) shares were also up, gaining 35% to $3.1899. Tempest reported a $15 million private placement financing.
Equities Trading DOWN
Molecular Partners AG (NASDAQ:MOLN) shares tumbled 37% to $8.62. The company’s collaborating partner Amgen for MP0310 (AMG 506) will return the global rights of MP0310 to Molecular Partners following a strategic pipeline review.
Shares of Extreme Networks, Inc. (NASDAQ:EXTR) were down 19% to $9.19 following Q3 results.
NCR Corporation (NYSE:NCR) was down, falling 23% to $28.72 after the company reported worse-than-expected Q1 EPS and sales results. The company also cut its FY22 EPS and sales guidance.
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Commodities
In commodity news, oil traded down 1.5% to $100.18, while gold traded down 0.8% to $1,888.70.
Silver traded down 0.3% Wednesday to $23.475 while copper rose 0.1% to $4.4645.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 gained 0.17%, London’s FTSE 100 gained 0.26%, while Spain’s IBEX 35 Index rose 0.41%. The German DAX fell 0.43%, French CAC 40 fell 0.25% and Italy’s FTSE MIB Index fell 0.22%.
The consumer confidence in France declined to 88 points in April from a revised reading of 90 points in March, while GfK Consumer Climate Indicator in Germany fell to -26.5 heading into May.
Economics
The goods trade deficit in the US rose to $125.3 billion in March from $106.3 billion in the previous month.
U.S. wholesale inventories rose 2.3% month-over-month to $837.7 billion in March.
The pending home sales index fell 1.2% for March.
U.S. crude oil inventories rose 700,000 barrels last week, the Energy Information Administration said.
The Treasury is set to auction 5-year notes at 1:00 p.m. ET.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 82,789,710 cases with around 1,019,000 deaths. India confirmed a total of at least 43,065,660 cases and 522,370 deaths, while Brazil reported over 30,378,060 COVID-19 cases with 662,940 deaths. In total, there were at least 510,925,220 cases of COVID-19 worldwide with more than 6,249,430 deaths.
