U.S. stocks traded mostly lower this morning, with the Dow Jones dropping more than 100 points on Wednesday.
Following the market opening Wednesday, the Dow traded down 0.35% to 33,062.59 while the NASDAQ rose 0.22% to 12,201.80. The S&P also fell, dropping, 0.24% to 4,150.78.
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Leading and Lagging Sectors
Communication services shares jumped by 0.8% on Wednesday. Meanwhile, top gainers in the sector included Redbox Entertainment Inc. (NASDAQ:RDBX), up 19% and DouYu International Holdings Limited (NASDAQ:DOYU) up 14%.
In trading on Wednesday, real estate shares fell 1.1%.
Top Headline
Campbell Soup Company (NYSE:CPB) reported upbeat results for its third quarter and raised its sales guidance.
Campbell Soup posted adjusted earnings of $0.70 per share, beating analysts’ estimates of $0.61 per share. The company’s quarterly sales came in at $2.13 billion, versus market expectations of $2.05 billion.
Campbell Soup said it sees fiscal year 2022 organic net sales increasing between 1% and 2%, versus its earlier view of a 1% decline to a 1% rise.
Equities Trading UP
Symbotic Inc. (NASDAQ:SYM) shares shot up 87% to $17.06. Symbotic reported the completion of its business combination with SVF Investment Corp. to become a publicly traded company.
Shares of Arcellx, Inc. (NASDAQ:ACLX) got a boost, shooting 32% to $22.39.
Energy Focus, Inc. (NASDAQ:EFOI) shares were also up, gaining 18% to $2.6950 after jumping more than 46% on Tuesday. The company recently announced a $3.5 million private placement priced at-the-market under Nasdaq rules.
Equities Trading DOWN
Loyalty Ventures Inc. (NASDAQ:LYLT) shares tumbled 47% to $5.81 after the company said it will reevaluate its 2022 revenue and EBITDA guidance and said its AIR MILES reward program and AIR MILES' sponsor Sobeys were unable to align on extension terms.
Shares of Phoenix Motor Inc. (NASDAQ:PEV) were down 22% to $5.85. Phoenix Motor priced its initial public offering of 2.1 million shares at $7.50 per share.
The Lovesac Company (NASDAQ:LOVE) was down, falling 16% to $31.80 after the company reported Q1 financial results.
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Commodities
In commodity news, oil traded up 0.7% to $120.24, while gold traded down 0.1% to $1,849.70.
Silver traded down 0.9% to $21.99 on Wednesday while copper fell 0.5% to $4.4135.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.4%, London’s FTSE 100 slipped 0.3% while Spain’s IBEX 35 Index fell 0.1%. The German DAX dropped 0.4%, French CAC 40 fell 0.5% and Italy’s FTSE MIB Index declined 0.2%.
The trade gap in France shrank to €12.2 billion in April from a record high gap of €12.7 billion in the previous month, and reported a current account gap of EUR 3.4 billion. Industrial production in Germany rose 0.7% in April, while Halifax house price index in the UK rose 10.5% year-over-year in May.
Economics
Wholesale inventories in the US rose 2.2% from a month ago to $861.8 billion in April.
The Treasury is set to auction 10-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 86,782,400 cases with around 1,034,280 deaths. India confirmed a total of at least 43,190,280 cases and 524,710 deaths, while Brazil reported over 31,266,160 COVID-19 cases with 667,400 deaths. In total, there were at least 536,700,990 cases of COVID-19 worldwide with more than 6,323,740 deaths.
