U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling more than 100 points on Wednesday.
The Dow traded down 0.28% to 44,734.33 while the NASDAQ fell 0.66% to 19,048.75. The S&P 500 also fell, dropping, 0.37% to 5,999.25.
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Leading and Lagging Sectors
Real estate shares jumped by 0.9% on Tuesday.
In trading on Tuesday, information technology shares fell by 1.4%.
Top Headline
The US core PCE price index increased by 0.3% month-over-month in October, the same pace as in the previous month, in-line with market estimates.
Equities Trading UP
- Urban Outfitters, Inc (NASDAQ:URBN) shares shot up 19% to $47.68 following third-quarter earnings. Citigroup upgraded the stock to Buy following the report.
- Shares of Iris Energy Limited (NASDAQ:IREN) got a boost, surging 30% to $12.39 on the heels of the company's first-quarter financial results. Multiple analysts raised price targets following the print.
- Unusual Machines, Inc. (NYSE:UMAC) shares were also up, gaining 74% to $9.30 after the company announced that Donald Trump Jr. has joined its advisory board.
Equities Trading DOWN
- Symbotic Inc. (NASDAQ:SYM) shares dropped 38% to $23.02 after the company cut its first-quarter revenue forecast.
- Shares of Outlook Therapeutics, Inc. (NASDAQ:OTLK) were down 63% to $1.7999 after the company announced it plans to resubmit the biologics license application for ONS-5010 after reporting preliminary topline results of its Norse eight clinical trial.
- HP Inc. (NYSE:HPQ) was down, falling 13% to $34.21 after the company reported fourth-quarter financial results and issued first-quarter adjusted EPS guidance below estimates.
Commodities
In commodity news, oil traded down 0.7% to $68.28 while gold traded up 0.7% at $2,638.70.
Silver traded down 0.9% to $30.120 on Wednesday, while copper rose 0.7% to $4.1460.
Euro zone
European shares closed mostly lower today. The eurozone's STOXX 600 slipped 0.19%, Germany's DAX fell 0.18% and France's CAC 40 dipped 0.72%. Spain's IBEX 35 Index fell 0.33%, while London's FTSE 100 rose 0.20%.
The GfK Consumer Climate Indicator for Germany declined to a reading of -23.3 points heading into December, recording the lowest level since May.
Asia Pacific Markets
Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 falling 0.80%, Hong Kong's Hang Seng Index gaining 2.32%, China's Shanghai Composite Index climbing 1.53% and India's BSE Sensex gaining 0.29%.
Economics
- The U.S. economy grew by an annualized rate of 2.8% in the third quarter, the same as in the flash reading, versus 3% in the previous quarter.
- U.S. initial jobless claims came in unchanged at 213,000 for the week ending Nov. 23, compared to market estimates of 216,000.
- The U.S. goods trade deficit shrank to $99.1 billion in October versus a revised gap of $108.7 billion in the previous month.
- U.S. wholesale inventories increased by 0.2% month-over-month to $905 billion in October, compared to a 0.2% decline in the prior month.
- The Chicago PMI fell to 40.2 in November compared to 41.6 in September.
- U.S. crude oil inventories declined by 1.844 million barrels in the week ended Nov. 22, compared to market estimates of a 1.1 million fall.
- U.S. personal income increased by 0.6% month-over-month to $24.96 trillion in October, while personal spending rose by 0.4% to an annualized rate of $20.1 trillion.
- The US core PCE price index increased by 0.3% month-over-month in October, the same pace as in the previous month, in-line with market estimates.
- U.S. pending home sales rose 2% month-over-month in October compared to a revised 7.5% gain in September.
- The total number of active U.S. oil rigs fell by two to 477 rigs this week, Baker Hughes Inc reported.
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