U.S. stocks traded slightly higher this morning, with the Dow Jones gaining more than 50 points on Wednesday. Investors are awaiting minutes from the recent Federal Reserve meeting.
The Dow traded up 0.18% to 31,024.03 while the NASDAQ rose 0.27% to 11,352.46. The S&P also rose, gaining, 0.20% to 3,838.99.
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Leading and Lagging Sectors
Real estate shares rose by 1% on Wednesday. Meanwhile, top gainers in the sector included Clipper Realty Inc. (NYSE:CLPR), up 3% and Opendoor Technologies Inc. (NASDAQ:OPEN) up 3%.
In trading on Wednesday, energy shares dipped by 2.4%.
Top Headline
The ISM services PMI declined to 55.3 in June from 55.9 in the previous month, but still surpassed market estimates of 54.3.
Equities Trading UP
Resolute Forest Products Inc. (NYSE:RFP) shares shot up 63% to $20.41 after The Paper Excellence Group announced an agreement to acquire the company.
Shares of Cano Health, Inc. (NYSE:CANO) got a boost, shooting 25% to $5.99 amid speculation of Humana eyeing acquisition of Cano Health.
Kalera Public Limited Company (NASDAQ:KAL) shares were also up, gaining 14% to $3.1985 after dipping 22% on Tuesday.
Equities Trading DOWN
Kornit Digital Ltd. (NASDAQ:KRNT) shares tumbled 34% to $20.82 after the company issued preliminary Q2 sales guidance below estimates. Multiple analysts also lowered their price targets on the stock.
Shares of Applied Molecular Transport Inc. (NASDAQ:AMTI) were down 25% to $2.3508 after the company announced top-line Phase 2 results from its MARKET combination trial of oral AMT-101 in patients with moderate-to-severe ulcerative colitis.
SOS Limited (NYSE:SOS) was down, falling 18% to $6.97 following effect of 1:50 reverse ADS split.
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Commodities
In commodity news, oil traded down 1.5% to $98.02, while gold traded down 0.5% to $1,756.00.
Silver traded up 0.3% to $19.175 on Wednesday while copper fell 0.6% to $3.3945.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 climbed 1.9%, London’s FTSE 100 rose 1.6% while Spain’s IBEX 35 Index rose 0.5%. The German DAX gained 2%, French CAC 40 climbed 2.1% and Italy’s FTSE MIB Index gained 1.4%.
Retail sales in the Eurozone rose 0.2% in May over a month ago, following from a 1.4% decline in the prior period, while construction PMI declined to 47 in June from 49.2 in May. The S&P Global/CIPS UK construction PMI dropped to 52.6 in June from 56.4 in May, while German construction PMI rose to 45.9 from 45.4.
The S&P Global Italy’s construction PMI slipped to 50.4 in June from 54.3 a month ago, while French construction PMI dropped to 46.4 in June from 50.9. Industrial production in Spain climbed 3.8% year-over-year in May.
Economics
The S&P Global services PMI was revised higher to 52.7 in June versus a preliminary reading of 51.6, but down from May’s level of 53.4.
The ISM services PMI declined to 55.3 in June from 55.9 in the previous month, but still surpassed market estimates of 54.3.
The number of job openings declined to 11.254 million in May from a revised 11.681 million in April.
The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET, with markets looking for some insights related to the upcoming rate increase and comments related to recession from the Fed members.
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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 89,731,790 cases with around 1,043,870 deaths. India confirmed a total of at least 43,547,800 cases and 525,270 deaths, while Brazil reported over 32,610,830 COVID-19 cases with 672,490 deaths. In total, there were at least 556,556,950 cases of COVID-19 worldwide with more than 6,364,760 deaths.
