U.S. stocks traded mostly higher toward the end of trading, following the release of PPI data for September.
The Dow traded up 0.22% to 29,303.50 while the NASDAQ rose 0.12% to 10,438.77. The S&P 500, however, fell 0.01% to 3,588.60.
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Leading and Lagging Sectors
Energy shares rose by 0.9% on Wednesday. Leading the sector was strength from PBF Energy Inc. (NYSE:PBF) and Tsakos Energy Navigation Limited (NYSE:TNP).
In trading on Wednesday, utilities shares dipped by 2.6%.
Top Headline
The Producer Price Index for final demand in the US rose 0.4% month-over-month in September, recording the first rise in three months. Analysts, meanwhile, were expecting for a 0.2% rise.
Equities Trading UP
- Hempacco Co., Inc. (NASDAQ:HPCO) shares shot up 42% to $3.1046 after the company reported a 486% year-on-year jump in first-half FY22 revenue to about $2.8 million.
- Shares of El Pollo Loco Holdings, Inc. (NASDAQ:LOCO) got a boost, shooting 15% to $10.42 after the company declared a special dividend of $1.50 per share and approved a 20 million share buyback program.
- Gatos Silver, Inc. (NYSE:GATO) shares were also up, gaining 27% to $3.2850. Gatos Silver reported a 59% year-over-year surge in Q3 silver production.
Equities Trading DOWN
- Kinnate Biopharma Inc. (NASDAQ:KNTE) shares tumbled 36% to $7.04.
- Kinnate Biopharma late Tuesday said, 'Initial site activation was slower than expected due to COVID-19. This has resulted in a limited number of efficacy evaluable patients to-date in the relevant population at the predicted efficacious dose.'
- Shares of Owens & Minor, Inc. (NYSE:OMI) were down 36% to $14.78 after the company issued Q3 adjusted EPS guidance below estimates and cut FY22 adjusted EPS guidance below estimates.
- T2 Biosystems, Inc. (NASDAQ:TTOO) was down, falling 30% to $0.0559 after the company cut FY22 sales guidance to below analyst estimates and announced a 1-for-50 reverse stock split.
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Commodities
In commodity news, oil traded down 2.7% to $86.98, while gold traded down 0.6% at $1,676.80.
Silver traded down 2.8% to $18.935 on Wednesday while copper fell 1% to $3.4275.
Euro zone
European shares closed lower today. The eurozone’s STOXX 600 fell 0.53%, London’s FTSE 100 fell 0.86% while Spain’s IBEX 35 Index fell 1.29%. The German DAX declined 0.39%, French CAC 40 fell 0.25% and Italy’s FTSE MIB Index fell 1.27%.
Industrial production in the UK fell by 1.8% from a month ago in August versus a revised 1.1% drop in the previous month, while the country’s trade deficit increased to GBP 7.1 billion in August versus a revised GBP 5.4 billion in the prior month. The UK economy shrank by 0.3% month-over-month in August versus a revised 0.1% increase in July. Manufacturing output in the UK dropped by 1.6 percent from a month ago in August.
Economics
- The Producer Price Index for final demand in the US rose 0.4% month-over-month in September, recording the first rise in three months. Analysts, meanwhile, were expecting for a 0.2% rise.
- The Federal Open Market Committee issued minutes of its latest meeting.
- Federal Reserve Governor Michelle Bowman is set to speak at 6:30 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 98,608,430 cases with around 1,088,470 deaths. India confirmed a total of at least 44,618,530 cases and 528,830 deaths, while France reported over 35,970,370 COVID-19 cases with 155,620 deaths. In total, there were at least 627,828,930 cases of COVID-19 worldwide with more than 6,564,300 deaths.
