U.S. stocks traded higher this morning, following the release of inflation data.
Following the market opening Wednesday, the Dow traded up 1.34% to 33,213.05 while the NASDAQ rose 1.98% to 12,740.76. The S&P also rose, gaining, 1.58% to 4,187.68.
Also check this: Investor Optimism Down Slightly Ahead Of U.S. Inflation Data
Leading and Lagging Sectors
Materials shares climbed 2.8% on Wednesday. Meanwhile, top gainers in the sector included Synalloy Corporation (NASDAQ:SYNL), up 15% and Hudbay Minerals Inc. (NYSE:HBM) up 8%.
In trading on Wednesday, energy shares rose by just 0.1%.
Top Headline
The annual inflation rate in the US eased to 8.5% in July from more than 40-year high level of 9.1% in June, and compared to market expectations of 8.7%. Compared to the prior month, the CPI came in unchanged during July, after climbing to a 17-year high of 1.3%.
Equities Trading UP
OraSure Technologies, Inc. (NASDAQ:OSUR) shares shot up 39% to $4.44 after the company reported upbeat Q2 sales and issued strong sales outlook for the current quarter.
Shares of The Trade Desk, Inc. (NASDAQ:TTD) got a boost, shooting 33% to $72.47 after the company reported better-than-expected Q2 sales results and issued Q3 sales guidance above estimates. Additionally, multiple analysts raised their price target on the stock.
Velo3D, Inc. (NYSE:VLD) shares were also up, gaining 25% to $4.47 after reporting upbeat Q2 results.
Equities Trading DOWN
WM Technology, Inc. (NASDAQ:MAPS) shares tumbled 34% to $2.2683 after the company reported worse-than-expected Q2 sales results. Additionally, multiple analysts downgraded and lowered their price target on the stock.
Shares of Redbox Entertainment Inc. (NASDAQ:RDBX) were down 34% to $2.32 after the company said its stockholders approved merger with Chicken Soup for the Soul Entertainment, Inc.
Singular Genomics Systems, Inc. (NASDAQ:OMIC) was down, falling 32% to $3.0150 following Q2 results. Goldman Sachs and B of A Securities also downgraded the stock.
Also check out: Bitcoin, Ethereum Notch Losses; Here Are The Top Crypto Movers For Wednesday
Commodities
In commodity news, oil traded down 1.1% to $89.80, while gold traded down 0.1% to $1,810.30.
Silver traded up 0.3% to $20.54 on Wednesday while copper rose 1.2% to $3.6320.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 climbed 0.9%, London’s FTSE 100 rose 0.4% while Spain’s IBEX 35 Index rose 0.5%. The German DAX rose 1.1%, French CAC 40 rose 0.7% and Italy’s FTSE MIB Index jumped 0.9%.
Annual inflation rate in Germany fell to 7.5% in July from 7.6% in June, while annual inflation rate in Italy declined to 7.9% year-on-year in July compared to the 36-year high of 8% in the previous month.
Economics
The annual inflation rate in the US eased to 8.5% in July from more than 40-year high level of 9.1% in June, and compared to market expectations of 8.7%. Compared to the prior month, the CPI came in unchanged during July, after climbing to a 17-year high of 1.3%.
Data on wholesale inventories for June will be released at 10:00 a.m. ET. The second estimate of wholesale inventories is an increase of 1.9% in June, which is unchanged versus the first estimate.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
Federal Reserve Bank of Chicago President Charles Evans is set to speak at 11:00 a.m. ET.
The Treasury will auction 10-year notes at 1:00 p.m. ET.
The U.S. Treasury budget statement for July will be released at 2:00 p.m. ET.
Check out this: Micron Technology, Novavax, CarGurus And Some Other Big Losers From Tuesday
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 94,128,900 cases with around 1,059,640 deaths. India confirmed a total of at least 44,190,690 cases and 526,820 deaths, while France reported over 34,117,880 COVID-19 cases with 152,820 deaths. In total, there were at least 591,503,840 cases of COVID-19 worldwide with more than 6,442,480 deaths.
