U.S. stocks traded higher this morning, following the release of PPI data for August.
Following the market opening Wednesday, The Dow traded up 0.22% to 31,173.35 while the NASDAQ rose 0.35% to 11,673.69. The S&P 500 also rose, gaining, 0.35% to 3,946.38.
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Leading and Lagging Sectors
Energy shares climbed 3% on Wednesday. Meanwhile, top gainers in the sector included Evolution Petroleum Corporation (NYSE:EPM), up 16% and W&T Offshore, Inc. (NYSE:WTI) up 13%.
In trading on Wednesday, materials shares fell by 0.9%.
Top Headline
The Producer Price Index for final demand declined 0.1% month-over-month in August, compared to a 0.4% drop in July
Equities Trading UP
- bioAffinity Technologies, Inc. (NASDAQ:BIAF) shares shot up 56% to $6.47 after the company announced publication of its research in high-throughput flow cytometry analysis of sputum in PLOS ONE.
- Shares of Nauticus Robotics Inc (NASDAQ:KITT) got a boost, shooting 13% to $6.74.
- Evolution Petroleum Corporation (NYSE:EPM) shares were also up, gaining 16% to $7.85 after the company posted upbeat Q4 results and reported a $25 million share repurchase program.
Equities Trading DOWN
- Vintage Wine Estates, Inc. (NASDAQ:VWE) shares tumbled 35% to $3.6026 after the company reported Q4 EPS results were lower year over year and issued FY23 sales guidance below estimates. Telsey Advisory Group and Canaccord Genuity downgraded the stock.
- Shares of Altimmune, Inc. (NASDAQ:ALT) were down 30% to $14.28 after topline results from its 12-week Phase 1b study of pemvidutide in subjects with non-alcoholic fatty liver disease (NAFLD).
- Comera Life Sciences Holdings, Inc. (NASDAQ:CMRA) was down, falling 28% to $2.76. Comera Life Sciences shares jumped 101% on Tuesday after a late Monday Form 4 filing showed multiple insider purchases of the stock.
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Commodities
In commodity news, oil traded up 2.3% to $89.28, while gold traded down 0.1% at $1,715.10.
Silver traded up 0.5% to $19.595 on Wednesday while copper fell 0.8% to $3.5260.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.8%, London’s FTSE 100 fell 1.2%, while Spain’s IBEX 35 Index rose 0.1%. The German DAX declined 1.1%, French CAC 40 fell 1.39% and Italy’s FTSE MIB Index fell 0.5%.
Industrial production in the Eurozone dropped 2.3% month-over-month in July following a revised 1.1% increase in the previous month. Annual inflation rate in the UK fell to 9.9% in August from 10.1% in July.
Economics
- The Producer Price Index for final demand declined 0.1% month-over-month in August, compared to a 0.4% decline in July.
- The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
