U.S. stocks traded higher this morning, with the Dow Jones gaining around 180 points on Wednesday.
Following the market opening Wednesday, the Dow traded up 0.58% to 31,125.17 while the NASDAQ rose 0.32% to 11,217.83. The S&P also rose, gaining, 0.38% to 3,835.98.
Also check this: McCormick, General Mills And 3 Stocks To Watch Heading Into Wednesday
Leading and Lagging Sectors
Communication services shares jumped by 0.5% on Wednesday. Meanwhile, top gainers in the sector included PropertyGuru Limited (NYSE:PGRU), up 5% and AdTheorent Holding Company Inc (NASDAQ:ADTH) up 6%.
In trading on Wednesday, real estate shares fell by 1.3%.
Top Headline
The US economy contracted by an annualized rate of 1.6% on quarter in the first quarter, compared to a 1.5% decline in the second estimate. The country’s economy recorded the first contraction since the pandemic-induced recession in 2020.
Equities Trading UP
Trevi Therapeutics, Inc. (NASDAQ:TRVI) shares shot up 24% to $2.51 after the company announced positive results from its Phase 2b/3 PRISM trial of Haduvio in treating prurigo nodularis, a chronic disease characterized by severe pruritus and the presence of nodules, lesions, and excoriations.
Shares of 2U, Inc. (NASDAQ:TWOU) got a boost, shooting 21% to $11.24. Indian online education provider Byju’s offered to buy 2U for $15 a share in cash, valuing the edtech company at more than $1 billion, reported Bloomberg, citing a person familiar with the matter.
Integrated Media Technology Limited (NASDAQ:IMTE) shares were also up, gaining 19% to $3.45.
Equities Trading DOWN
Aspen Aerogels, Inc. (NYSE:ASPN) shares tumbled 42% to $8.57 following news of a $225 million offering by the company. The offering follows news earlier in June of reduced 2022 bottom-line guidance by the Aspen Aerogels.
Shares of Agile Therapeutics, Inc. (NASDAQ:AGRX) were down 27% to $1.7592. Agile Therapeutics filed for offering of up to 15.7 million shares.
Icosavax, Inc. (NASDAQ:ICVX) was down, falling 25% to $6.31 after the company announced interim results from its Phase 1/1b clinical trial of IVX-121, respiratory syncytial virus (RSV) F antigen, in young and older adults.
Also check out: U.S. Stock Futures Edge Higher; GDP Report In Focus
Commodities
In commodity news, oil traded up 1.2% to $113.12, while gold traded up 0.1% to $1,823.10.
Silver traded down 0.5% to $20.695 on Wednesday while copper rose 0.3% to $3.7920.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.9%, London’s FTSE 100 fell 0.01% while Spain’s IBEX 35 Index fell 1.6%. The German DAX dropped 1.7%, French CAC 40 fell 1.1% and Italy’s FTSE MIB Index fell 1.2%.
Retail sales in Spain rose by 1.4% year-over-year in May compared to revised 1.6% increase in the prior month, while annual inflation rate increased to 10.2% in June from 8.7% in May. Loans to households in the Eurozone increased 4.6% year-over-year in May.
Economics
The US economy contracted by an annualized rate of 1.6% on quarter in the first quarter, compared to a 1.5% decline in the second estimate. The country’s economy recorded the first contraction since the pandemic-induced recession in 2020.
Corporate profits in the US dropped 4.9% to $2.40 trillion in the first quarter.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
The survey of business uncertainty report for June will be released at 11:00 a.m. ET.
Check out this: US GDP And Other Macro Issues For Wednesday
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 89,030,720 cases with around 1,041,350 deaths. India confirmed a total of at least 43,436,430 cases and 525,070 deaths, while Brazil reported over 32,207,080 COVID-19 cases with 670,900 deaths. In total, there were at least 550,871,330 cases of COVID-19 worldwide with more than 6,354,200 deaths.
