U.S. stocks demonstrated buoyancy in the later hours of trading, with the Dow Jones index making substantial gains, climbing over 100 points on Wednesday.
The Dow traded up 0.29% to 37,633.43, while the NASDAQ rose 0.72% to 14,965.31. The S&P 500 also made an upward move, gaining 0.48% to 4,779.31.
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Sectoral Performance
Communication services shares mounted a strong ascent by 1.1% on Wednesday.
Contrarily, in trading on Wednesday, energy shares experienced a slump, falling by 1.3%.
Top Headline
U.S. wholesale inventories tumbled by 0.2% month-over-month in November, a decrease compared to a revised 0.3% fall in the previous month.
Positive Equity Movements
Clearmind Medicine Inc. CMND experienced a staggering leap of 44% to $2.9901 after the company announced the completion of a Type A meeting with the U.S. Food and Drug Administration.
Shares of Amarin Corporation plc AMRN received a major boost, surging 28% to $1.2450 following the company’s preliminary fourth-quarter financial results and the announcement of plans to initiate a share repurchase program of up to $50 million.
Nauticus Robotics, Inc. KITT shares also displayed an upward trend, gaining 87% to $0.5463. Nauticus Robotics secured additional funding and appointed John W. Gibson, Jr as interim CEO.
Negative Equity Movements
DocGo Inc. DCGO shares plummeted by 35% to $3.1089. Fuzzy Panda Research issued a report and disclosed a short position in the stock.
Shares of Aclaris Therapeutics, Inc. ACRS descended by 24% to $0.9732 following the company’s Phase 2B study of ATI-1777 2% QD, which was not statistically superior on the primary efficacy endpoint.
Aehr Test Systems AEHR observed a decline, falling 15% to $18.92 after the company revised its full-year revenue guidance downwards.
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Commodity Movements
In commodity news, oil experienced a 1.1% decline to $71.46, while gold underwent a 0.2% decrease to $2,029.70.
Silver also experienced a 0.1% drop to $23.08 on Wednesday, while copper bucked the trend, rising 0.6% to $3.7820.
Euro Zone and Asian Markets
European shares concluded the day with mostly downward movements. The eurozone’s STOXX 600 fell 0.18%, London’s FTSE 100 fell 0.42%, while Spain’s IBEX 35 Index rose 0.07%. The German DAX rose 0.01%, and the French CAC 40 fell 0.01%, while Italy’s FTSE MIB Index rose 0.14%.
Meanwhile, industrial production in France grew by 0.5% month-over-month in November, an improvement from the 0.3% decline a month ago.
Asian markets closed with varying outcomes on Wednesday, with Japan’s Nikkei 225 making a significant gain of 2.01%, Hong Kong’s Hang Seng Index falling by 0.57%, and China’s Shanghai Composite Index also dropping by 0.54%. India’s S&P BSE Sensex, on the other hand, performed well, rising 0.38%.
Average cash earnings in Japan increased by 0.2% year-over-year in November, marking the 23rd consecutive month of rising wages. Additionally, the monthly Consumer Price Index indicator in Australia recorded a 4.3% increase in the year to November.
Economic Highlights
Mortgage applications in the U.S. saw an increase of 9.9% in the first week of the year, a significant turnaround from a decline of 10.7% compared to the prior period.
U.S. wholesale inventories experienced a decline of 0.2% month-over-month in November, following a revised 0.3% fall in the previous month.
Additionally, crude oil inventories in the U.S. rose by 1.338 million barrels in the week ending Jan. 5, compared to market estimates of a 0.675 million barrel decline.
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