U.S. equities soared this morning, with the Dow Jones index surging over 100 points on Wednesday.
As the market greeted Wednesday, the Dow climbed 0.29% to 38,013.76 while the NASDAQ rose 0.85% to 15,557.69. The S&P 500 also rose, gaining 0.53% to 4,890.27.
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Flourishing and Floundering Sectors
Communication service shares surged by 1.4% on Wednesday.
Contrarily, consumer staples shares dipped by 0.2%.
Netflix Dominates the Headlines
Netflix, Inc. reported impressive sales for its fourth quarter.
Netflix revealed fourth-quarter revenue of $8.83 billion, marking a 12.5% increase year-over-year, surpassing the Street’s consensus estimate of $8.72 billion. The company also reported fourth-quarter earnings per share of $2.11, missing the Street’s consensus estimate of $2.21.
In an impressive feat, the company added 13.12 million net paid subscribers in the fourth quarter.
Stocks on the Upswing
Getaround, Inc. shares surged 155% to $0.4705 after the company announced a new debt facility with Mudrick Capital Management for up to $20 million.
Shares of Evaxion Biotech A/S also witnessed an upturn, rising 72% to $8.60 following a 13G filing showing Merck & Co reporting an 11.4% stake in the company as of Dec. 21, 2023.
SciSparc Ltd. shares also showed promise, gaining 45% to $5.02 after the company revealed a $20 million standby equity purchase agreement.
Stocks on the Downslide
Digital World Acquisition Corp. shares dropped 14% to $43.85. The company has an agreement in place to merge with Trump Media and Technology Group, which owns the Truth Social platform, to bring the latter public.
Shares of Annovis Bio, Inc. dipped 15% to $9.95 as the company postponed Phase III study data release.
DuPont de Nemours, Inc. also suffered, falling 12% to $65.56 after the company announced preliminary fourth-quarter and full year 2023 results and issued first-quarter guidance.
Commodity Movement
In commodity news, oil soared 0.8% to $74.97 while gold surged 0.5% to $2,035.80.
Silver experienced a 2.5% increase to $23.02 on Wednesday, and copper rose 2.3% to $3.8820.
Euro Zone Surges
European shares thrived today. The eurozone’s STOXX 600 surged 1%, London’s FTSE 100 rose 0.4%, while Spain’s IBEX 35 Index climbed 1.1%. The German DAX soared 1.6%, and the French CAC 40 gained 0.9%, while Italy’s FTSE MIB Index ascended 0.6%.
The HCOB Eurozone manufacturing PMI ascended to 46.6 in January, marking the highest level in ten months, while the services PMI fell to 48.4 in January from 48.8 in the prior month. France’s composite PMI also experienced a decrease to 44.2 in January from December’s reading of 44.8, while German composite PMI slipped to 47.1 from 47.4 in the prior month.
The S&P Global UK manufacturing PMI rose to a nine-month high of 47.3 in January, while services PMI increased to 53.8 in January from 53.4.
Asia Pacific Markets Thrive
Asian markets exhibited positive movement on Wednesday, with Japan’s Nikkei 225 falling 0.80%, Hong Kong’s Hang Seng Index climbing 3.56%, and China’s Shanghai Composite Index gaining 1.80%. India’s S&P BSE Sensex rose 0.98%.
The HSBC Flash Indian services PMI increased to 61.2 in January from 59 in the previous month, while Indian manufacturing PMI ascended to 56.9 from 54.9 in December.
The au Jibun Bank Japan composite PMI rose to 51.1 in January versus a final reading of 50.0 in the earlier month. Japan also posted a trade surplus of JPY 62.10 billion in December versus a year-ago deficit of JPY 1,497.93 billion.
Economic Indicators
U.S. mortgage applications witnessed a 3.7% increase in the week ending Jan. 19, 2024.
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