U.S. stocks showed upward momentum this morning, as the Dow Jones index soared over 100 points on Wednesday.
As of the market opening Wednesday, the Dow traded up 0.27% to 37,627.83, with the NASDAQ rising by 0.24% to 14,893.51. Alongside, the S&P 500 also experienced gains, increasing by 0.23% to 4,767.44.
Sector Performance
Communication services shares demonstrated a strong performance, rising by 1% on Wednesday.
During Wednesday’s trading, materials shares, however, experienced a 0.3% decline.
PriceSmart’s Triumph
PriceSmart, Inc. PSMT reported earnings that surpassed expectations for its first quarter on Tuesday.
PriceSmart posted adjusted earnings of $1.24 per share, exceeding market estimates of $1.09 per share. The company’s quarterly sales came in at $1.17 billion versus estimates of $1.16 billion, according to data from Benzinga Pro.
Notable Equities Performance
Clearmind Medicine Inc. CMND shares surged by 47% to $3.0550. Clearmind Medicine completed a Type A Meeting with the FDA for clinical trial of its proprietary MEAI-based, CMND-100 compound, for the treatment of alcohol use disorder.
Shares of Nvni Group Limited NVNI gained 48% to $2.8359.
Nauticus Robotics, Inc. KITT shares also increased, climbing by 60% to $0.4689. Nauticus Robotics secured additional funding and appointed John W. Gibson, Jr as interim CEO.
Lagging Equities
DocGo Inc. DCGO shares declined by 25% to $3.6095. Fuzzy Panda Research issued a report and disclosed a short position in the stock.
Shares of Aclaris Therapeutics, Inc. ACRS dropped by 25% to $0.9600 after the company’s Phase 2B study of ATI-1777 2% QD was not statistically superior on the primary efficacy endpoint.
HWH International Inc. HWH was also down, falling by 17% to $2.33 after a 26% dip on Tuesday.
Commodities Performance
In commodity news, oil surged by 1.2% to $73.10 while gold traded up by 0.3% at $2,038.50.
Silver traded up by 0.1% to $23.105 on Wednesday while copper rose by 0.4% to $3.7760.
Economic Trends
Mortgage applications in the U.S. rose by 9.9% in the first week of the year, compared to the 10.7% decline from the prior period.
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