U.S. stocks faced turbulence in mid-week trading, witnessing the Nasdaq Composite plummeting by over 100 points on Wednesday.
The Dow displayed a 0.04% decline to 37,345.91, while the NASDAQ sank 0.86% to 14,815.87. The S&P 500 also experienced a drop, slipping 0.47% to 4,743.45.
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The Market Landscape
Health care shares saw a modest rise of 0.2% on Wednesday.
Conversely, real estate shares experienced a 1.2% decline in trading on Wednesday.
Market Headlines
U.S. industrial production increased by 0.1% from the prior month in December.
Equities Trading UP
Sharp Increases: MIMO, backed by Airspan Networks Holdings Inc., saw shares skyrocketing by 339% to $0.3368 following a partnership announcement with GCT Semiconductor to develop an RF module.
Meanwhile, shares of LQR House Inc. LQR surged by 30% to $2.6199 after a 45% dip on Tuesday. This surge came in the wake of an announcent extending its share buyback program to $5 million.
Atreca, Inc. BCEL was also up by 22% to $0.3106.
Equities Trading DOWN
Declining Stocks: TSP shares of TuSimple Holdings Inc. witnessed a 58% drop to $0.3001 as the company announced intention to delist from the Nasdaq. Equally, shares of Phunware, Inc. PHUN plummeted by 50% to $0.2094 following the company’s announcement of a $7 million registered direct offering price at-the-market under Nasdaq rules.
DatChat, Inc. DATS also saw a 40% decline to $1.90 after announcing the pricing of a $1.8 million underwritten public offering of common stock.
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Commodities
In the commodities market, oil registered a 0.5% decline to $72.07, while gold experienced an 0.8% dip, resting at $2,013.30.
Silver also saw a 1.2% decrease to $22.82 on Wednesday, with copper falling by 0.8% to $3.7370.
Eurozone Market
European shares encountered a downward trend on Wednesday, with the eurozone’s STOXX 600 falling by 1.30%, London’s FTSE 100 by 1.7%, and Spain’s IBEX 35 Index by 1.39%. The German DAX also fell, experiencing a 0.99% decline, while the French CAC 40 and Italy’s FTSE MIB Index both reported decreases of 1.22% and 1% respectively.
The inflation rate in the Euro Area rose to 2.9% in December versus 2.4% in November. In the UK, the annual inflation rate increased to 4% in December from 3.9% in November, while factory gate prices of goods produced by manufacturers rose by 0.1% year-over-year in December following a revised 0.1% decline in November.
Asia Pacific Markets
On Wednesday, Asian markets closed on a downbeat note, with Japan’s Nikkei 225 declining by 0.40%, Hong Kong’s Hang Seng Index by 3.71%, and China’s Shanghai Composite Index gaining 2.09%. India’s S&P BSE Sensex, meanwhile, reported a 2.23% fall.
The surveyed urban unemployment rate in China rose to 5.1% in December from 5.0% in the prior three months, while retail sales rose by 7.4% year-over-year in December. The Chinese economy expanded by a seasonally adjusted 1.0% in the fourth quarter, with industrial production increasing by 6.8% year-over-year in December.
Key Economic Indicators
Retail sales in the US saw a 0.6% month-over-month increase in December as compared to a 0.3% increase in November.
US import prices remained unchanged in December, while export prices reported a 0.9% decline month-over-month in December. Total business inventories also showed a decline of 0.1% month-over-month in November.
The NAHB/Wells Fargo Housing Market Index climbed to 44 in January from 37 in the prior month, signalling a positive outlook for the housing market. Meanwhile, industrial production rose by 0.1% from the prior month in December.
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