U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 50 points on Wednesday.
The Dow traded up 0.17% to 37,588.15 while the NASDAQ rose 0.34% to 14,908.42. The S&P 500 also rose, gaining, 0.21% to 4,766.64.
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Market Sector Movements
Communication services shares rose by 0.8% on Wednesday, but energy shares fell by 0.9%.
Crude Oil Inventory Report
Crude oil inventories in the U.S. increased by 1.338 million barrels in the week ending Jan. 5, bucking market estimates of a 0.675 million barrel decline.
Stocks Gaining Momentum
Clearmind Medicine Inc. CMND shares shot up 39% to $2.8850 after the company said it completed a Type A meeting with the U.S. Food and Drug Administration.
Shares of Amarin Corporation plc AMRN surged 26% to $1.2250 after the company reported preliminary fourth-quarter financial results and announced plans to initiate a share repurchase program of up to $50 million.
Nauticus Robotics, Inc. KITT shares also gained momentum, rising 97% to $0.5757. Nauticus Robotics secured additional funding and appointed John W. Gibson, Jr as interim CEO.
Stocks Experiencing a Downturn
DocGo Inc. DCGO shares dropped 32% to $3.2385. Fuzzy Panda Research issued a report and disclosed a short position in the stock.
Shares of Aclaris Therapeutics, Inc. ACRS were down 19% to $1.04 after the company’s Phase 2B study of ATI-1777 2% QD was not statistically superior on the primary efficacy endpoint.
Aehr Test Systems AEHR was down, falling 17% to $18.53 after the company lowered its full-year revenue guidance. Ainos, Inc. AIMD fell 14.9% to $2.22.
Commodities and International Markets
In commodity news, oil traded down 0.1% to $72.22 while gold traded up 0.1% at $2,033.40.
Silver traded down 0.1% to $23.09 on Wednesday while copper rose 0.1% to $3.7635.
In Europe, shares were mostly lower today. The eurozone’s STOXX 600 fell 0.14%, London’s FTSE 100 fell 0.41% while Spain’s IBEX 35 Index rose 0.13% The German DAX rose 0.04% French CAC 40 fell 0.05% while Italy’s FTSE MIB Index rose 0.18%.
Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 2.01%, Hong Kong’s Hang Seng Index falling 0.57% and China’s Shanghai Composite Index falling 0.54%. India’s S&P BSE Sensex, meanwhile, rose 0.38%.
In economic news, 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. U.S. wholesale inventories declined by 0.2% month-over-month in November compared to a revised 0.3% fall in the previous month. Crude oil inventories in the U.S. increased by 1.338 million barrels in the week ending Jan. 5, versus market estimates of a 0.675 million barrel decline.
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