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Nasdaq Turns Lower; Cambridge Bancorp Shares Surge

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Nasdaq Turns Lower; Cambridge Bancorp Shares Surge

During midday trading, U.S. stocks showed a mix of performance, with the Nasdaq Composite losing ground on Wednesday.

The Dow experienced a 0.56% increase, reaching 34,711.50, while the NASDAQ dipped 0.17% to 13,654.54. The S&P 500, on the other hand, rose by 0.21% to 4,453.12.

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Leading and Lagging Sectors

Real estate shares experienced a 1% surge on Wednesday.

In trading on Wednesday, communication services shares declined by 0.5%.

 

Top Headline

General Mills Inc GIS reported better-than-expected earnings for the first quarter of the fiscal year 2024.

The company’s first-quarter sales grew by 4% YoY to $4.90 billion, surpassing the analyst consensus of $4.88 billion. Adjusted EPS of $1.09 also exceeded the consensus of $1.08.

General Mills reaffirmed its outlook for organic sales growth of 3% – 4% and expects adjusted EPS to grow by 4% – 6% in constant currency for the fiscal year 2024.

 

Equities Trading UP

Steelcase Inc. SCS shares skyrocketed by 25% to $10.98. The company reported better-than-expected results for the second quarter.

Shares of Cambridge Bancorp CATC also surged by 25% to $60.70 after announcing a definitive agreement to merge with Eastern Bankshares.

Fresh Tracks Therapeutics, Inc. FRTX saw a gain of 56% to $0.9049 after its Board of Directors approved a plan of liquidation and dissolution.

 

Equities Trading DOWN

Seelos Therapeutics, Inc. SEEL shares plummeted by 76% to $2.9850 after the company announced that its SLS-002 Phase II study fell short of the pre-defined primary endpoint due to limited sample size.

Shares of ARS Pharmaceuticals, Inc. SPRY decreased by 55% to $2.9850. The FDA issued a Complete Response Letter for ARS Pharmaceuticals’ New Drug Application (NDA) for neffy (epinephrine nasal spray) in the treatment of Allergic Reactions (Type I), including anaphylaxis, for adults and children ≥30 kg.

IceCure Medical Ltd ICCM fell by 39% to $0.55 after the FDA rejected its De Novo Classification request for breast cancer, which was based on interim analysis from its ICE3 study.

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Commodities

In commodity news, oil rose by 0.2% to $91.37, while gold increased by 0.6% to $1,965.40.

Silver gained 1.5% to $23.795, and copper experienced a 1% rise to $3.7855 on Wednesday.

 

Euro Zone

European shares showed positive performance today. The eurozone’s STOXX 600 rose by 0.91%, London’s FTSE 100 increased by 0.91%, and Spain’s IBEX 35 Index saw a rise of 1.31%. The German DAX gained 0.72%, the French CAC 40 rose by 0.65%, and Italy’s FTSE MIB Index experienced a gain of 1.65%.

Construction output in the Eurozone grew by 1.0% YoY in July, rebounding from a 0.8% decline the previous month. Passenger car registrations in the European Union climbed by 21.0% YoY to 787.6 thousand units in August. Producer prices in Germany fell by 12.6% YoY in August.

UK’s producer prices fell by 0.4% YoY in August, a smaller decline than the revised 0.7% drop in July. Consumer price inflation in the UK decreased to 6.7% in August from 6.8% in the previous month.

 

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 falling by 0.66%, Hong Kong’s Hang Seng Index declining by 0.62%, and China’s Shanghai Composite Index decreasing by 0.52%. India’s S&P BSE Sensex, meanwhile, experienced a decline of 1.18%.

The People’s Bank of China maintained its lending rates at the September fixing. Japanese trade deficit fell to JPY 930.5 billion in August from JPY 2,790.4 billion in the same month last year.

 

Economics

Mortgage applications in the U.S. surged by 5.4% in the week ending September 15, marking the first increase in three weeks.

The U.S. Federal Reserve is scheduled to announce its interest-rate decision at 2:00 p.m. ET.

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COVID-19 Update

The U.S. has reported the highest number of coronavirus cases and deaths in the world, with a total of 108,490,720 cases and around 1,175,390 deaths. India confirmed at least 44,998,240 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases and 167,640 deaths. Globally, there have been at least 695,538,090 cases of COVID-19, resulting in more than 6,918,070 deaths.