U.S. stocks traded higher this morning, with the Dow Jones gaining around 100 points on Wednesday.
Following the market opening Wednesday, the Dow traded up 0.25% to 38,618.79 while the NASDAQ rose 0.34% to 15,661.70. The S&P 500 also rose, gaining, 0.34% to 4,971.18.
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Leading and Lagging Sectors
Consumer discretionary shares rose by 0.7% on Wednesday.
In trading on Wednesday, utilities shares fell by 0.2%.
Top Headline
Uber Technologies, Inc (NYSE:UBER) reported better-than-expected fourth-quarter sales.
Uber reported fourth-quarter FY23 revenue growth of 15% year-on-year to $9.94 billion, beating the consensus of $9.76 billion. Uber’s GAAP EPS of $0.29 beat the consensus of $0.17.
Uber expects first-quarter gross bookings of $37.0 billion to $38.5 billion and an adjusted EBITDA of $1.26 billion to $1.34 billion.
Equities Trading UP
MicroCloud Hologram Inc. (NASDAQ:HOLO) shares shot up 147% to $3.7007. MicroCloud Hologram said it is planning to join the Communications Industry Association.
Shares of Glatfelter Corporation (NYSE:GLT) got a boost, surging 82% to $2.3301 after the company and Berry Global announced they entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business with Glatfelter.
SMX (Security Matters) Public Limited Company (NASDAQ:SMX) shares were also up, gaining 85% to $0.43.
Equities Trading DOWN
Invitae Corporation (NYSE:NVTA) shares dropped 33% to $0.06. Invitae, backed by SoftBank Group, is reportedly on the brink of filing for bankruptcy in the coming weeks.
Shares of CytoMed Therapeutics Limited (NASDAQ:GDTC) were down 34% to $2.03.
Snap Inc. (NYSE:SNAP) was down, falling 32% to $11.90 after the company reported mixed quarterly results.
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Commodities
In commodity news, oil traded up 0.8% to $73.89 while gold traded up 0.1% at $2,053.80.
Silver traded down 0.2% to $22.435 on Wednesday while copper fell 0.5% to $3.763.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 fell 0.4% while Spain’s IBEX 35 Index fell 0.8% The German DAX fell 0.3% French CAC 40 fell 0.1% while Italy’s FTSE MIB Index fell 0.1%.
France’s current account deficit shrank to EUR 0.7 billion in December versus a revised EUR 2.9 billion in the prior month, while trade deficit increased to €6.83 billion in December from a €5.9 billion gap in the previous month.
The Halifax House Price Index rose by 2.5% year-over-year in January, while German industrial output declined by 1.6% month-over-month in December.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 falling 0.11%, Hong Kong’s Hang Seng Index falling 0.34% and China’s Shanghai Composite Index gaining 1.44%. India’s S&P BSE Sensex, meanwhile, fell 0.06%.
China's vehicle sales climbed by 47.9% year-over-year to 2.44 million units in January. China's foreign exchange reserves fell to $3.219 trillion in January from $3.238 trillion in the prior month. Foreign exchange reserves in Hong Kong fell to $423.2 billion in January.
The index of leading economic indicators in Japan rose to 110.0 in December versus a revised reading of 108.1 in the previous month, while index of coincident economic indicators rose to 116.2 in December from a final reading of 114.6. Reserve assets in Japan declined to $1.292 trillion in January from $1.295 trillion a month ago.
Economics
US mortgage applications increased by 3.7% on the week ending Feb. 2.
The trade deficit in the US came in at $62.2 billion in December versus a revised $61.9 billion gap in November.
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