Midway through trading Wednesday, the Dow traded down 0.02 percent to 22,114.51 while the NASDAQ declined 0.10 percent to
6,448.08. The S&P also fell, dropping 0.07 percent to 2,494.80.
Leading and Lagging Sectors
On Wednesday, the non-cyclical consumer goods & services shares surged 0.53 percent.
In trading on Wednesday, basic materials shares fell 0.77 percent. Meanwhile, top losers in the sector included
Cleveland-Cliffs Inc (NYSE: CLF), down 4 percent, and
Intrepid Potash, Inc. (NYSE: IPI) down 6 percent.
Top Headline
Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL) reported better-than-expected earnings for its fourth quarter, while sales
missed estimates.
Cracker Barrel expects Q4 earnings of $2.23 per share on revenue of $743.2 million. Analysts were projecting earnings of $2.18
per share on revenue of $746.7 million. Same-store sales dropped 1.7 percent in the quarter.
Cracker Barrel expects FY18 earnings of $8.85 to $9 per share, on revenue of $3.1 billion.
Equities Trading UP
Inventure Foods Inc (NASDAQ: SNAK) shares shot up
25 percent to $4.18 after the company reported the sale of its frozen division for $50 million.
Shares of Ballard Power Systems Inc. (USA) (NASDAQ: BLDP) got a boost, shooting up 19 percent to $4.43 after the company reported a
collaboration with Nisshinbo Holdings to develop a Non Precious Metal Catalyst.
Sientra Inc (NASDAQ: SIEN) shares were also up,
gaining 10 percent to $13.86. William Blair upgraded Sientra from Market Perform to Outperform.
Equities Trading DOWN
Applied Genetic Technologies Corp (NASDAQ: AGTC)
shares dropped 15 percent to $4.19 after the company reported weaker-than-expected Q4 results.
Shares of A-Mark Precious Metals Inc (NASDAQ: AMRK) were down 8 percent to $17.29 as the company reported weaker-than-expected
results for its fourth quarter on Tuesday.
Radiant Logistics Inc (NYSE: RLGT) was down, falling
around 8 percent to $5.00. Radiant Logistics posted stronger-than-expected results for its fourth quarter.
Commodities
In commodity news, oil traded up 0.83 percent to $48.63 while gold traded down 0.49 percent to $1,326.20.
Silver traded down 0.78 percent Wednesday to $17.75, while copper fell 1.70 percent to $2.9845.
Eurozone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.12 percent, the Spanish Ibex Index rose 0.44
percent, while Italy’s FTSE MIB Index gained 0.27 percent. Meanwhile the German DAX climbed 0.22 percent, and the French CAC 40
rose 0.25 percent while U.K. shares fell 0.07 percent.
Economics
The MBA's index of mortgage application activity rose 9.9 percent for the latest week.
The Producer Price Index gained 0.2 percent for August, versus economists’ expectations for a 0.3 percent growth.
Domestic crude supplies rose 5.89 million barrels for the week ended September 8, the U.S. Energy Information Administration
reported. However, analysts were expecting a gain of 3.24 million barrels. Gasoline stockpiles dropped 8.43 million barrels, while
distillate stockpiles slipped 3.21 million barrels for the week.
The Treasury is set to auction 30-year bonds at 1:00 p.m. ET.
The U.S. Treasury budget report for August will be released at 2:00 p.m. ET.
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