Following the market opening Wednesday, the Dow traded up 0.13 percent to 22,313.01 while the NASDAQ climbed 0.60 percent to
6,418.47. The S&P also fell, gaining 0.24 percent to 2,502.74.
Leading and Lagging Sectors
Wednesday morning, the technology shares surged 0.57 percent. Meanwhile, top gainers in the sector included Overstock.com,
Inc. (NASDAQ: OSTK), up 10 percent, and Micron
Technology, Inc. (NASDAQ: MU), up 8 percent.
In trading on Wednesday, utilities shares fell 0.65 percent. Meanwhile, top losers in the sector included SCANA
Corporation (NYSE: SCG), down 4 percent, and Companhia
Paranaense de Energia (ADR) (NYSE: ELP) down 2 percent.
Top Headline
Micron Technology, Inc. (NASDAQ: MU) reported
stronger-than-expected results for its fourth quarter on Tuesday.
Micron reported Q4 adjusted earnings of $2.02 per share on revenue of $6.14 billion. Analysts were expecting earnings of $1.84
per share on sales of $5.96 billion.
Micron expects Q1 earnings of $1.73 to $1.87 per share on sales of $5.7 billion to $6.1 billion.
Equities Trading UP
Remark Holdings, Inc. (NASDAQ: MARK) shares shot up 17 percent to $4.13 after the company reported a $1 million+ contract
to provide facial and object recognition to a Chinese government owned business.
Shares of Twilio Inc (NASDAQ: TWLO) got a boost,
shooting up 7 percent to $29.44 following news that Amazon's AWS Pinpoint launched 2-way text messaging.
KEMET Corporation (NYSE: KEM) shares were also up,
gaining 11 percent to $21.45. S&P Dow Jones Indices reported that KEMET will join S&P SmallCap 600.
Equities Trading DOWN
Tantech Holdings Ltd (NASDAQ: TANH) shares dropped
32 percent to $2.88 after the company reported a deal for registered direct placement of $6.5m in common shares and warrants.
Shares of Babcock & Wilcox Enterprises Inc (NYSE: BW)
were down 19 percent to $2.92. Babcock & Wilcox expects $10 million to $15 million of cost following a structural steel issue for a
UK renewable project
Kornit Digital Ltd (NASDAQ: KRNT) was down,
falling around 21 percent to $13.48 after the company lowered its Q3 sales outlook. Citigroup downgraded Kornit Digital from Buy to
Neutral.
Commodities
In commodity news, oil traded up 0.02 percent to $51.89 while gold traded down 0.88 percent to $1,290.20.
Silver traded down 0.34 percent Wednesday to $16.825, while copper rose 0.62 percent to $2.937.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 rose 0.37 percent, the Spanish Ibex Index rose 1.37 percent, while
Italy’s FTSE MIB Index rose 0.81 percent. Meanwhile the German DAX gained 0.51 percent, and the French CAC 40 gained 0.23 percent
while U.K. shares rose 0.32 percent.
Economics
The MBA's index of mortgage application activity rose to a reading of 231.00 in the latest week, versus prior reading of
224.70.
U.S. durable goods orders rose 1.7 percent for August, versus economists’ expectations for a 1 percent growth.
The pending home sales index declined 2.6 percent for August, versus economists’ expectations for a 0.5 percent drop.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m.
ET.
The Treasury will auction 5-year notes at 1:00 p.m. ET.
St. Louis Federal Reserve Bank President James Bullard will speak in Kirksville, Missouri at 1:30 p.m. ET.
Boston Federal Reserve Bank President Eric Rosengren is set to speak in New York City at 7:00 p.m. ET.
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