Benzinga - by Avi Kapoor, Benzinga Staff Writer.
U.S. stocks traded lower this morning, with the Nasdaq Composite falling over 50 points on Wednesday.
Following the market opening Wednesday, the Dow traded down 0.05% to 38,863.85 while the NASDAQ fell 0.37% to 16,272.05. The S&P 500 also fell, dropping, 0.17% to 5,179.08.
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Leading and Lagging Sectors
Utilities shares rose by 0.2% on Wednesday.
In trading on Wednesday, real estate shares fell by 0.9%.
Top Headline
Uber Technologies, Inc (NYSE:UBER) posted weaker-than-expected fiscal first-quarter financial results.
Uber reported fiscal first-quarter 2024 revenue growth of 15% year-on-year to $10.10 billion, marginally missing the analyst consensus estimate of $10.11 billion. Uber’s GAAP EPS of 32 cents loss missed the analyst consensus estimate of 23 cents.
Equities Trading UP
Reborn Coffee, Inc. (NASDAQ:REBN) shares shot up 104% to $3.53 after the company announced a significant expansion into the China market through a strategic Master License Agreement with IAID Co.
Shares of iSun, Inc. (NASDAQ:ISUN) got a boost, surging 44% to $0.1904.
Innodata Inc. (NASDAQ:INOD) shares were also up, gaining 39% to $9.35 after the company reported a year-over-year increase in first-quarter financial results.
Equities Trading DOWN
Treace Medical Concepts, Inc.. (NASDAQ:TMCI) shares dropped 60% to $4.46 after the company reported first-quarter financial results and issued FY24 revenue guidance below estimates.
Shares of DoubleVerify Holdings, Inc. (NYSE:DV) were down 40% to $18.46 after the company reported first-quarter financial results.
Seres Therapeutics, Inc. (NASDAQ:MCRB) was down, falling 35% to $0.7181 following quarterly results.
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Commodities
In commodity news, oil traded down 0.9% to $77.69 while gold traded down 0.2% at $2,319.80.
Silver traded down 0.1% to $27.505 on Wednesday, while copper fell 1.3% to $4.5395.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 0.2%, Germany's DAX rose 0.1% and France's CAC 40 gained 0.7%. Spain's IBEX 35 Index rose 0.4%, while London's FTSE 100 rose 0.3%.
Spain’s industrial output declined by 1.2% year-over-year in March compared to a revised 1.3% gain in the previous month. German industrial production fell by 0.4% month-over-month in March versus a revised 1.7% increase in the earlier month.
Asia Pacific Markets
Asian markets closed lower on Wednesday, with Japan's Nikkei falling 1.63%, China's Composite Index declining 0.61%, Hong Kong's Hang Seng Index dipping 0.90% and India's S&P BSE Sensex falling 0.1%.
Economics
Mortgage applications in the US increased by 2.6% from the prior week in the period ending May 3.
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