Benzinga - by Lisa Levin, Benzinga Editor.
U.S. stocks traded higher this morning, with the Nasdaq Composite gaining around 50 points on Wednesday.
Following the market opening Wednesday, the Dow traded up 0.11% to 34,685.47 while the NASDAQ rose 0.39% to 13,827.83. The S&P 500, also rose, gaining, 0.25% to 4,473.00.
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Leading and Lagging Sectors
Consumer discretionary shares jumped by 0.8% on Wednesday.
In trading on Wednesday, materials shares fell by 0.3%.
Top Headline
The annual inflation rate in the U.S. rose for a second consecutive month to 3.7% in August from 3.2% in the previous month, and also above market estimates of 3.6%. Consumer prices increased 0.6% month-over-month in August following a 0.2% growth in July.
Equities Trading UP
Avalo Therapeutics, Inc. (NASDAQ: AVTX) shares shot up 73% to $0.2135. Avalo Therapeutics, on Sept 12, got notice from the Nasdaq as of Sept 11 the company’s securities had closing bid price of $0.10/less for 10 consecutive trading days.
Shares of ZyVersa Therapeutics, Inc. (NASDAQ: ZVSA) got a boost, shooting 46% to $0.1881.
Axcella Health Inc. (NASDAQ: AXLA) shares were also up, gaining 27% to $1.45 after jumping more than 59% on Tuesday.
Equities Trading DOWN
Eiger BioPharmaceuticals, Inc. (NASDAQ: EIGR) shares dropped 39% to $0.4199 after the company announced its decision to discontinue the Phase 3 LIMT-2 study of peginterferon lambda in patients with chronic hepatitis delta.
Shares of Calidi Biotherapeutics (NYSE: CLDI) were down 46% to $3.4850 following the company’s public debut.
KULR Technology Group, Inc. (NYSE: KULR) was down, falling 33% to $0.3870 as the company reported pricing of $2.5 million public offering of common stock.
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Commodities
In commodity news, oil traded up 0.3% to $89.14 while gold traded down 0.2% at $1,932.00.
Silver traded down 1.1% to $23.14 on Wednesday while copper fell 0.1% to $3.7885.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.8% London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index fell 0.9% The German DAX fell 0.7% French CAC 40 fell 0.7%, while Italy’s FTSE MIB Index declined 0.9%.
Industrial production in the Eurozone fell by 1.1% month-over-month in July, compared to market expectations for a 0.7% decrease.
The British economy contracted by 0.5% month-over-month in July following a 0.5% growth in the prior month. The UK's trade deficit shrank to £3.446 billion in July from £4.787 billion a month ago, while industrial production declined 0.7% month-over-month in July. Manufacturing output dropped 0.8% month-over-month in July, while construction output rose by 2.8% year-over-year in July.
Asia Pacific Markets
Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 falling 0.21%, Hong Kong’s Hang Seng Index falling 0.09% and China’s Shanghai Composite Index declining 0.45%. India’s S&P BSE Sensex, meanwhile, rose 0.4%.
Producer prices in Japan increased by 3.2% year-over-year in August following a revised 3.4% growth in July, while Reuters Tankan sentiment index for manufacturers dropped to +4 in September versus August’s reading of +12.
Economics
Mortgage applications in the U.S. declined 0.8% in the week ending Sept. 8, 2023, versus a 2.9% decline in the prior period.
The annual inflation rate in the U.S. rose for a second consecutive month to 3.7% in August from 3.2% in the previous month, and also above market estimates of 3.6%. Consumer prices increased 0.6% month-over-month in August following a 0.2% growth in July.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 108,331,780 cases with around 1,174,690 deaths. India confirmed a total of at least 44,997,820 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,188,410 cases of COVID-19 worldwide with more than 6,914,960 deaths.
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