U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 1,000 points on Wednesday.
Following the market opening Wednesday, the Dow traded up 2.74% to 40,261.21 while the NASDAQ gained 3.87% to 16,931.73. The S&P 500 also rose, gaining, 3.07% to 5,450.01.
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Leading and Lagging Sectors
Consumer discretionary shares jumped by 4.7% on Wednesday.
In trading on Wednesday, consumer staples shares rose by just 0.3%.
Top Headline
Shares of Tesla Inc. (NASDAQ:TSLA) gained more than 4% on Wednesday after the company released earnings results for its first quarter.
Tesla reported first-quarter revenue of $19.34 billion, down 9% year-over-year. The revenue total missed a Street consensus estimate of $21.35 billion according to data from Benzinga Pro. Tesla’s first-quarter earnings were 27 cents per share, down 40% year-over-year and missing a Street consensus estimate of 31 cents per share.
The company said plans for more affordable models remain on track to start production in the first half of 2025.
Equities Trading UP
- AGM Group Holdings Inc. (NASDAQ:AGMH) shares shot up 113% to $0.0640.
- Shares of Ensysce Biosciences, Inc. (NASDAQ:ENSC)got a boost, surging 88% to $3.52 after the company announced it has received U.S. patent PF9001 for the treatment of opioid use disorder.
- Sonoma Pharmaceuticals, Inc. (NASDAQ:SNOA) shares were also up, gaining 75% to $4.0895 after the company announced the registration and launch of new products in the UK.
Equities Trading DOWN
- Charles & Colvard, Ltd. (NASDAQ:CTHR) shares dropped 36% to $0.5236 after the company announced it received a Nasdaq delisting notice.
- Shares of Ocean Biomedical, Inc. (NASDAQ:OCEA) were down 31% to $0.0267.
- Intensity Therapeutics, Inc. (NASDAQ:INTS) was down, falling 21% to $1.43.
Commodities
In commodity news, oil traded down 1.3% to $63.47 while gold traded down 4.2% at $3,276.00.
Silver traded down 0.1% to $32.875 on Wednesday, while copper fell 0.6% to $4.8505.
Euro zone
European shares were higher today. The eurozone's STOXX 600 jumped 2.1%, Germany's DAX 40 jumped 2.9% and France's CAC 40 gained 2.7%. Spain's IBEX 35 Index rose 1.1%, while London's FTSE 100 rose 1.2%.
Asia Pacific Markets
Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 surging 1.89%, China's Shanghai Composite falling 0.10%, Hong Kong's Hang Seng Index gaining 2.37% and India's BSE Sensex gaining 0.65%.
Economics
- Sales of new single-family homes in the U.S. jumped by 7.4% to an annualized rate of 724,000.
- The S&P Global services PMI dipped to 51.4 in April from 54.4 in the prior month.
- The S&P Global manufacturing PMI climbed to 50.7 in April from 50.2 in the previous month.
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