Crude Oil Rises Sharply; JPMorgan Chase Earnings Top Views
U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining over 100 points on Wednesday.
The Dow traded up 1.69% to 43,237.93 while the NASDAQ rose 2.35% to 19,491.49. The S&P 500 also rose, gaining, 1.80% to 5,947.81.
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Leading and Lagging Sectors
Communication services shares surged by 2.4% on Tuesday.
In trading on Tuesday, consumer staples shares fell by 0.1%.
Top Headline
JPMorgan Chase & Co. (NYSE:JPM) reported upbeat fourth-quarter FY24 results.
Reported revenue rose 11% year-on-year to $42.8 billion. Net revenue (managed) was $43.7 billion (+10% Y/Y), beating the consensus of $41.707 billion. EPS of $4.81 exceeded the consensus of $4.11.
Equities Trading UP
- Safe & Green Holdings Corp. (NASDAQ:SGBX) shares shot up 106% to $1.11. Safe & Green Holdings announced the execution of a binding Letter of Intent to acquire 100% of the outstanding securities of New Asia Holdings Inc.
- Shares of Vision Marine Technologies Inc. (NASDAQ:VMAR)got a boost, surging 29% to $1.80 after the company announced it filed its latest patent application with the United States Patent and Trademark Office for a Battery Authentication Encryption Technology.
- Compass Inc (NYSE:COMP) shares were also up, gaining 18% to $6.62 after the company raised its FY24 guidance.
Equities Trading DOWN
- Keros Therapeutics Inc (NASDAQ:KROS) shares dropped 17% to $10.32 after the company announced an update on its Phase 2 TROPOS trial and halted all dosing based on the ongoing safety review.
- Shares of Aclarion, Inc. (NASDAQ:ACON) were down 59% to $0.040 after the company reported the pricing of $14.4m public offering of common stock and warrants.
- Azitra, Inc. (NYSE:AZTR) was down, falling 40% to $0.25 after the company announced the pricing of a $1.5 million public offering.
Commodities
In commodity news, oil traded up 2.8% to $79.69 while gold traded up 1.3% at $2,716.20.
Silver traded up 3.8% to $31.505 on Wednesday, while copper rose 1% to $4.3855.
Euro zone
European shares closed higher today. The eurozone's STOXX 600 surged 1.33%, Germany's DAX 40 gained 1.50% and France's CAC 40 gained 0.69%. Spain's IBEX 35 Index gained 1.25%, while London's FTSE 100 gained 1.21%.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 falling 0.08%, China's Shanghai Composite Index declining 0.43%, Hong Kong's Hang Seng Index gaining 0.34% and India's BSE Sensex rising 0.29%.
Economics
- The headline Consumer Price Index rose 2.9% year-over-year in December, according to Wednesday's data from the Bureau of Labor Statistics.
- The EIA said crude inventories declined by 1.961 million barrels last week, compared to market estimates of a 1.6 million-barrel draw.
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