U.S. stocks traded mixed this morning, with the $Nasdaq Composite Index(.IXIC.US)$ gaining 2% on Wednesday.
The $Dow Inc(DOW.US)$ traded up 0.36% to 32,277.82 while the NASDAQ fell 0.15% to 11,720.18. The $S&P 500 index(.SPX.US)$ also rose, gaining, 0.29% to 4,012.68.
Leading and Lagging Sectors
Energy shares jumped by 3.3% on Wednesday. Meanwhile, top gainers in the sector included $Borr Drilling(BORR.US)$, up 11% and $Battalion Oil(BATL.US)$ up 4%.
In trading on Wednesday, consumer discretionary shares fell 1.8%.
Top Headline
Annual inflation rate in the US eased to 8.3% in April compared to a 41-year high level of 8.5% in the previous month. However, analysts were expecting a reading of 8.1%.
Equities Trading UP
$Trecora Resources(TREC.US)$ shares shot up 26% to $9.55 as the company agreed to be acquired by an affiliate of Balmoral Funds at $9.81 per share in cash or an enterprise value of $247 million.
Shares of $Ferroglobe(GSM.US)$ got a boost, shooting 19% to $7.57 after the company reported better-than-expected Q1 EPS results.
$Purple Innovation(PRPL.US)$ shares were also up, gaining 19% to $3.7250 after the company reported better-than-expected Q1 EPS and sales results.
Equities Trading DOWN
$Kornit Digital(KRNT.US)$ shares tumbled 38% to $34.86 after the company reported downbeat Q1 sales.
Shares of $Redbox Entertainment(RDBX.US)$ were down 37% to $3.5300. $Chicken Soup for the Soul Entertainment Inc(CSSEP.US)$ agreed to acquire entertainment company Redbox Entertainment. The acquisition is expected tocreate an independent, integrated direct-to-consumer media platform delivering premium entertainment.
$Unity Software(U.US)$ was down, falling 31% to $33.44 after the company reported worse-than-expected Q1 sales results and issued sales guidance below analyst estimates.
Commodities
In commodity news, oil traded up 3.5% to $103.21, while gold traded up 0.6% to $1,851.70.
Silver traded up 1.5% to $21.755 on Wednesday while copper rose 1.9% to $4.2330.
Euro zone
European shares were higher today. The eurozone's STOXX 600 gained 0.7%, London's FTSE 100 rose 0.6% and Spain's IBEX 35 Index rose 1.2%. The German DAX climbed 0.8%, French CAC 40 jumped 1.3% and Italy's FTSE MIB Index climbed 1.4%.
The annual inflation rate in Germany increased to 7.4% in April from 7.3% in the prior month..
Economics
Annual inflation rate in the US eased to 8.3% in April compared to a 41-year high level of 8.5% in the previous month. However, analysts were expecting a reading of 8.1%.
The Energy Information Administration's weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 12:00 p.m. ET.
The Treasury will auction 10-year notes at 1:00 p.m. ET.
The U.S. Treasury budget statement for April will be released at 2:00 p.m. ET.
