U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 2% on Wednesday.
The Dow traded up 3.17% to 43,561.18 while the NASDAQ rose 2.23% to 18,849.87. The S&P 500 also rose, gaining, 1.95% to 5,895.66.
Leading and Lagging Sectors
Financial shares surged by 5.3% on Tuesday.
In trading on Tuesday, real estate shares fell by 3.2%.
Top Headline
Shares of CVS Health Corp (NYSE:CVS) jumped more than 10% on Wednesday after the company reported third-quarter results.
The company reported third-quarter sales of $95.43 billion, beating the consensus of $92.75 billion. Total revenues increased 6.3%, primarily driven by growth in the Health Care Benefits and Pharmacy & Consumer Wellness segments, partially offset by a decline in the Health Services segment.
Adjusted EPS of $1.09 (inline with preliminary guidance of $1.05-$1.10) decreased from $2.21 in the prior year, missing the consensus of $1.53.
Equities Trading UP
- Cytek Biosciences, Inc. (NASDAQ:CTKB) shares shot up 31% to $7.14 following upbeat quarterly results.
- Shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) got a boost, surging 100% to $8.41 after the company announced the issuance of a U.S. patent covering an IL-18 variant into two novel immunotherapeutic drug candidates.
- Treace Medical Concepts, Inc. (NASDAQ:TMCI) shares were also up, gaining 24% to $7.15 following strong quarterly results.
Equities Trading DOWN
- Sunnova Energy International Inc. (NYSE:NOVA) shares dropped 42% to $4.12. Shares of solar stocks traded lower following Donald Trump's presidential election victory.
- Shares of Zoomcar Holdings, Inc. (NASDAQ:ZCAR) were down 39% to $8.05 after the company announced the pricing of $9.15 million private placement.
- PACS Group, Inc. (NYSE:PACS) was down, falling 38% to $18.30 after the company announced postponement of third-quarter results and disclosure on civil investigative demands from the federal government.
Commodities
In commodity news, oil traded up 0.8% to $72.53 while gold traded down 2.4% at $2,683.70.
Silver traded down 3.9% to $31.505 on Wednesday, while copper fell 4.5% to $4.2755.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 0.61%, Germany's DAX dipped 1.23% and France's CAC 40 fell 0.85%. Spain's IBEX 35 Index fell 3.14%, while London's FTSE 100 fell 0.08%.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 gaining 2.61%, Hong Kong's Hang Seng Index falling 2.23%, China's Shanghai Composite Index falling 0.09% and India's BSE Sensex gaining 1.13%.
Economics
- U.S. mortgage applications fell by 10.8% from the previous week in the week ended Nov. 1.
- U.S. crude oil inventories increased by 2.149 million barrels in the week ended Nov. 1, compared to market estimates of a 1.8 million gain.
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