U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 1% on Wednesday.
The Dow traded down 0.52% to 51,588.15 while the NASDAQ dipped 1.10% to 26,943.90. The S&P 500 also fell, dropping, 0.66% to 7,713.83.
Leading and Lagging Sectors
Energy shares jumped by 0.9% on Wednesday.
In trading on Wednesday, utilities stocks fell by 1%.
Top Headline
Cintas Corp (NASDAQ:CTAS) reported upbeat earnings for the first quarter and raised its FY2027 guidance on Wednesday.
The company posted quarterly earnings of $1.39 per share which beat the analyst consensus estimate of $1.35 per share. The company reported quarterly sales of $3.014 billion which beat the analyst consensus estimate of $2.984 billion.
Equities Trading UP
- Beneficient (NASDAQ:BENF) shares shot up 209% to $1.66 after the company announced a strategy to eliminate HCLP debt and Heppner Equity Interests.
- Shares of Lakefront Biotherapeutics NV – ADR (NASDAQ:LKFT) got a boost, surging 7% to $32.39. RBC Capital analyst Brian Abrahams upgraded Lakefront Biotherapeutics from Sector Perform to Outperform and raised the price target from $26 to $45
- TriSalus Life Sciences Inc (NASDAQ:TLSI) shares were also up, gaining 5% to $5.16 after the company announced it received FDA 510(k) clearance for TriNav Advance.
Equities Trading DOWN
- Alkami Technology Inc (NASDAQ:ALKT) shares dropped 19% to $14.58 after the company announced conclusion of strategic opportunities review
- Shares of Adagio Medical Holdings Inc (NASDAQ:ADGM) were down 42% to $0.28. Adagio Medical’s board completed a strategic review and has initiated a formal process to explore alternatives to maximize shareholder value.
- IM Cannabis Corp (NASDAQ:IMCC) was down, falling 29% to $2.95. IM Cannabis announced a $1.31 million registered direct offering of 655,000 common shares at a price of $2/share. The company also announced it will acquire a 51% stake in Space Defense Innovations.
Commodities
In commodity news, oil traded up 1.4% to $91.66 while gold traded down 1.3% at $4,321.30.
Silver traded down 2.2% to $65.070 on Wednesday, while copper fell 1.1% to $6.7600.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.4%, while Spain’s IBEX 35 Index fell 0.3%, London’s FTSE 100 rose 0.1%, Germany’s DAX dipped 0.5%, while France’s CAC 40 declined 0.4%.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with Hong Kong’s Hang Seng index dipping 1.01%, China’s Shanghai Composite falling 0.39% and India’s BSE Sensex gaining 0.40%.
Economics
- The volume of mortgage applications declined by 1.5% in the third week of September, compared to a 4.1% drop in the previous period.
- U.S. crude inventories gained by 2.969 million barrels to 426.4 million barrels in the week ended Sept. 18, compared to market estimates of a 0.6 million-barrel draw
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