U.S. stocks traded higher this morning, with the Nasdaq Composite gaining over 1% on Wednesday.
Following the market opening Wednesday, the Dow traded up 0.56% to 41,814.36 while the NASDAQ climbed 1.16% to 17,706.90. The S&P 500 also rose, gaining, 0.78% to 5,658.21.
Leading and Lagging Sectors
Information technology shares rose by 1.5% on Wednesday.
In trading on Wednesday, real estate shares fell by 0.2%.
Top Headline
Shares of Williams-Sonoma, Inc. (NYSE:WSM) dipped more than 11% on Wednesday after the company released results for its fourth quarter.
Williams-Sonoma reported quarterly earnings of $3.28 per share which beat the analyst consensus estimate of $2.93 per share. The company reported quarterly sales of $2.46 billion which beat the analyst consensus estimate of $2.35 billion.
Equities Trading UP
- Leishen Energy Holding Co., Ltd. (NASDAQ:LSE) shares shot up 90% to $14.34 after jumping over 46% on Tuesday. The company recently reported FY24 financial results.
- Shares of Aterian, Inc. (NASDAQ:ATER)got a boost, surging 54% to $3.25 after the company reported better-than-expected fourth-quarter financial results.
- TEN Holdings, Inc. (NASDAQ:XHLD) shares were also up, gaining 44% to $0.8440. TEN Holdings shares jumped 18% on Tuesday after the company announced a $1 million stock repurchase program.
Equities Trading DOWN
- Wellchange Holdings Company Limited (NASDAQ:WCT) shares dropped 41% to $0.2347.
- Shares of Organovo Holdings, Inc. (NASDAQ:ONVO) were down 23% to $0.3112 after the company announced a 1-for-12 reverse stock split.
- FST Corp. (NASDAQ:KBSX) was down, falling 21% to $4.31 after gaining 310% on Tuesday.
Commodities
In commodity news, oil traded down 0.1% to $66.83 while gold traded down 0.1% at $3,037.30.
Silver traded down 1.5% to $34.290 on Wednesday, while copper rose 1.1% to $5.0695.
Euro zone
European shares were mixed today. The eurozone's STOXX 600 fell 0.2%, Germany's DAX 40 fell 0.8% and France's CAC 40 gained 0.3%. Spain's IBEX 35 Index rose 0.1%, while London's FTSE 100 fell 0.2%.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with Japan's Nikkei falling 0.25%, China's Shanghai Composite Index falling 0.1%, Hong Kong's Hang Seng Index gaining 0.12% and India's BSE Sensex gaining 0.20%.
Economics
U.S. mortgage applications declined by 6.2% in the second week of March, following a cumulative 37% increase from the two prior weeks.
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Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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