U.S. stocks traded higher midway through trading, with the Dow Jones index gaining over 200 points on Wednesday.
The Dow traded up 0.55% to 41,808.59 while the NASDAQ climbed 0.95% to 17,671.26. The S&P 500 also rose, gaining, 0.66% to 5,651.61.
Leading and Lagging Sectors
Energy shares rose by 1.2% on Wednesday.
In trading on Wednesday, real estate shares fell by 0.7%.
Top Headline
The EIA said crude oil inventories in the US increased by 1.745 million barrels in the week ended March 14, compared to market estimates of a 1.1 million gain.
Equities Trading UP
- Service Properties Trust (NASDAQ:SVC) shares shot up 18% to $2.94 after Wells Fargo upgraded the stock from Underweight to Overweight and raised its price target from $2.5 to $4.
- Shares of Aterian, Inc. (NASDAQ:ATER)got a boost, surging 31% to $2.7640 after the company reported better-than-expected fourth-quarter financial results.
- BGM Group Ltd. (NASDAQ:BGM) shares were also up, gaining 16% to $11.79 after the company announced the acquisition of YX for $95 million.
Equities Trading DOWN
- HealthEquity, Inc. (NASDAQ:HQY) shares dropped 18% to $83.35 after the company reported worse-than-expected fourth-quarter adjusted EPS results.
- Shares of Organovo Holdings, Inc. (NASDAQ:ONVO) were down 30% to $0.2815 after the company announced a 1-for-12 reverse stock split.
- OmniAb, Inc. (NASDAQ:OABI) was down, falling 17% to $2.6545 following fourth-quarter earnings.
Commodities
In commodity news, oil traded up 0.7% to $67.38 while gold traded down 0.1% at $3,040.50.
Silver traded down 1.6% to $34.275 on Wednesday, while copper rose 1.2% to $5.0765.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 rose 0.12%, Germany's DAX 40 fell 0.55% and France's CAC 40 gained 0.65%. Spain's IBEX 35 Index rose 0.30%, while London's FTSE 100 rose 0.08%.
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.
- The EIA said crude oil inventories in the US increased by 1.745 million barrels in the week ended March 14, compared to market estimates of a 1.1 million gain.
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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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