Nasdaq Gains Over 100 Points; US Retail Sales Beat Estimates

U.S. stocks traded mostly higher this morning, with the Nasdaq Composite gaining more than 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.02% to 52,103.62 while the NASDAQ climbed 0.45% to 26,099.29. The S&P 500 also rose, gaining, 0.25% to 7,604.83.

Leading and Lagging Sectors

Utilities shares jumped by 0.7% on Wednesday.

In trading on Wednesday, energy stocks fell by 1.6%.

Top Headline

U.S. retail sales rose 1.2% month-over-month in August, compared to a revised 0.5% decline in July, and versus market estimates of a 0.8% gain.

Equities Trading UP
           

• Zenta Group Co Ltd (NASDAQ:ZTG) shares shot up 205% to $2.05. Zenta Group recently announced an agreement to acquire ZentoAI Intelligent Technology Company.
• Shares of DataMeds AI Inc (NASDAQ:MEDS) got a boost, surging 164% to $4.27 after the company announced it acquired Helomics.
• Delixy Holdings Ltd (NASDAQ:DLXY) shares were also up, gaining 118% to $0.90 after the company announced it entered into a non-binding letter of intent with Caog for acquisition or merger of up to 48% of shares in Tarbagatay Munay.

Equities Trading DOWN

• Cuprina Holdings (Cayman) Ltd (NASDAQ:CUPR) shares dropped 48% to $1.51 after the company announced the pricing of $4.97 million public offering.
• Shares of Xenetic Biosciences Inc (NASDAQ:XBIO) were down 39% to $2.62 after the company announced a deal to acquire Santersus AG in an all-stock share exchange.
• Myseum AI Inc (NASDAQ:MYSE) was down, falling 22% to $2.51. Myseum.AI announced that it has partnered with FUJIFILM North America Corporation to bring print-on-demand products to users of the Company’s Picture Party platform.

Commodities

In commodity news, oil traded down 1.8% to $103.94 while gold traded up 1.3% at $4,389.90.

Silver traded up 2% to $65.160 on Wednesday, while copper rose 1% to $6.5055.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.6%, while Spain’s IBEX 35 Index rose 0.5%, London’s FTSE 100 rose 0.7%, Germany’s DAX gained 0.3%, while France’s CAC 40 climbed 0.6%.

Asia Pacific Markets

Asian markets closed higher on Wednesday, with Japan’s Nikkei 225 gaining 0.69%, Hong Kong’s Hang Seng index rising 0.19%, China’s Shanghai Composite rising 0.71% and India’s BSE Sensex gaining 0.45%.

Economics

• The New York Fed’s Services Business Activity Index fell to -8.7 in September from 0.5 in the previous month.
• U.S. export prices rose 0.6% month-over-month in August, following a 1.4% decline in July and versus market expectations of a 0.5% gain.
• U.S. import prices rose by 0.7% month-over-month in August, compared to market estimates of a 0.4% increase.
• U.S. retail sales rose 1.2% month-over-month in August, compared to a revised 0.5% decline in July, and versus market estimates of a 0.8% gain.
• The volume of mortgage applications declined by 4.1% during the second week of September.

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