U.S. stocks experienced a decline towards the end of trading, and at closing, Dow Jones fell over 250 points on Wednesday.
Dow Jones dropped to 32,813.21, a decrease of 0.73%, while NASDAQ fell by 0.77% to 12,463.32. Furthermore, the S&P 500 also fell by 0.76% to 4,114.27.
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- On Wednesday, energy shares increased by 0.3%. The top gainers in the sector included Granite Ridge Resources, Inc. GRNT, which went up by 5%, and StealthGas Inc. GASS, which rose by 4%.
- Real estate shares fell by 1.7% on Wednesday.
Major Highlight
Kohl’s Corp KSS reported better-than-expected results for the first quarter of FY23 and confirmed its outlook for FY23.
Kohl’s recorded a year-on-year first-quarter FY23 sales decrease of 4% to $3.57 billion, exceeding the consensus of $3.34 billion. Its comparable sales dropped 4.3% from last year, and its EPS of $0.13 beat the consensus of $(0.42).
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Equities Trading UP
- GigaCloud Technology Inc. GCT shares soared by 38% to $7.93 after the company reported a year-on-year rise in financial results for the first quarter.
- Shares of Enveric Biosciences, Inc. ENVB gained a boost, rising by 95% to $6.15 after the company announced that it received a Notice of Allowance from the USPTO for a patent application concerning its EVM201 Series.
- Minerva Surgical, Inc. UTRS shares also rose, increasing by 145% to $0.4455 after the United States Patent and Trademark Office granted the company a patent for specific medical systems and methods.
- Ocugen, Inc. OCGN shares fell by 37% to $0.4516 after the company announced the pricing of its $16.5 million public offering of 30 million common stock shares.
- Shares of QualTek Services Inc. QTEK fell by 34% to $0.1157 after the company filed a voluntary petition for Chapter 11 bankruptcy.
- BIOLASE, Inc. BIOL was down, falling 40% to $0.0834 after the company announced the pricing of a $4.5 million underwritten public offering.
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Commodities
In commodity news, crude oil rose by 2% to $74.38, while gold decreased by 0.6% to $1,961.80.
Silver fell by 1.7% to $23.23 on Wednesday, while copper dropped by 2.5% to $3.5650.
According to the API, crude oil stocks dropped by 6.799 million barrels in the week that ended on May 19, recording the most significant decline in six months.
Eurozone
European shares closed lower today. The Eurozone’s STOXX 600 dropped by 1.81%, London’s FTSE 100 fell by 1.75%, whereas Spain’s IBEX 35 Index fell by 1.12%. The German DAX declined 1.92%, French CAC 40 fell 1.70%, and Italy’s FTSE MIB Index fell 2.39%.
The Ifo Business Climate indicator for Germany declined by 1.7 points from a month ago to 91.7 in May. The consumer price inflation in the UK eased to 8.7% year-over-year in April 2023, recording the lowest level since March 2022. On the
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