US Stocks Mixed; General Mills Posts Upbeat Earnings

U.S. stocks traded mixed this morning, with the Dow Jones index falling over 50 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.17% to 41,536.53 while the NASDAQ rose 0.14% to 17,653.56. The S&P 500 also fell, dropping, 0.01% to 5,634.39.

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Leading and Lagging Sectors

Energy shares jumped by 0.3% on Wednesday.

In trading on Wednesday, health care shares fell by 0.2%.

Top Headline

General Mills, Inc. GIS reported better-than-expected earnings for its first quarter on Wednesday.

The company reported first-quarter adjusted earnings per share of $1.07 (down 2%), beating the street view of $1.06. Quarterly revenues of $4.85 billion outpaced the analyst consensus estimate of $4.801 billion.

Equities Trading UP
                       

• Portage Biotech Inc. PRTG shares shot up 185% to $12.92 after jumping around 15% on Tuesday.
• Shares of Odyssey Marine Exploration, Inc. OMEX got a boost, surging 126% to $1.12 after declining around 89% on Tuesday.
• Webuy Global Ltd WBUY shares were also up, gaining 97% to $0.2294. Webuy Global, on Tuesday, reported a year-over-year increase in interim H1 revenue results.

Equities Trading DOWN

• Galmed Pharmaceuticals Ltd GLMD shares dropped 34% to $9.98 after jumping 290% on Tuesday.
• Shares of BurgerFi International, Inc. BFI were down 29% to $0.1651. BurgerFi recently received interim approval for $3.5 million in financing to support 144 locations during its restructuring.
• Cibus, Inc. CBUS was down, falling 23% to $3.90 after the company announced the pricing of $12 million offering of 3 million shares at $4.00 per share.

Commodities

In commodity news, oil traded down 0.7% to $70.70 while gold traded up 0.4% at $2,603.60.

Silver traded up 0.1% to $30.98 on Wednesday, while copper rose 0.6% to $4.2965.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.35%, Germany’s DAX rose 0.08% and France’s CAC 40 fell 0.40%. Spain’s IBEX 35 Index fell 0.13%, while London’s FTSE 100 fell 0.61%.

Annual inflation rate in the Eurozone fell to 2.2% in August, recording the lowest level since July 2021, compared to 2.6% in the prior month. Construction output in the Eurozone fell by 2.2% year-over-year in July compared to a revised 1.3% decline in the previous month.

Annual inflation rate in the UK came in unchanged at 2.2% in August, in line with estimates, while producer prices increased 0.2% year-over-year in August.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 gaining 0.49%, China’s Shanghai Composite Index gaining 0.49% and India’s BSE Sensex falling 0.16%.

Japanese trade deficit shrank to JPY 695.30 billion in August from JPY 940.10 billion in the year-earlier month, and versus market expectations of a JPY 1,380 billion gap.

Economics

• U.S. mortgage applications surged by 14.2% from the prior week in the week ending Sept. 13.
• Housing starts in the U.S. climbed by 9.6% from the prior month to an annualized rate of 1.356 million units for August.
• U.S. building permits gained by 4.9% to an adjusted annual rate of 1.475 million in August.

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