Dow Jumps 450 Points; UiPath Shares Slide

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U.S. stocks traded higher toward the end of trading, with the Dow Jones adding around 450 points on Wednesday.

The Dow traded up 1.45% to 31,596.87 while the NASDAQ rose 1.99% to 11,774.77. The S&P 500 also rose, gaining, 1.74% to 3,976.30.

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Leading and Lagging Sectors

Utilities shares jumped by 2.6% on Tuesday. Meanwhile, top gainers in the sector included Azure Power Global Limited (NYSE:AZRE), up 32% and Sunnova Energy International Inc. (NYSE:NOVA) up 10%.

In trading on Tuesday, energy shares fell by 1.5%.

Top Headline

The trade deficit narrowed by $10.2 billion to a nine-month low level of $70.7 billion in July. Exports from the US rose by 0.2% from the prior month to $259.3 billion, while imports fell 2.9% to $329.9 billion.

Equities Trading UP

  • Glaukos Corporation (NYSE:GKOS) shares shot up 25% to $60.29 after the company announced topline data for both Phase 3 pivotal trials of iDose TR that successfully achieved its pre-specified primary efficacy endpoints through 3 months in both Phase 3 trials and demonstrated excellent tolerability and a favorable safety profile through 12 months.
  • Shares of Sidus Space, Inc. (NASDAQ:SIDU) got a boost, shooting 24% to $3.3075 after the company announced that it has signed a launch agreement with SpaceX for five launches, beginning in early 2023.
  • IMARA Inc. (NASDAQ:IMRA) shares were also up, gaining 63% to $1.88 after the company announced it entered into an asset purchase agreement with Cardurion Pharmaceuticals to sell tovinontrine and other assets of its PDE9 program for $34.75 million upfront.

Equities Trading DOWN

  • CleanTech Acquisition Corp. (NASDAQ:CLAQ) shares tumbled 33% to $6.35 after the company reported shareholder voting results in 8K filing.
  • Shares of Great Panther Mining Limited (NYSE:GPL) were down 55% to $0.38. Great Panther recently announced it will file a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada)
  • UiPath Inc. (NYSE:PATH) was down, falling 12% to $13.73 after the company issued Q3 and FY23 sales guidance below analyst estimates.

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Commodities

In commodity news, oil traded down 4.7% to $82.81, while gold traded up 0.8% at $1,726.10.

Silver traded up 2.1% to $18.275 on Wednesday while copper fell 0.8% to $3.4335.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.57%, London’s FTSE 100 fell 0.86%, while Spain’s IBEX 35 Index rose 0.17%. The German DAX gained 0.35%, French CAC 40 rose 0.02% and Italy’s FTSE MIB Index rose 0.04%.

The Eurozone economy grew 0.8% on quarter during the second quarter, versus a 0.6% growth in the second estimate, while number of employed persons increased by 0.4% on the quarter to 164.1 million in the quarter.

Retail sales in Italy climbed 1.3% from a month ago in July following a 1.1% drop a month ago. Industrial production in Germany declined 0.3% month-over-month during July, while Halifax house price index in the UK increased 11.5% year-over-year in August.

Economics

  • The trade deficit narrowed by $10.2 billion to a nine-month low level of $70.7 billion in July. Exports from the US rose by 0.2% from the prior month to $259.3 billion, while imports fell 2.9% to $329.9 billion.
  • The Federal Reserve released its latest Beige Book report.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 96,716,570 cases with around 1,073,290 deaths. India confirmed a total of at least 44,472,240 cases and 528,050 deaths, while France reported over 34,623,090 COVID-19 cases with 154,330 deaths. In total, there were at least 611,547,510 cases of COVID-19 worldwide with more than 6,507,600 deaths.