Toward the end of trading Wednesday, the Dow traded down 0.05 percent to 25,958.08 while the NASDAQ declined 0.48 percent to 7,934.04. The S&P also fell, dropping 0.09 percent to 2,885.20.
Leading and Lagging Sectors
Wednesday afternoon, the telecommunication services shares rose 1.66 percent. Meanwhile, top gainers in the sector included pdvWireless, Inc. PDVW 6.5% up 7 percent, and Partner Communications Company Ltd. PTNR 6.7% up 6 percent.
In trading on Wednesday, financial shares fell 0.81 percent.
Foamix Pharmaceuticals Ltd FOMX 5.68% announced positive top-line results for its third Phase 3 clinical trial that evaluated its FMX101 for treating moderate-to-severe acne.
The company said the pipeline candidate met both co-primary endpoints of absolute change from baseline in inflammatory lesion count at Week 12 and Investigator Global Assessment treatment success at Week 12.
FMX101's safety profile was consistent with that determined from the previous two Phase 3 studies.
Equities Trading UP
Nemaura Medical Inc NMRD 59.09% shares shot up 46 percent to $3.2025 after reporting 'positive' interim data from clinic portion of sugarBEAT FDA clinical trial.
Shares of Galapagos NV GLPG 17.29% got a boost, shooting up 18 percent to $121.23. Gilead and Galapagos disclosed that the Phase 3 FINCH 2 study that evaluated their investigational selective JAK1 inhibitor filgotinib for treating adults with moderate-to-severe active rheumatoid arthritis met its primary endpoint in the proportion of patients achieving an American College of Rheumatology 20-percent response, or ACR20, at Week 12.
Regional Health Properties Inc RHE 49.95% shares were also up, gaining 66 percent to $0.2235 after the announcement that the company will forbear from exercising its right to accelerate outstanding loans.
Equities Trading DOWN
Vital Therapies Inc VTL 92.06% shares dropped 92 percent to $0.5250 after the company reported that topline results of VTL-308 failed to achieve primary and secondary endpoints of improvement in survival. Analysts at Cantor Fitzgerald and Raymond James downgraded the stock.
Shares of Netlist, Inc. NLST 38.84% were down 38 percent to $0.402 after the company priced a $10 million registered offering at $0.45 per share.
MACOM Technology Solutions Holdings, Inc. MTSI 11.15% was down, falling around 12 percent to $19.42. Stifel Nicolaus downgraded MACOM Technology from Hold to Sell and lowered the price target from $22 to $20.
Silver traded up 1 percent Wednesday to $14.295, while copper rose 2.02 to $2.6745.
European shares closed higher today. The eurozone’s STOXX 600 rose 0.47 percent, the Spanish Ibex Index rose 0.24 percent, while Italy’s FTSE MIB Index gained 0.52 percent. Meanwhile the German DAX gained 0.52 percent, and the French CAC 40 climbed 0.92 percent while U.K. shares rose 0.55 percent.
The Producer Price Index fell 0.1 percent for August, versus economists’ expectations for a 0.2 percent gain.
Domestic crude supplies dropped 5.3 million barrels for the week ended September 7, the Energy Information Administration reported. Analysts expected a decline of 1.3 million barrels. Gasoline stockpiles climbed 1.25 million barrels, while distillate stockpiles rose 6.16 million barrels for the week.
The Federal Open Market Committee released its Beige Book report.
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