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.
Top Headline
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.
Commodities
In commodity news, oil traded up 2.15 percent to $70.74 while gold traded up 0.77 percent to $1,211.40.
Silver traded up 1 percent Wednesday to $14.295, while copper rose 2.02 to $2.6745.
Eurozone
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.
Economics
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.
Benzinga does not provide investment advice. All rights reserved.
Recommended Content
Editors’ Picks
AUD/USD could extend the recovery to 0.6500 and above
The enhanced risk appetite and the weakening of the Greenback enabled AUD/USD to build on the promising start to the week and trade closer to the key barrier at 0.6500 the figure ahead of key inflation figures in Australia.
EUR/USD now refocuses on the 200-day SMA
EUR/USD extended its positive momentum and rose above the 1.0700 yardstick, driven by the intense PMI-led retracement in the US Dollar as well as a prevailing risk-friendly environment in the FX universe.
Gold struggles around $2,325 despite broad US Dollar’s weakness
Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.
Bitcoin price makes run for previous cycle highs as Morgan Stanley pushes BTC ETF exposure
Bitcoin (BTC) price strength continues to grow, three days after the fourth halving. Optimism continues to abound in the market as Bitcoiners envision a reclamation of previous cycle highs.
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture, considering that the recent hawkish twist in the tone of the Federal Reserve might continue to push US long-term interest rates higher and put upward pressure on bond yields in the Eurozone.