Midway through trading Wednesday, the Dow traded up 0.35 percent to 25,419 while the NASDAQ rose 0.01 percent to 7528. The S&P also rose, gaining 0.17 percent to 2808.
Leading and Lagging Sectors
Utilities shares rose 1.7 percent on Wednesday. Meanwhile, top gainers in the sector included Kenon Holdings Ltd. KEN 2.32%, up 2 percent, and Just Energy Group Inc. JE 3.43%, up 3 percent.
In trading on Wednesday, energy shares fell by 1.7 percent.
Top Headline
Campbell Soup CPB 9.26% reported better-than-expected Q3 results and raised FY19 earnings guidance.
The company reported quarterly earnings of $0.56 per share, which beat the analyst consensus estimate of $0.47 per share. Campbell’s reported quarterly sales of $2.388 billion exceeded the analyst consensus estimate of $2.36 billion.
Campbell Soup raised its FY19 adjusted EPS guidance from $2.45-$2.53 to $2.50-$2.55. However, the company lowered its net sales guidance from $9.975 billion-$10.10 billion to $9.075 billion-$9.125 billion.
Equities Trading UP
ReWalk Robotics Ltd. RWLK 134.69% shares shot up 170 percent to $8.98 following news the FDA issued clearance for the company's ReStore Exo-Suit. ReWalk Robotics announced exercise of warrants resulting in cash proceeds of $10.8 million through agreement for investors to purchase shares at $7.50 per share.
Shares of Amira Nature Foods Ltd. ANFI 5.24% got a boost, shooting up 9 percent to $1.1589 after the company announced a new $6 million contract to supply rice to a customer in the EMEA region.
Camber Energy, Inc. CEI 7.71% shares were also up, gaining 14 percent to $0.2499 after the company regained compliance with all NYSE American continued listing standards.
Equities Trading DOWN
InflaRx N.V. IFRX 89.92% shares tumbled 90 percent to $3.7279 after the company reported IFX-1 did not demonstrate statistical significance.
Shares of Pivotal Software, Inc. PVTL 44.32% were down 43 percent to $10.51 after the company issued Q2 and FY20 sales guidance below analyst estimates.
GameStop Corp. GME 38.63% was down, falling 39 percent to $4.78. Gamestop reported upbeat earnings for its first quarter, while sales missed views. The company sees 2019 comparable sales down 5-10 percent.
Commodities
In commodity news, oil traded down 4 percent to $51.34, while gold traded up 0.4 percent to $1,333.60.
Silver traded up 0.24 percent Wednesday to $14.805, while copper fell 1.1 percent to $2.6405.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 gained 0.12 percent, the Spanish Ibex Index rose 0.09 percent, while Italy’s FTSE MIB Index fell 0.48 percent. Meanwhile, the German DAX dropped 0.2 percent, and the French CAC 40 climbed 0.15 percent while UK shares fell 0.09 percent.
Economics
Private sector employers added 27,000 jobs in May, ADP reported. However, economists were expecting a gain of 180,000 jobs.
The IHS Markit services PMI came in at 50.9 in May, versus economists’ expectations for a reading of 50.9.
The ISM non-manufacturing index increased to 56.9 in May, versus previous reading of 55.5.
U.S. crude supplies climbed 6.8 million barrels for the week ended May 31, the Energy Information Administration reported. However, analysts projected a decline of 1.7 million barrels. Gasoline inventories rose 3.2 million barrels, while distillate stockpiles rose 4.6 million barrels last week.
Boston Federal Reserve Bank President Eric Rosengren will speak in Chicago, IL at 1:15 p.m. ET.
The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.
Benzinga does not provide investment advice. All rights reserved.
Recommended Content
Editors’ Picks
AUD/USD failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Bitcoin price could be primed for correction as bearish activity grows near $66K area
Bitcoin (BTC) price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation. However, after four days of strength, the tables could be turning as a dark cloud now hovers above BTC price.
Bank of Japan's predicament: The BOJ is trapped
In this special edition of TradeGATEHub Live Trading, we're joined by guest speaker Tavi @TaviCosta, who shares his insights on the Bank of Japan's current predicament, stating, 'The BOJ is Trapped.'