Nasdaq Gains Over 100 Points; Sony Group Posts Upbeat Earnings

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining more than 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.19% to 42,218.65 while the NASDAQ gained 0.65% to 19,133.96. The S&P 500 also rose, gaining, 0.29% to 5,903.54.

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Leading and Lagging Sectors

Information technology shares jumped by 1.1% on Wednesday.

In trading on Wednesday, utilities stocks fell by 1.1%.

Top Headline

Sony Group Corporation (NYSE:SONY) reported better-than-expected fourth-quarter EPS results.

Sony Group reported quarterly earnings of 21 cents per share which beat the analyst consensus estimate of 12 cents per share. The company reported quarterly sales of $17.25 billion which missed the analyst consensus estimate of $20.40 billion.

Equities Trading UP
                       

• Incannex Healthcare Inc. (NASDAQ:IXHL) shares shot up 376% to $0.4092 after the company completed patient dosing in the Phase 2 portion of its Phase 2/3 RePOSA study of IHL-42X for obstructive sleep apnea.
• Shares of Septerna, Inc. (NASDAQ:SEPN) got a boost, surging 63% to $10.99 after the company announced an exclusive global collaboration and license agreement with Novo Nordisk to develop oral small molecule medicines for obesity, type 2 diabetes, and other cardiometabolic diseases.
• HWH International Inc. (NASDAQ:HWH) shares were also up, gaining 53% to $1.8390.

Equities Trading DOWN

• Polyrizon Ltd. (NASDAQ:PLRZ) shares dropped 41% to $0.0169.
• Shares of TEN Holdings, Inc. (NASDAQ:XHLD) were down 37% to $0.8601.
• Accelerate Diagnostics, Inc. (NASDAQ:AXDX) was down, falling 37% to $0.0525.

Commodities

In commodity news, oil traded down 1% to $63.03 while gold traded down 1.7% at $3,191.50.

Silver traded down 2.2% to $32.390 on Wednesday, while copper fell 0.7% to $4.6895.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 gained 0.1%, while Spain's IBEX 35 Index rose 0.4%. London's FTSE 100 rose 0.1%, Germany's DAX 40 fell 0.2% and France's CAC 40 slipped 0.3% during the session.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan's Nikkei falling 0.14%, Hong Kong's Hang Seng Index gaining 2.30%, China's Shanghai Composite Index gaining 0.86% and India's BSE Sensex gaining 0.22%.

Economics

U.S. mortgage application volumes increased by 1.1% from the previous week in the week ending May 9, following an 11% surge in the prior period.

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