US Stocks Gain; Abercrombie & Fitch Posts Upbeat Earnings

U.S. stocks traded higher this morning, with the Dow Jones index jumping around 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.22% to 42,438.74 while the NASDAQ gained 0.19% to 19,235.41. The S&P 500 also rose, gaining, 0.21% to 5,933.97.

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Leading and Lagging Sectors

Communication services shares jumped by 0.5% on Wednesday.

In trading on Wednesday, materials stocks fell by 0.5%.

Top Headline

Abercrombie & Fitch Company (NYSE:ANF) reported better-than-expected first-quarter earnings on Wednesday.

The company posted adjusted EPS of $1.59, beating the street view of $1.40. Quarterly sales of $1.1 billion outpaced the analyst consensus estimate of $1.08 billion.

The company expects second-quarter net sales growth in the range of 3% to 5% and EPS of $2.10-$2.30 vs consensus of $2.53. Abercrombie & Fitch revised FY25 guidance for net sales growth to 3% to 6% (from 3% to 5% prior) and EPS to $9.50 to $10.50 (from $10.40 to $11.40) vs. street view of $10.75.

Equities Trading UP
           

• Signing Day Sports, Inc. (NYSE:SGN) shares shot up 301% to $3.3297 after announcing a business combination agreement with BlockchAIn to acquire 100% of the company and form a crypto mining, AI, and high-performance computing data hosting company.
• Shares of Spero Therapeutics, Inc. (NASDAQ:SPRO) got a boost, surging 218% to $2.17 after the company and GSK announced the Phase 3 study of tebipenem HBr met its primary endpoint and will stop early for efficacy.
• Safe & Green Holdings Corp. (NASDAQ:SGBX) shares were also up, gaining 117% to $1.20.

Equities Trading DOWN

• InflaRx N.V. (NASDAQ:IFRX) shares dropped 59% to $0.7501 after the company halted Vilobelimab Phase 3 trial in pyoderma Gangrenosum after futility finding in interim analysis.
• Shares of Cemtrex, Inc. (NASDAQ:CETX) were down 46% to $0.9022 after the company announced a $1.25 million public offering.
• ESS Tech, Inc. (NYSE:GWH) was down, falling 41% to $1.1550.

Commodities

In commodity news, oil traded up 1.4% to $61.74 while gold traded up 0.4% at $3,311.80.

Silver traded up 0.3% to $33.40 on Wednesday, while copper fell 0.5% to $4.7165.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.3%, while Spain's IBEX 35 Index fell 0.8%. London's FTSE 100 fell 0.1%, Germany's DAX 40 fell 0.4% and France's CAC 40 slipped 0.1% during the session.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan's Nikkei falling 0.005%, Hong Kong's Hang Seng Index dipping 0.53%, China's Shanghai Composite Index falling 0.02% and India's BSE Sensex falling 0.29%.

Economics

The volume of mortgage applications in the US declined by 1.2% from the previous week during the week ending May 23.

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