Gold Gains Over 1%; US Manufacturing PMI Falls In June

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite falling over 100 points on Wednesday.

The Dow traded up 0.32% to 52,488.18 while the NASDAQ fell 0.43% to 26,102.23. The S&P 500 also fell, dropping, 0.01% to 7,499.07.

Leading and Lagging Sectors

Communication services shares jumped by 2% on Wednesday.

In trading on Wednesday, information technology stocks fell by 1.9%.

Top Headline

The S&P Global manufacturing PMI was revised lower to 53.9 in June, from the preliminary reading of 55.7 and also down from May’s final reading of 55.1.

Equities Trading UP
           

• Progress Software Corp (NASDAQ:PRGS) shares shot up 15% to $38.52 after the company after the company posted better-than-expected second-quarter results.
• Shares of Linkhome Holdings Inc (NASDAQ:LHAI) got a boost, surging 108% to $1.37 after the company announced it has completed the acquisition of 100% of the equity interests of Mortgage One Group.
• PowerFleet Inc (NASDAQ:AIOT) shares were also up, gaining 12% to $4.30 as the company announced a new $30 million stock repurchase program.

Equities Trading DOWN

• INLIF Ltd (NASDAQ:INLF) shares dropped 45% to $0.032 after the company announced a 1-for-200 reverse stock split.
• Shares of Nebius Group NV (NASDAQ:NBIS) were down 14% to $238.48 after a Bloomberg report said Meta Platforms Inc. (NASDAQ:META) is exploring a cloud infrastructure business that would sell access to raw computing capacity, fueling concerns about intensifying competition in the AI cloud market.
• Shutterstock Inc (NYSE:SSTK) was down, falling 30% to $9.74 after Getty Images’ board terminated its merger agreement with the company.

Commodities

In commodity news, oil traded down 0.6% to $69.11 while gold traded up 1.2% at $4,085.80.

Silver traded up 1.3% to $60.685 on Wednesday, while copper fell 0.8% to $6.2060.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.4%, while Spain’s IBEX 35 Index fell 0.5%. London’s FTSE 100 fell 0.4%, Germany’s DAX gained 0.1%, while France’s CAC 40 dipped 0.8%.

Asia Pacific Markets

Asian markets closed higher on Wednesday, with Japan’s Nikkei 225 gaining 0.59%, China’s Shanghai Composite rising 0.44% and India’s BSE Sensex gaining 0.58%.

Economics

• U.S. private businesses added 98,000 jobs in June, down from 122,000 in May and market estimates of 113,000.
• U.S. volume of mortgage applications came in unchanged from the previous week during the last week of June.
• The S&P Global manufacturing PMI was revised lower to 53.9 in June, from the preliminary reading of 55.7 and also down from May’s final reading of 55.1.

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