US Stocks Mixed; General Mills Posts Upbeat Earnings

Author: Avi Kapoor | September 18, 2024 09:44am

U.S. stocks traded mixed this morning, with the Dow Jones index falling over 50 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.17% to 41,536.53 while the NASDAQ rose 0.14% to 17,653.56. The S&P 500 also fell, dropping, 0.01% to 5,634.39.

Check This Out: How To Earn $500 A Month From Darden Restaurants Stock Ahead Of Q1 Earnings

Leading and Lagging Sectors

Energy shares jumped by 0.3% on Wednesday.

In trading on Wednesday, health care shares fell by 0.2%.

Top Headline

General Mills, Inc. (NYSE:GIS) reported better-than-expected earnings for its first quarter on Wednesday.

The company reported first-quarter adjusted earnings per share of $1.07 (down 2%), beating the street view of $1.06. Quarterly revenues of $4.85 billion outpaced the analyst consensus estimate of $4.801 billion.

Equities Trading UP

Portage Biotech Inc. (NASDAQ:PRTG) shares shot up 185% to $12.92 after jumping around 15% on Tuesday.
Shares of Odyssey Marine Exploration, Inc. (NASDAQ:OMEX) got a boost, surging 126% to $1.12 after declining around 89% on Tuesday.
Webuy Global Ltd (NASDAQ:WBUY) shares were also up, gaining 97% to $0.2294. Webuy Global, on Tuesday, reported a year-over-year increase in interim H1 revenue results.

Equities Trading DOWN

Galmed Pharmaceuticals Ltd (NASDAQ:GLMD) shares dropped 34% to $9.98 after jumping 290% on Tuesday.
Shares of BurgerFi International, Inc. (NASDAQ:BFI) were down 29% to $0.1651. BurgerFi recently received interim approval for $3.5 million in financing to support 144 locations during its restructuring.
Cibus, Inc. (NASDAQ:CBUS) was down, falling 23% to $3.90 after the company announced the pricing of $12 million offering of 3 million shares at $4.00 per share.

Commodities

In commodity news, oil traded down 0.7% to $70.70 while gold traded up 0.4% at $2,603.60.

Silver traded up 0.1% to $30.98 on Wednesday, while copper rose 0.6% to $4.2965.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.35%, Germany's DAX rose 0.08% and France's CAC 40 fell 0.40%. Spain's IBEX 35 Index fell 0.13%, while London's FTSE 100 fell 0.61%.

Annual inflation rate in the Eurozone fell to 2.2% in August, recording the lowest level since July 2021, compared to 2.6% in the prior month. Construction output in the Eurozone fell by 2.2% year-over-year in July compared to a revised 1.3% decline in the previous month.

Annual inflation rate in the UK came in unchanged at 2.2% in August, in line with estimates, while producer prices increased 0.2% year-over-year in August.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 gaining 0.49%, China's Shanghai Composite Index gaining 0.49% and India's BSE Sensex falling 0.16%.

Japanese trade deficit shrank to JPY 695.30 billion in August from JPY 940.10 billion in the year-earlier month, and versus market expectations of a JPY 1,380 billion gap.

Economics

U.S. mortgage applications surged by 14.2% from the prior week in the week ending Sept. 13.
Housing starts in the U.S. climbed by 9.6% from the prior month to an annualized rate of 1.356 million units for August.
U.S. building permits gained by 4.9% to an adjusted annual rate of 1.475 million in August.

Now Read This: