Dow Surges Over 150 Points; Alphabet Posts Upbeat Results

Author: Avi Kapoor | October 30, 2024 11:04am

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 150 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.41% to 42,406.57 while the NASDAQ rose 0.33% to 18,774.25. The S&P 500 also rose, gaining, 0.23% to 5,846.61.

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Leading and Lagging Sectors

Communication services shares rose by 2.7% on Wednesday.

In trading on Wednesday, health care shares fell by 0.8%.

Top Headline

Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) posted better-than-expected results for the third quarter on Tuesday.

The company reported third-quarter revenue of $88.27 billion, up 15% year-over-year. The total beat a Street consensus estimate of $86.31 billion.

Equities Trading UP
                       

• Tharimmune, Inc. (NASDAQ:THAR) shares shot up 125% to $4.56 after the company announced it received EMA feedback on its TH104 clinical program. The design and main features of the proposed Phase 2 study were deemed acceptable and general guidance was also provided for a future Phase 3 study.
• Shares of Ensysce Biosciences, Inc. (NASDAQ:ENSC) got a boost, surging 61% to $0.6722.
• Reddit, Inc. (NYSE:RDDT) shares were also up, gaining 40% to $114.73 after the company reported better-than-expected third-quarter financial results and issued fourth-quarter revenue guidance above estimates.

Equities Trading DOWN

• SRIVARU Holding Limited (NASDAQ:SVMH) shares dropped 58% to $0.0287 after the company announced it upsized its $6.8 million public offering.
• Shares of Vicinity Motor Corp. (NASDAQ:VEV) were down 48% to $0.0252. Vicinity Motor recently announced that all members of its board of directors have resigned.
• Applied DNA Sciences, Inc. (NASDAQ:APDN) was down, falling 38% to $0.1975 after the company announced the pricing of a registered direct offering of 20,312,500 shares at $0.32 per share. The company also announced a concurrent private placement.

Commodities

In commodity news, oil traded up 1.5% to $68.23 while gold traded up 0.4% at $2,792.20.

Silver traded down 1.3% to $34.00 on Wednesday, while copper rose 0.1% to $4.3625.

Euro zone

European shares were lower today. The eurozone's STOXX 600 dipped 1%, Germany's DAX fell 0.27% and France's CAC 40 slipped 0.61%. Spain's IBEX 35 Index fell 0.6%, while London's FTSE 100 fell 0.80%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 gaining 0.96%, Hong Kong's Hang Seng Index dipping 1.55%, China's Shanghai Composite Index falling 0.61% and India's BSE Sensex falling 0.53%.

Economics

• Pending home sales in the U.S. surged by 7.4% from the previous month in September, compared to a 0.6% gain in August.
• The U.S. economy grew by an annualized 2.8% in the third quarter, from 3% in the second quarter.
• Private businesses in the U.S. hired 233K workers to their payrolls in October compared to a revised 159K gain in September.

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Posted In: APDN ENSC GOOG GOOGL RDDT SVMH THAR VEV