Dow Rises 150 Points As Fed Boosts Rates By 0.75 Percentage Points

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U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 150 points on Wednesday.

The Dow traded up 0.49% to 31,915.65 while the NASDAQ rose 2.83% to 11,889.90. The S&P also rose, gaining, 1.59% to 3,983.55.

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Leading and Lagging Sectors

Communication services shares rose 3.9% on Wednesday. Meanwhile, top gainers in the sector included Leafly Holdings, Inc. (NASDAQ:LFLY), up 39% and Spotify Technology S.A.. (NYSE:SPOT) up 12%.

In trading on Wednesday, utilities shares fell 0.2%.

Top Headline

The Federal Reserve boosted rates by 75 bps.

Equities Trading UP

Blue Water Vaccines, Inc. (NASDAQ:BWV) shares shot up 54% to $3.1650. Blue Water Vaccines recently announced signing of sponsored research agreement with Cincinnati Children’s Hospital Medical Center for S&P vaccine platform development.

Shares of Pzena Investment Management, Inc (NYSE:PZN) got a boost, shooting 46% to $9.43 as the company said it has entered into an agreement to become a private company. The company also reported a rise quarterly sales.

Teva Pharmaceutical Industries Limited (NYSE:TEVA) shares were also up, gaining 23% to $8.76 after the company reported better-than-expected financial results.

Equities Trading DOWN

F45 Training Holdings Inc. (NYSE:FXLV) shares tumbled 65% to $1.24 after the company cut its FY22 sales guidance to below analyst estimates. Macquarie and Baird downgraded the stock to Neutral.

Shares of Cassava Sciences, Inc. (NASDAQ:SAVA) were down 22% to $16.90. The U.S. Justice Department has opened a criminal investigation into Cassava Sciences on whether it manipulated research results for its investigational Alzheimer’s drug, Reuters reported citing two people familiar with the inquiry.

ObsEva SA (NASDAQ:OBSV) was down, falling 73% to $0.4351 after the company announced a restructuring and the termination of the license agreement with Kissei for linzagolix.

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Commodities

In commodity news, oil traded up 3% to $97.87, while gold traded up 0.1% to $1,719.10.

Silver traded up 0.4% to $18.615 on Wednesday while copper rose 1.5% to $3.4345.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.47%, London’s FTSE 100 gained 0.57% while Spain’s IBEX 35 Index rose 0.68%. The German DAX gained 0.53%, French CAC 40 rose 0.75% and Italy’s FTSE MIB Index gained 1.52%.

Loans to households in the Eurozone increased 4.6% year-over-year in June. Italian consumer confidence fell to 94.8 in July from 98.3 a month ago, while manufacturing confidence declined to 106.7 in July from a revised 109.5. Consumer confidence in France declined for the seventh month running to 80 in July.

Economics

U.S. durable goods orders increased 1.9% from a month ago in June.

The goods gap in the US shrank to $98.2 billion in June from a revised $104 billion in May.

Wholesale inventories in the US rose 1.9% month-over-month to $896.0 billion in June.

Pending home sales in the US dropped 8.6% month-over-month in June, after rising 0.4% in May.

US crude oil inventories dropped by 4.523 million barrels in the week ended July 22, the most in 8 weeks and higher than analysts’ estimates for a 1.037-million-barrel declined, the Energy Information Administration said.

The Federal Reserve boosted rates by 75 bps.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 92,494,010 cases with around 1,052,930 deaths. India confirmed a total of at least 43,938,760 cases and 526,160 deaths, while Brazil reported over 33,660,600 COVID-19 cases with 677,560 deaths. In total, there were at least 577,475,760 cases of COVID-19 worldwide with more than 6,407,980 deaths.