Dow Surges 100 Points; Abercrombie & Fitch Shares Fall After Q4 Results

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.25% to 48,622.74 while the NASDAQ climbed 0.69% to 22,672.12. The S&P 500 also rose, gaining, 0.37% to 6,841.53.

Check This Out: How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q4 Earnings

Leading and Lagging Sectors

Consumer discretionary shares rose by 1.1% on Wednesday.

In trading on Wednesday, energy stocks dipped by 0.6%.

Top Headline

Shares of Abercrombie & Fitch (NYSE:ANF) fell around 5% on Wednesday after the company posted earnings for the fourth quarter.

The company reported quarterly earnings of $3.68 per share which beat the analyst consensus estimate of $3.57 per share. The company reported quarterly sales of $1.669 billion which met the analyst consensus estimate.

Abercrombie & Fitch said it sees first-quarter GAAP EPS of $1.20-$1.30, versus market estimates of $1.39. The company sees sales of $1.108 billion-$1.130 billion, versus estimates of $1.147 billion.

Equities Trading UP
           

• VCI Global Ltd (NASDAQ:VCIG) shares shot up 149% to $20.02 after the company announced that its subsidiary, V Gallant, went live with Malaysia’s first NVIDIA-powered AI GPU Computing Center.
• Shares of Actelis Networks Inc (NASDAQ:ASNS) got a boost, surging 160% to $0.49. On Monday, Actelis announced it secured an order to deploy its MetaLight solution as part of an approximately $120 million Caltrans modernization initiative on a state route in San Mateo County. MetaLight claims to provide fiber-grade Ethernet connectivity over existing copper infrastructure.
• Can Fite Biopharma (NYSE:CANF) shares were also up, gaining 95% to $9.73 after the company announced that its Phase 2a study evaluating Namodenoson for advanced pancreatic ductal adenocarcinoma met its primary endpoint.

Equities Trading DOWN

• Battalion Oil Corp (NYSE:BATL) shares dropped 38% to $17.17.
• Shares of TMD Energy Ltd (NYSE:TMDE) were down 37% to $2.56.
• Garden Stage Ltd (NASDAQ:GSIW) was down, falling 36% to $0.058 after the company announced a 200-for-1 reverse stock split.

Commodities

In commodity news, oil traded down 0.4% to $74.29 while gold traded up 1.3% at $5,188.20.

Silver traded up 2.3% to $85.350 on Wednesday, while copper rose 1.5% to $5.9130.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 1.6%, while Spain's IBEX 35 Index rose 2.2%. London's FTSE 100 rose 0.9%, Germany's DAX gained 1.6% and France's CAC 40 jumped 1.2% during the session.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan's Nikkei 225 falling 3.61%, Hong Kong's Hang Seng index dipping 2.01%, China's Shanghai Composite falling 0.98% and India's BSE Sensex declining 1.40%.

Economics

U.S. private businesses added 63,000 jobs in February, the most since July, compared to a revised 11,000 gain in the previous month and above market estimates of 50,000.

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