Dow Gains 100 Points; Bank of America Earnings Top Views

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

Following the market opening Wednesday, the Dow traded up 0.22% to 48,642.84 while the NASDAQ rose 0.37% to 23,726.69. The S&P 500 also rose, gaining, 0.28% to 6,986.99.

Leading and Lagging Sectors

Financial shares climbed by 0.8% on Wednesday.

In trading on Wednesday, materials stocks fell by 0.8%.

Top Headline

Bank of America Corp (NYSE:BAC) reported upbeat earnings for the first quarter on Wednesday.

The company posted quarterly earnings of $1.11 per share which beat the analyst consensus estimate of $1.00 per share. The company reported quarterly sales of $30.272 billion which beat the analyst consensus estimate of $29.931 billion.

Equities Trading UP
           

• Allbirds Inc (NASDAQ:BIRD) shares shot up 323% to $10.54 after the company announced the execution of a definitive agreement with an institutional investor for a $50 million convertible financing facility. The company will pivot its business to AI compute infrastructure and change its name to “NewBird AI.”
• Shares of Immutep Ltd – ADR (NASDAQ:IMMP) got a boost, surging 166% to $0.84 after the FDA granted the company Orphan Drug Designation for for eftilagimod alfa for the treatment of Soft Tissue Sarcoma.
• VisionSys AI Inc (NASDAQ:VSA) shares were also up, gaining 57% to $0.94.

Equities Trading DOWN

• Cheetah Net Supply Chain Service Inc (NASDAQ:CTNT) shares dropped 71% to $0.49.
• Shares of Snail Inc (NASDAQ:SNAL) were down 47% to $0.90.
• Mint Incorporation Ltd (NASDAQ:MIMI) was down, falling 40% to $0.32.

Commodities

In commodity news, oil traded up 0.4% to $91.64 while gold traded down 0.3% at $4,835.60.

Silver traded down 0.3% to $79.28 on Wednesday, while copper rose 0.1% to $6.0880.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 slipped 0.2%, while Spain's IBEX 35 Index fell 0.6%. London's FTSE 100 rose 0.1%, Germany's DAX gained 0.1% and France's CAC 40 fell 0.6% during the session.

Asia Pacific Markets

Asian markets closed higher on Wednesday, with Japan's Nikkei 225 surging 0.44%, China's Shanghai Composite climbing 0.02%, Hong Kong's Hang Seng Index gaining 0.29% and India's BSE Sensex surging 1.64%.

Economics

• U.S. import prices rose by 0.8% month-over-month in March compared to a revised 0.9% gain in February.
• U.S. export prices increased by 1.6% month-over-month in March following a revised 1.9% gain in February.
• The NY Empire State Manufacturing Index surged to 11 in April, recording the highest reading in five months, up from -0.2 in the previous month and beating market estimates of -0.5.
• U.S. mortgage applications rose 1.8% in the week ended April 10, compared to a 0.8% decline in the prior period.

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