Dow Falls Over 200 Points; General Mills Posts Upbeat Earnings

U.S. stocks traded lower this morning, with the Dow Jones index falling over 200 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.41% to 52,106.03 while the NASDAQ fell 0.67% to 26,037.18. The S&P 500 also fell, dropping, 0.48% to 7,463.10.

Leading and Lagging Sectors

Communication services shares jumped by 2% on Wednesday.

In trading on Wednesday, information technology stocks fell by 1.9%.

Top Headline

General Mills (NYSE:GIS) reported better-than-expected fourth-quarter financial results.

General Mills reported quarterly earnings of 95 cents per share which beat the analyst consensus estimate of 80 cents per share. The company reported quarterly sales of $4.610 billion which beat the analyst consensus estimate of $4.595 billion.

Equities Trading UP
           

• Token Cat Ltd – ADR (NASDAQ:TC) shares shot up 224% to $6.00 after dipping 77% on Tuesday.
• Shares of Linkhome Holdings Inc (NASDAQ:LHAI) got a boost, surging 158% to $1.70 after the company announced it has completed the acquisition of 100% of the equity interests of Mortgage One Group.
• Eason Technology Ltd (NYSE:DXF) shares were also up, gaining 142% to $0.89 after falling 3% on Tuesday.

Equities Trading DOWN

• INLIF Ltd (NASDAQ:INLF) shares dropped 44% to $0.032 after the company announced a 1-for-200 reverse stock split.
• Shares of Optimum Communications Inc (NYSE:OPTU) were down 31% to $1.00. Optimum’s subsidiary announced preliminary results of tender offer for shares of Optimum’s Class A common stock.
• Shutterstock Inc (NYSE:SSTK) was down, falling 28% to $10.03 after Getty Images’ board terminated its merger agreement with the company.

Commodities

In commodity news, oil traded down 0.5% to $69.16 while gold traded down 0.1% at $4,036.60.

Silver traded down 1.3% to $59.160 on Wednesday, while copper fell 1.5% to $6.1625.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 0.5%, while Spain’s IBEX 35 Index fell 0.7%. London’s FTSE 100 fell 0.5%, Germany’s DAX slipped 0.3%, while France’s CAC 40 dipped 0.9%.

Asia Pacific Markets

Asian markets closed higher on Wednesday, with Japan’s Nikkei 225 gaining 0.59%, China’s Shanghai Composite rising 0.44% and India’s BSE Sensex gaining 0.58%.

Economics

• U.S. private businesses added 98,000 jobs in June, down from 122,000 in May and market estimates of 113,000.
• U.S. volume of mortgage applications came in unchanged from the previous week during the last week of June.

Photo via Shutterstock