Dow Surges Over 300 Points; US Inflation Rate Slows In May

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U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 300 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.84% to 39,072.22 while the NASDAQ rose 0.87% to 17,494.72. The S&P 500 also rose, gaining, 0.84% to 5,420.33.

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Leading and Lagging Sectors

Real estate shares jumped by 2.1% on Wednesday.

In trading on Wednesday, consumer staples shares rose by just 0.1%.

Top Headline

The annual CPI inflation rate fell from 3.4% to 3.3% in May, below than the median economist projection of 3.4%. According to Econoday, the economist consensus ranged from 3.3% to 3.5%.

Equities Trading UP
                       

  • Golden Heaven Group Holdings Ltd. GDHG shares shot up 51% to $0.2700.
  • Shares of Beamr Imaging Ltd. BMR got a boost, surging 40% to $6.19 after the company announced that its Beamr Cloud solution has achieved Powered by Expertise and is now available in the Oracle Cloud Marketplace.
  • WANG & LEE GROUP, Inc. WLGS shares were also up, gaining 29% to $0.78 after surging 16% on Tuesday.

Equities Trading DOWN

  • Tonix Pharmaceuticals Holding Corp. TNXP shares dropped 49% to $1.09. Tonix Pharmaceuticals priced its $4 million public offering of 3,753,558 shares of common stock at $1.065 per share.
  • Shares of ThermoGenesis Holdings, Inc. THMO were down 39% to $0.3290 after the Nasdaq denied the company's request for continued listing and the stock will be suspended at the opening of business on June 17.
  • TRACON Pharmaceuticals, Inc. TCON was down, falling 28% to $0.78.

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Commodities

In commodity news, oil traded up 1.1% to $78.79 while gold traded up 0.2% at $2,330.10.

Silver traded up 1.9% to $29.495 on Wednesday, while copper rose 0.1% to $4.5150.

Euro zone

European shares were lower today. The eurozone's STOXX 600 gained 0.5%, Germany's DAX gained 0.6% and France's CAC 40 rose 0.5%. Spain's IBEX 35 Index rose 0.4%, while London's FTSE 100 rose 0.7%.

German consumer price inflation increased to 2.4% in May from a three-year low of 2.2% in the prior month.

The UK’s trade deficit increased to around two-year high of £6.75 billion in April, while British economy stalled during April following a 0.4% expansion in March. Industrial production in the UK fell 0.9% month-over-month for April.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei falling 0.66%, Hong Kong's Hang Seng Index falling 1.31%, China's Shanghai Composite Index gaining 0.31% and India's S&P BSE Sensex gaining 0.20%.

Total passenger vehicle sales in India rose 4.3% year-over-year to 300,795 in May following a 1.2% gain in the prior month. Producer prices in Japan rose 2.4% year-over-year in May compared to a revised 1.1% increase in April.

Chinese annual inflation rate came in at 0.3% in May versus market estimates of 0.4%, while producer prices fell by 1.4% year-over-year in May.

Economics

  • The annual CPI inflation rate fell from 3.4% to 3.3% in May, below than the median economist projection of 3.4%. According to Econoday, the economist consensus ranged from 3.3% to 3.5%.
  • On a monthly basis, the overall CPI inflation stalled, decelerating from the prior 0.3% growth and coming in below expectations of 0.1%.

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