U.S. stocks traded lower this morning, with the Dow Jones index falling around 350 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.69% to 51,166.67 while the NASDAQ declined 0.54% to 27,451.57. The S&P 500 also fell, dropping, 0.41% to 7,787.18.

Leading and Lagging Sectors

Energy shares jumped by 1% on Wednesday.

In trading on Wednesday, materials stocks fell by 1.1%.

Top Headline

Constellation Brands, Inc. (NYSE:STZ) posted better-than-expected second-quarter results, after the closing bell on Tuesday.

Constellation Brands reported quarterly earnings of $3.74 per share which beat the analyst consensus estimate of $3.56 per share. The company reported quarterly sales of $2.633 billion which beat the analyst consensus estimate of $2.542 billion.

The company also announced the acquisition of spirit-based ready-to-drink brand SpikedAde.

Equities Trading UP
           

  • China SXT Pharmaceuticals Inc (NASDAQ:SXTC) shares shot up 114% to $2.68.
  • Shares of Baiya International Group Inc (NASDAQ:BIYA) got a boost, surging 58% to $2.16.
  • Lipocine Inc (NASDAQ:LPCN) shares were also up, gaining 41% to $2.97 after the company announced that Health Canada approved TLANDO for testosterone replacement therapy in adult males.

Equities Trading DOWN

  • Caribou Biosciences Inc (NASDAQ:CRBU) shares dipped 47% to $0.60 after the company announced it is exploring strategic alternatives.
  • Shares of VCI Global Ltd (NASDAQ:VCIG) were down 45% to $0.78.
  • Innventure Inc (NASDAQ:INV) was down, falling 30% to $0.40. Innventure recently announced a partnership between its AeroFlexx unit and ZXP Technologies to expand industrial liquid packaging technology across various sectors.

Commodities

In commodity news, oil traded up 0.8% to $90.14 while gold traded down 2% at $4,105.20.

Silver traded down 3.7% to $59.295 on Wednesday, while copper fell 0.5% to $6.6185.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.9%, while Spain’s IBEX 35 Index dipped 1.8%, London’s FTSE 100 declined 0.6%, Germany’s DAX declined 1.3%, while France’s CAC 40 tumbled 1.1%.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 falling 0.92%, Hong Kong’s Hang Seng Index declining 0.62% and India’s BSE Sensex dropping 0.59%.

Economics

The volume of mortgage applications dropped by 4.2% in the week ending Oct. 2, recording the fifth straight decline.

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