U.S. markets stumbled midway through Wednesday's session, with technology stocks bearing the brunt of selling pressure. The Nasdaq Composite tumbled 1.58% to 23,335.70, shedding more than 350 points, while the Dow Jones Industrial Average declined 0.55% to 48,922.97. The S&P 500 fell 1.06% to 6,889.76.
But not everything was red on trader screens. Energy stocks surged 2% as crude oil prices climbed, offering a bright spot in an otherwise sluggish session. Information technology stocks, on the other hand, slipped 1.3% and dragged the broader market lower.
Consumer Spending Shows Surprising Strength
The morning's economic data provided some welcome news. U.S. retail sales increased 0.6% month-over-month in November, marking the largest surge since July and a sharp reversal from October's revised 0.1% decline. The numbers suggest American consumers remained willing to spend as the holiday shopping season kicked into gear.
Other economic indicators painted a relatively healthy picture. The U.S. current account deficit shrank by 9.2% to $226.4 billion in the third quarter, coming in better than market estimates of a $238 billion gap. Producer prices increased 0.2% month-over-month in November, matching expectations and following a 0.1% gain in October.
In energy markets, U.S. crude stocks surged by 3.4 million barrels to 422.4 million barrels in the week ended January 9, defying market estimates that had called for a 2.2 million-barrel draw.
Individual Stock Movers
High Roller Technologies Inc. (ROLR) absolutely exploded, rocketing 289% to $13.64 after announcing a binding Letter of Intent with Crypto.com to launch an event-based prediction markets product in the United States.
Clover Health Investments Corp (CLOV) gained 10% to $2.78 after reporting year-over-year membership growth in its Medicare Advantage PPO plans. The company expects to achieve its first-ever full-year GAAP net income profitability.
Inspire Veterinary Partners Inc (IVP) jumped 78% to $0.041 after filing a Certificate of Amendment on January 9 that increased its authorized Class A common stock from 100 million to 700 million shares, according to a Securities and Exchange Commission filing.
On the losing side, Briacell Therapeutics Corp (BCTX) plunged 53% to $5.09 after pricing a $30 million public offering of 5,366,726 units at $5.59 per unit.
Plus Therapeutics Inc (PSTV) fell 39% to $0.29 following news that the company priced a $15 million public offering of 39.5 million units at $0.38 per unit.
Hub Cyber Security Ltd (HUBC) dropped 39% to $0.33 after announcing a 1-for-15 reverse stock split effective January 16.
Commodities Rally Across the Board
Commodity markets showed considerable strength. Oil traded up 1.3% to $61.97 while gold climbed 0.5% to $4,622.10. Silver was the standout performer, surging 4.8% to $90.56, while copper rose 0.3% to $6.0345.
International Markets Mixed
European shares closed mostly higher. The eurozone's STOXX 600 rose 0.19%, while Spain's IBEX 35 Index gained 0.43%. London's FTSE 100 added 0.28% and France's CAC 40 edged up 0.10%. Germany's DAX bucked the trend, falling 0.40%.
Asian markets ended Wednesday on a mixed note. Japan's Nikkei surged 1.48% and Hong Kong's Hang Seng Index gained 0.56%. China's Shanghai Composite slipped 0.31% and India's BSE Sensex declined 0.29%.
