U.S. markets opened in a holding pattern Wednesday morning, with major indices pointing in different directions as investors braced for the Federal Reserve's upcoming policy decision. The Dow Jones managed to push 100 points higher, but the mood across Wall Street was decidedly cautious.
Following the opening bell, the Dow traded up 0.23% to 47,669.92, while the Nasdaq slipped 0.19% to 23,530.68. The S&P 500 barely budged, edging up just 0.02% to 6,842.14.
Sector Action: Industrials Rise, Tech Stumbles
Industrials led the charge on Wednesday, jumping 0.8% as investors rotated into the sector. On the flip side, information technology stocks dragged on performance, falling 0.6% during the session.
Chewy Crushes Earnings Estimates
Chewy Inc. (CHWY) delivered a standout earnings report Wednesday that sent a clear signal about pet owners' spending habits. The company posted adjusted earnings of 32 cents per share, obliterating the analyst consensus of 13 cents and landing at the high end of management's guidance range of 28-33 cents.
The pet supply retailer reported sales of $3.117 billion, marking an 8.3% increase year over year. That topped both the consensus estimate of $3.099 billion and management's own guidance of $3.07 billion to $3.1 billion.
Big Movers: Wild Swings Across the Board
Wednesday brought some truly remarkable individual stock moves, with several names posting triple-digit percentage swings.
On the upside, A SPAC III Acquisition Corp. (ASPC) absolutely exploded, rocketing 336% to $45.69. Beasley Broadcast Group, Inc. (BBGI) surged 135% to $9.52, while Enveric Biosciences, Inc. (ENVB) jumped 102% to $11.94. The Massachusetts-based biotech company got a boost after receiving a Notice of Allowance from the U.S. Patent and Trademark Office for a patent application related to its EVM301 Series molecules, which are being developed as potential treatments for mental health disorders.
The downside was equally dramatic. WORK Medical Technology Group LTD (WOK) collapsed 86% to $0.7876, while Agape ATP Corporation (ATPC) plunged 82% to $0.2332. Pomdoctor Limited (POM) dropped 73% to $1.4799.
Commodities and International Markets
In commodity markets, oil traded down 0.6% to $57.92, while gold slipped 0.2% to $4,227.60. Silver bucked the trend, rising 0.3% to $60.990, and copper gained 0.8% to $5.3615.
European markets showed mixed results. The eurozone's STOXX 600 edged up 0.1%, while Spain's IBEX 35 Index rose 0.1%. London's FTSE 100 climbed 0.3%, but Germany's DAX 40 fell 0.3% and France's CAC 40 dropped 0.4%.
Asian markets closed mostly lower Wednesday, with Japan's Nikkei falling 0.10%, Hong Kong's Hang Seng gaining 0.42%, China's Shanghai Composite declining 0.23%, and India's BSE Sensex dropping 0.32%.
Economic Data Roundup
On the economic front, U.S. compensation costs for civilian workers rose 0.8% in the third quarter, a slight deceleration from the 0.9% gain recorded in the previous period. Meanwhile, mortgage applications showed signs of life, with volume increasing 4.8% in the first week of December compared to the previous week.