Dow Falls Over 50 Points; Cintas Posts Upbeat Earnings

Benzinga
2024-09-25

U.S. stocks traded mostly lower this morning, with the Dow Jones index falling over 50 points on Wednesday.

Following the market opening Wednesday, The Dow traded down 0.15% to 42,145.12 while the NASDAQ fell 0.02% to 18,070.61. The S&P 500 also fell, dropping, 0.01% to 5,732.80.

Check This Out: Wall Street’s Most Accurate Analysts Give Their Take On 3 Materials Stocks With Over 4% Dividend Yields

Leading and Lagging SectorsUtilities shares jumped by 0.5% on Wednesday.

In trading on Wednesday, energy shares fell by 0.7%.

Top Headline

Cintas Corporation (NASDAQ:CTAS) reported better-than-expected first-quarter financial results ad raised its guidance.

Cintas reported quarterly earnings of $1.10 per share which beat the analyst consensus estimate of 95 cents per share. The company reported quarterly sales of $2.50 billion which met the analyst consensus estimate.

Equities Trading UP                       

  • AtlasClear Holdings, Inc. (NYSE:ATCH) shares shot up 94% to $0.3729.
  • Shares of Eightco Holdings Inc. (NASDAQ:OCTO) got a boost, surging 73% to $4.3050. Eightco Holdings expects to deliver revenues of $100 million for 2025.
  • CERo Therapeutics Holdings, Inc. (NASDAQ:CERO) shares were also up, gaining 45% to $0.1378 after the company announced it secured $1.25 million in financing and requested an FDA type A meeting to address the clinical hold on CER-1236.

Equities Trading DOWN

  • Vertex Energy, Inc. (NASDAQ:VTNR) shares dropped 62% to $0.1369 after the company announced it filed for Chapter 11 bankruptcy.
  • Shares of Stitch Fix, Inc. (NASDAQ:SFIX) were down 35% to $2.4310 after the company reported worse-than-expected fourth-quarter EPS results.
  • Creative Media & Community Trust Corporation (NASDAQ:CMCT) was down, falling 26% to $1.14.

CommoditiesIn commodity news, oil traded down 1.7% to $70.35 while gold traded up 0.3% at $2,684.90.

Silver traded down 1.1% to $32.075 on Wednesday, while copper rose 0.1% to $4.4945.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 rose 0.1%, Germany's DAX fell 0.2% and France's CAC 40 fell 0.2%. Spain's IBEX 35 Index rose 0.1%, while London's FTSE 100 rose 0.1%.

Producer prices in Spain declined by 1.3% year-over-year in August compared to a revised 1.6% decline in the previous month. The consumer confidence indicator in France climbed to 95.1 in September from 92.5 in the prior month.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 falling 0.19%, Hong Kong's Hang Seng Index jumping 0.68%, China's Shanghai Composite Index gaining 1.16% and India's BSE Sensex gaining 0.30%.

The People's Bank of China cut its one-year policy loan rate by 30bps to 2.0%.

Economics

  • U.S. building permits increased by 4.6% to an annual rate of 1.470 million in August.
  • U.S. mortgage applications rose by 11% from the prior week during the week ending Sept. 20, compared to a 14.2% gain in the earlier week.

Now Read This:

  • Accenture Gears Up For Q4 Print; Here Are The Recent Forecast Changes From Wall Street’s Most Accurate Analysts

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