US Stocks Edge Higher As Fed Raises Interest Rates By 75 Basis Points

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U.S. stocks traded slightly higher toward the end of trading session on Wednesday following the announcement of interest rate decision by the Fed.

The Dow traded up 0.06% to 30,725.62 while the NASDAQ rose 0.29% to 11,458.32. The S&P 500 also rose, gaining, 0.25% to 3,865.60.

Also check this: Market Volatility Increases Sharply Ahead Of Fed’s Rate Decision

Leading and Lagging Sectors

Consumer staples shares rose by 1.3% on Wednesday. Meanwhile, top gainers in the sector included General Mills, Inc. (NYSE:GIS), up 7% and Rite Aid Corporation (NYSE:RAD) up 5%.

In trading on Wednesday, communication services shares fell by 0.1%.

Top Headline

The Federal Reserve raised interest rates by 75 bps at the meeting

Equities Trading UP

  • Stabilis Solutions, Inc. (NASDAQ:SLNG) shares shot up 83% to $9.46 after the company announced it has received authorization from the U.S. Department of Energy to export domestically produced liquefied natural gas to all free trade and non-free trade countries.
  • Shares of ECMOHO Limited (NASDAQ:MOHO) got a boost, shooting 29% to $0.1491. ECMOHO announced that it has received delisting notice from the Nasdaq. The company said it has elected to not appeal Nasdaq Listing Qualifications Department’s determination.
  • Evaxion Biotech A/S (NASDAQ:EVAX) shares were also up, gaining 47% to $2.99 as the company reached an important milestone announcing that it had enrolled its first patient in the global phase 2b clinical trial of EVX-01, its personalized cancer therapy.

Equities Trading DOWN

  • Sesen Bio, Inc. (NASDAQ:SESN) shares tumbled 36% to $0.43. Sesen Bio and privately held Carisma Therapeutics Inc have entered into a merger agreement to combine the companies in an all-stock transaction.
  • Shares of ShiftPixy, Inc. (NASDAQ:PIXY) were down 40% to $13.01 after the company announced pricing of a $5 million private placement.
  • Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) was down, falling 37% to $0.2250 as the company announced the results from the third planned interim analysis of the Phase 2/3 clinical trial of Tempol in high-risk subjects with early COVID-19 infection. The trial did not achieve its primary endpoint, as measured by comparing the rate of sustained clinical resolution of symptoms of COVID-19 at day 14 of Tempol versus placebo.

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Commodities

In commodity news, oil traded down 1.4% to $83.28, while gold traded up 0.3% at $1,675.20.

Silver traded up 1.4% to $19.455 on Wednesday while copper fell 1% to $3.4670.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.90%, London’s FTSE 100 rose 0.63% while Spain’s IBEX 35 Index fell 0.01%. The German DAX gained 0.76%, French CAC 40 rose 0.87% and Italy’s FTSE MIB Index gained 1.20%.

Public sector net borrowing, excluding public sector banks, in the UK came in at £11.8 billion for August.

Economics

  • Existing home sales in the US fell 0.4% to an annual rate of 4.8 million in August, recording the lowest reading since May 2020, and compared to a revised 5.7% decline in the previous month.
  • US crude oil inventories climbed by 1.142 million barrels in the week ended September 16th, versus market estimates of a 2.161-million-barrel rise, the Energy Information Administration said.
  • The Federal Reserve raised interest rates by 75 bps at the meeting.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 97,594,680 cases with around 1,079,200 deaths. India confirmed a total of at least 44,547,590 cases and 528,400 deaths, while France reported over 34,973,410 COVID-19 cases with 154,790 deaths. In total, there were at least 618,209,000 cases of COVID-19 worldwide with more than 6,533,620 deaths.

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