Nasdaq Down Over 2%; Abbott Laboratories Posts Upbeat Earnings

U.S. stocks traded lower this morning, with the Nasdaq Composite falling over 2% on Wednesday.

The Dow traded down 0.67% to 40,099.73 while the NASDAQ dipped 2.12% to 16,466.96. The S&P 500 also fell, dropping, 1.27% to 5,327.95.

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Leading and Lagging Sectors

Energy shares surged by 1.4% on Wednesday.

In trading on Wednesday, information technology shares fell by 3%.

Top Headline

Abbott Laboratories (NYSE:ABT) reported better-than-expected first-quarter adjusted EPS results.

Abbott Laboratories reported first-quarter sales of $10.36 billion, up 7.2% year over year, almost in line with the consensus of $10.40 billion. The U.S. MedTech giant reported adjusted EPS of $1.09, beating the consensus of $1.07 and the management guidance of $1.05-$1.09.

Abbott Laboratories expects second quarter 2025 adjusted EPS of $1.23-$1.27 versus consensus of $1.25.

Equities Trading UP
                       

• Treasure Global Inc. (NASDAQ:TGL) shares shot up 70% to $3.54 after the company announced that it has secured an exclusive partnership with Mezzofy to become the sole distributor of its digital coupon platform and is targeting $2-4 million in annual recurring revenue.
• Shares of Zeo Energy Corp. (NASDAQ:ZEO)got a boost, surging 70% to $2.3097.
• iCAD, Inc. (NASDAQ:ICAD) shares were also up, gaining 67% to $3.22 after the company announced it will be acquired by RadNet for a deal worth approximately $103 million.

Equities Trading DOWN

• SUNation Energy Inc. (NASDAQ:SUNE) shares dropped 40% to $0.0249 as the company announced a 1-for-200 reverse stock split.
• Shares of Ostin Technology Group Co., Ltd. (NASDAQ:OST) were down 35% to $2.07. Ostin Technology Group announced the pricing of $5.0 million registered direct offering.
• Biomerica, Inc. (NASDAQ:BMRA) was down, falling 30% to $0.4006 after the company announced a 1-for-8 reverse stock split.

Commodities

In commodity news, oil traded up 16% to $62.33 while gold traded up 2.6% at $3,323.10.

Silver traded up 1.7% to $32.860 on Wednesday, while copper rose 0.1% to $4.6310.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.7%, Germany's DAX 40 declined 0.4% and France's CAC 40 dipped 0.6%. Spain's IBEX 35 Index slipped 0.1%, while London's FTSE 100 fell 0.3%.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 falling 1.01%, China's Shanghai Composite gaining 0.26%, Hong Kong's Gang Seng index dipping 1.91% and India's BSE Sensex gaining 0.4%.

Economics

• U.S. industrial production declined by 0.3% in March compared to market estimates of a 0.2% fall.
• U.S. retail sales rose 1.4% month-over-month in March versus a 0.2% gain in the previous month and better than estimates of 1.3%.
• U.S. mortgage application volumes dipped by 8.5% from the previous week during the second week of April.

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