Nasdaq Sets a New Record ahead of Wednesday Market Opening

The US stock market will be opening soon for Wednesday, and the biggest news may be that the Nasdaq Composite passed 17,000 for the first time.

The stock market index was up 0.59% as trading closed off Tuesday, leading the other indices. The S&P 500 closed with an increase of 0.02%, and the Dow Jones fell by 216 points, or 0.55%.

The top earners for the Nasdaq Composite were AERWINS Technologies (AWIN) and Sharp Technology (STSS), earning 143% and 141%, respectively. We expect major drop-offs for these stocks very soon, as tends to happen when a company sees massive gains very unexpectedly. Sharp Technology is benefiting from news that it just signed a five-year purchase agreement. AERWINS Technologies is up after an announcement that it would be hiring new staff. Investors could be suspect in a major new development from the company as a result.

Applied DNA Sciences (APDN) was the biggest loser on the Nasdaq, with a drop of 69%. The company just announced the pricing for its public offering, which caused the stock price to plummet.

Wednesday Market Expectations

There are a few major earnings reports coming out this week, with most of them scheduled for Thursday. The market could shift in expectation of what those reports will show, so look for movement today from Hormel Foods (HRL), Best Buy (BBY), Costco (COST), and Marvell (MRVL). All of these have quarterly earnings reports scheduled for Thursday.

We should hear from FOMC members Willaims and Bostic this week as well, talking about the economy, the state of inflation, and the possibility of interest rate cuts. The Federal Reserve has held its position on rate cuts, with no word yet as to when those will take place, though the Fed is still hoping for a drop in inflation in order to make the cuts.