U.S. stocks climb as Dow adds more than 300 points, factory orders beat estimates

  • U.S. stocks traded higher as the Dow advanced more than 300 points Wednesday.
  • U.S. factory orders rose 0.9% in July versus a 0.7% market estimate.
  • Asian and European indexes closed lower on Wednesday.

U.S. stocks traded higher midway through Wednesday’s session, with the Dow Jones Industrial Average rising 0.58% to 53,072.12, the Nasdaq gaining 0.54% to 26,239.57 and the S&P 500 climbing 0.62% to 7,679.07. Materials shares led sector gains with a 1.7% advance, while real estate stocks fell 1%. U.S. factory orders increased 0.9% month over month in July, exceeding the 0.7% market estimate. Linkhome Holdings surged 41% after its subsidiary Linkhome Technologies began a preliminary evaluation of a European AI computing infrastructure project that could deploy up to 144 NVIDIA GB300 GPUs. Purple Biotech rose 39% after the U.S. PTO (U.S. patent authority) issued a Notice of Allowance for a patent application covering tri-specific antibody constructs and their use. GitLab gained 14% after reporting better-than-expected second-quarter results and issuing third-quarter guidance above estimates. Tscan Therapeutics dropped 31% after pausing enrollment in the Phase 3 ALLOHA-2 study of TSC-101 because of insufficient capital and announcing a 75% workforce reduction. CDT Equity fell 21% after disclosing two Form 8-K filings (U.S. corporate disclosures) concerning a share issuance, Nasdaq listing status and executive leadership changes, while Credo Technology Group declined 18% after reporting first-quarter results. Oil and gold each rose 0.5%, silver gained 0.8% and copper advanced 0.5%. European and Asian markets were broadly lower. U.S. private employers added 38,000 jobs in August, mortgage applications rose 0.8% in the final week of August and crude-oil inventories fell by 4.45 million barrels.

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