US Stocks Lower on Wednesday

The S&P 500 index traded higher in the early hours of Wednesday morning ahead of a report that the U.S. government is seeking new trade talks with China. The iShares MSCI Emerging Markets Exchange-Traded Fund (EEM, Financial) advanced almost 1% despite concerns regarding higher rates and higher exchange rate volatility in countries such as Argentina and Turkey. The major indexes fell later in the day, however.

Shares of EyePoint Pharmaceuticals Inc. (EYPT, Financial) fell more than 3% on Wednesday morning after the company posted a fourth-quarter loss of 62 cents per share on $715,000 in revenue, reflecting a 2.9% year-over-over growth. It beat revenue expectations of $690,000.

“During EyePoint’s fiscal fourth quarter, we made significant clinical, corporate and financial achievements that have contributed to the Company’s rapid advancement towards commercialization,” President and CEO Nancy Lurker said. “In preparation for the launch of DEXYCU and, if approved, YUTIQ, we added several key members to our management team, including David Price as Chief Financial Officer and Jack Weet as Senior Vice President Regulatory Affairs & Quality, each of whom has substantial experience in the launch and commercialization of pharmaceutical products.”

Operating expenses rose to $10.5 million from $6.8 million a year ago due to initial investments in sales and marketing infrastructure and program costs, amortization of the DEXYCU intangible asset, professional services and stock-based compensation.

The net loss for the year was $53.2 million, or $1.15 per share, compared to a net loss of $18.5 million, or 52 cents per share, in fiscal 2017.Â

Gainers

• Altria Group Inc. (MO, Financial)
• Cimarex Energy Co. (XEC, Financial)
• Philip Morris International Inc. (PM, Financial)
• Gilead Sciences Inc. (GILD, Financial)

Losers

• Micron Technology Inc. (MU, Financial)
• Applied Materials Inc. (AMAT, Financial)
• Analog Devices Inc. (ADI, Financial)
• Texas Instruments Inc. (TXN, Financial)

Global markets

The main European stock markets traded higher. The U.K.'s FTSE 100 gained 0.55%, France's CAC 40 jumped 0.92%, Germany's Dax rose 0.52% and Spain's IBEX 35 swelled 0.24%.

In Asia, Japan's Nikkei 225 fell 0.27%, India’s BSE Sensex gained 0.81%, Hong Kong's Hang Seng declined 0.29% and China's Shanghai Composite slid 0.33%.

Disclosure: The author holds no positions in any stocks mentioned.