Crude Oil Dips 3%; U.S. Bancorp Profit Tops Views
U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling more than 100 points on Wednesday.
The Dow traded up 0.04% to 37,813.77 while the NASDAQ fell 0.78% to 15,742.21. The S&P 500 also fell, dropping, 0.34% to 5,034.17.
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Leading and Lagging Sectors
Utilities shares rose by 1.5% on Wednesday.
In trading on Wednesday, information technology shares fell by 1.1%.
Top Headline
U.S. Bancorp (NYSE:USB) reported upbeat first-quarter FY24 earnings on Wednesday.
Revenue stood at $6.7 billion (-6.4% Y/Y), which aligns with the consensus. Adjusted earnings per share came in at 90 cents, beating the consensus of 88 cents.
Equities Trading UP
INVO Bioscience, Inc. (NASDAQ:INVO) shares shot up 218% to $2.4592 after the company reported a year-over-year increase in fourth-quarter revenue results and said it remains on track to reach its goal of reaching break-even or profitability within its current operations in 2024.
Shares of Edible Garden AG Incorporated (NASDAQ:EDBL) got a boost, surging 89% to $8.60 after the company reported preliminary first quarter fy24 results.
Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) shares were also up, gaining 30% to $5.28 after the company announced that it submitted three proposals since February to acquire all of the outstanding shares of common stock of Vanda Pharmaceuticals and confirmed that its most recent proposal to acquire Vanda remains open for Vanda and its Board of Directors to consider.
Equities Trading DOWN
Longeveron Inc. (NASDAQ:LGVN) shares dropped 38% to $2.1750 after the company announced the exercise of warrants for $6.2 million in gross proceeds.
Shares of Sage Therapeutics, Inc. (NASDAQ:SAGE) were down 19% to $12.63. The company announced topline results from Phase 2 PRECEDENT study of dalzanemdor for the treatment of people with mild cognitive impairment in Parkinson's Disease.
Ontrak, Inc. (NASDAQ:OTRK) was down, falling 21% to $0.3651 after the company reported worse-than-expected quarterly financial results.
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Commodities
In commodity news, oil traded down 3% to $82.78 while gold traded down 0.8% at $2,388.70.
Silver traded up 0.2% to $28.42 on Wednesday, while copper rose 0.8% to $4.3395.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 gained 0.06%, London’s FTSE 100 rose 0.35% while Spain’s IBEX 35 Index gained 1.02% The German DAX gained 0.02% French CAC 40 climbed 0.62% while Italy’s FTSE MIB Index gained 0.72%.
The consumer price inflation rate in the Eurozone came in at 2.4% year-over-year in March. The UK’s inflation rate eased to 3.2% year-over-year in March versus 3.4% in the prior month, while producer prices increased 0.6% year-over-year in March.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 falling 1.32%, Hong Kong’s Hang Seng Index gaining 0.02% and China’s Shanghai Composite gaining 2.14%.
Japan recorded a trade surplus of JPY 366,467 billion in March versus a deficit of JPY 750,854 billion in the year-ago period, while the Reuters Tankan sentiment index for manufacturers declined to +9 in April versus March’s reading of +10.
Economics
U.S. mortgage applications climbed by 3.3% in the latest week.
Crude oil inventories in the U.S. climbed by 2.735 million barrels in the week ended April 12, compared to a 5.841 million gain in previous prior week.
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