Crude Oil Gains Over 1%, General Mills Shares Fall

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining around 150 points on Wednesday.

The Dow traded up 0.52% to 43,674.00 while the NASDAQ rose 0.26% to 20,161.35. The S&P 500 also rose, gaining, 0.31% to 6,069.24.

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Leading and Lagging Sectors

Information technology shares rose by 0.6% on Wednesday.

In trading on Wednesday, real estate shares fell by 0.3%.

Top Headline

General Mills, Inc. GIS shares fell around 3% on Wednesday following the release of second-quarter results.

The company reported second-quarter adjusted earnings per share of $1.40, beating the street view of $1.22. Quarterly sales of $5.24 billion beat the analyst consensus estimate of $5.14 billion.

General Mills has revised its FY25 adjusted EPS outlook, now expecting a decline of 3% to 1% in constant currency. This adjustment compares to the previous outlook range of a decline of 1% to a growth of 1% in constant currency.

Equities Trading UP
                       

• Polyrizon Ltd. PLRZ shares shot up 227% to $3.4277 after the company announced it secured a GMP partnership with Eurofins CDO Amatsiaquitaine.
• Shares of KULR Technology Group, Inc. KULRgot a boost, surging 200% to $0.5353 after the company announced it regained NYSE stockholders’ equity required compliance status.
• Worthington Enterprises, Inc. WOR shares were also up, gaining 16% to $44.35 as the company posted better-than-expected results for its second quarter.

Equities Trading DOWN

• TransCode Therapeutics, Inc. RNAZ shares dropped 41% to $3.7280. TransCode Therapeutics announced Safety Review Committee approval of opening third cohort and preliminary results from first cohort in Phase 1 TTX-MC138 clinical trial.
• Shares of HEICO Corporation HEI were down 9% to $236.77 following mixed fourth-quarter results.
• Corvus Pharmaceuticals, Inc. CRVS was down, falling 46% to $4.02. The company announced interim data from the randomized, double-blind, placebo-controlled Phase 1 clinical trial evaluating soquelitinib in patients with moderate to severe atopic dermatitis.

Commodities

In commodity news, oil traded up 1.3% to $71.02 while gold traded down 0.4% at $2,651.90.

Silver traded down 1% to $30.625 on Wednesday, while copper rose 0.2% to $4.1535.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.15%, Germany's DAX fell 0.02% and France's CAC 40 rose 0.26%. Spain's IBEX 35 Index gained 0.26%, while London's FTSE 100 rose 0.05%.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 falling 0.72%, Hong Kong's Hang Seng Index gaining 0.83%, China's Shanghai Composite Index gaining 0.62% and India's BSE Sensex falling 0.62%.

Economics

• U.S. mortgage applications fell by 0.7% from the previous week during the week ending Dec. 13, compared to the 5.4% gain in the previous week.
• The U.S. recorded a current account deficit of $310.9 billion in the third quarter compared to the revised gap of $275.0 billion in the previous period and versus market estimates of a $284 billion gap.
• U.S. housing starts fell 1.8% to an annualized rate of 1.289 million units in November from 1.312 million in October.
• U.S. building permits in gained by 6.1% to an annualized rate of 1.505 million in November.
• U.S. stocks of crude oil declined by 934 thousand barrels in the second week of December, compared to a 1.425 million barrel fall in the previous week, and versus market expectations of a 1.7 million barrel decline.

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