Crude Oil Surges 2.5%; Rentokil Initial Shares Plunge

U.S. stocks traded mostly lower midway through trading, with the S&P 500 falling around 0.5% on Wednesday.

The Dow traded down 0.94% to 40,352.38 while the NASDAQ rose 0.17% to 17,054.94. The S&P 500 also fell, dropping, 0.52% to 5,466.77.

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Leading and Lagging Sectors

Information technology shares fell by just 0.3% on Wednesday.

In trading on Wednesday, financials shares dipped by 2.4%.

Top Headline

U.S. annual inflation rate eased for a fifth straight month to 2.5% in August from 2.9% in the previous month, and down from market estimates of 2.6%.

Equities Trading UP
                       

• PureCycle Technologies, Inc. PCT shares shot up 32% to $6.18 after the company announced financing transaction and Ironton production update.
• Shares of BriaCell Therapeutics Corp. BCTX got a boost, surging 109% to $1.3010 after the company announced overall survival data of its Phase 2 clinical study of Bria-IMT in combination with an immune check point inhibitor in late stage metastatic breast cancer.
• Sigma Lithium Corporation SGML shares were also up, gaining 15% to $10.77 amid a rise in the price of lithium. Chinese company Contemporary Amperex Technology halted production at its lepidolite mine in Yichun, Jiangxi.

Equities Trading DOWN

• Telesis Bio, Inc. TBIO shares dropped 58% to $1.58 after the company announced that it has notified the Nasdaq Stock Market of its decision to delist.
• Shares of Rentokil Initial plc RTO were down 21% to $24.85 after the company revised the guidance for the second half of FY24.
• Torrid Holdings Inc. CURV was down, falling 26% to $4.95 after the company announced the launch of secondary offering of common stock.

Commodities

In commodity news, oil traded up 2.5% to $67.37 while gold traded down 0.4% at $2,533.20.

Silver traded down 0.1% to $28.585 on Wednesday, while copper rose 0.6% to $4.1235.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 rose 0.01%, Germany's DAX gained 0.57% and France's CAC 40 fell 0.21%. Spain's IBEX 35 Index rose 0.62%, while London's FTSE 100 fell 0.20%.

The UK’s trade deficit widened to £7.51 billion in July from £5.32 billion in the previous month, while industrial production fell 0.8% month-over-month in July. The UK's economy stalled during the month of July compared to market estimates of a 0.2% increase.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan's Nikkei 225 falling 1.49%, Hong Kong's Hang Seng Index falling 0.73%, China's Shanghai Composite Index dipping 0.82% and India's BSE Sensex falling 0.49%.

The Reuters Tankan sentiment index for manufacturers in Japan declined to a reading of +4 in September compared to August's reading of +10. China’s vehicle sales dipped by 5.0% year-over-year to 2.45 million units for the month of August.

Economics

• U.S. mortgage applications increased 1.4% in the week ending Sept. 6, compared to a 1.6% rise in the prior period.
• U.S. annual inflation rate eased for a fifth straight month to 2.5% in August from 2.9% in the previous month, and down from market estimates of 2.6%.

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