Mid-Day Market Update: Crude Oil Surges 6%; Kornit Digital Shares Plummet

U.S. stocks traded mixed midway through trading, with the Dow Jones jumping more than 100 points on Wednesday.

The Dow traded up 0.41% to 32,293.49 while the NASDAQ fell 0.79% to 11,645.10. The S&P also rose, gaining, 0.19% to 4,008.47.

Also check this: Executives Buy Around $1.6M Of 4 Penny Stocks


Leading and Lagging Sectors


Energy shares jumped by 4.1% on Wednesday. Meanwhile, top gainers in the sector included Borr Drilling Limited BORR, up 14% and TORM plc TRMD up 16%.


In trading on Wednesday, information technology shares rose by just 0.05%.


Top Headline


Annual inflation rate in the US eased to 8.3% in April compared to a 41-year high level of 8.5% in the previous month. However, analysts were expecting a reading of 8.1%.

 

Equities Trading UP


Trecora Resources TREC shares shot up 26% to $7.45 as the company agreed to be acquired by an affiliate of Balmoral Funds at $9.81 per share in cash or an enterprise value of $247 million.


Shares of Ferroglobe PLC GSM got a boost, shooting 17% to $7.45 after the company reported better-than-expected Q1 EPS results.


Endeavour Silver Corp. EXK shares were also up, gaining 20% to $3.7050 after the company reported better-than-expected Q1 results.


Equities Trading DOWN

Kornit Digital Ltd. KRNT shares tumbled 32% to $38.38 after the company reported downbeat Q1 sales.


Shares of View, Inc. VIEW were down 59% to $0.5601 after the company in a 10-Q filing said it does not currently have adequate financial resources to fund its forecasted operating costs and will look to raise capital.


IT Tech Packaging, Inc. ITP was down, falling 40% to $0.1933 after the company said Q1 sales results were lower year over year.

Also check out: 4 Stocks Under $3 Insiders Are Aggressively Buying


Commodities

In commodity news, oil traded up 6.1% to $105.81, while gold traded up 0.5% to $1,849.20.


Silver traded up 1.8% to $21.80 on Wednesday while copper rose 1.9% to $4.2325.



Euro zone


European shares were higher today. The eurozone’s STOXX 600 gained 1.46%, London’s FTSE 100 rose 1.15% and Spain’s IBEX 35 Index rose 2.01%. The German DAX climbed 1.72%, French CAC 40 jumped 1.95% and Italy’s FTSE MIB Index climbed 2.4%.

The annual inflation rate in Germany increased to 7.4% in April from 7.3% in the prior month..


Economics


Annual inflation rate in the US eased to 8.3% in April compared to a 41-year high level of 8.5% in the previous month. However, analysts were expecting a reading of 8.1%.


US crude oil inventories increased by 8.487 million barrels in the week ended May 6, following a 1.302 million barrel gain in the prior week, the Energy Information Administration said.


The Treasury will auction 10-year notes at 1:00 p.m. ET.


The U.S. Treasury budget statement for April will be released at 2:00 p.m. ET.


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 83,778,760 cases with around 1,025,100 deaths. India confirmed a total of at least 43,110,580 cases and 524,150 deaths, while Brazil reported over 30,594,380 COVID-19 cases with 664,440 deaths. In total, there were at least 518,581,060 cases of COVID-19 worldwide with more than 6,280,530 deaths.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Day Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!