Crude Oil Rises Over 2%; US Wholesale Inventories Unchanged For March

U.S. stocks traded slightly lower midway through trading, with the Nasdaq Composite dropping around 20 points on Monday.

The Dow traded down 0.14% to 33,626.85 while the NASDAQ fell 0.18% to 12,212.88. The S&P 500, also fell, dropping, 0.02% to 4,135.53.

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Leading and Lagging Sectors

• Energy shares jumped by 1.1% on Monday. Meanwhile, top gainers in the sector included Enviva Inc. EVA, up 17%, and Nine Energy Service, Inc. NINE, up 8%.
• In trading on Monday, information technology shares fell 0.4%.

 

 

Top Headline

 

U.S. wholesale inventories came in flat for March, versus market expectations for a 0.1% increase.

 

Equities Trading UP

• Trevena, Inc. TRVN shares shot up 249% to $2.25 after the company announced the approval of OLINVYK in China.
• Shares of Bellicum Pharmaceuticals, Inc. BLCM got a boost, shooting 183% to $1.1075. Bellicum Pharmaceuticals 13D filing showed Baker Bros. Advisors reported a 19.99% active stake in the company.
• Immuron Limited IMRN shares were also up, gaining 36% to $2.55 after the company announced the FDA removed the clinical hold on the New Campylobacter ETEC Therapeutic IND application.

 

 

Equities Trading DOWN

• Catalent, Inc. CTLT shares dropped 27% to $34.99 after the company announced it will be delaying the release of its Q3 results. The company said it expects to significantly reduce both its FY23 net revenue and adjusted EBITDA guidance by more than $400 million each.
• Shares of Tupperware Brands Corporation TUP were down 21% to $0.86. Tupperware filed non-timely 10-Q. The company identified additional prior period misstatements, additional material weaknesses in internal control over financial reporting.
• Tyson Foods, Inc. TSN was down, falling 16% to $51.17 as its second-quarter results missed Street expectations. The company also reduced its FY23 sales outlook.
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Commodities

 

In commodity news, oil traded up 2.2% to $72.94 while gold traded up 0.4% at $2,032.50.

Silver traded down 0.2% to $25.875 on Monday while copper rose 1.2% to $3.9275.

 

Euro zone

 

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.28%, London’s FTSE 100 rose 0.98% while Spain’s IBEX 35 Index rose 0.55% The German DAX fell 0.1%, French CAC 40 rose 0.04% and Italy’s FTSE MIB Index gained 0.13%.

Industrial production in Germany fell 3.4% month-over-month in March following a revised 2.1% increase in February.

 

Asia Pacific Markets

 

Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 dropping 0.71%, Hong Kong’s Hang Seng Index gaining 1.24% and China’s Shanghai Composite Index climbing 1.81%. India’s S&P BSE Sensex rose 1.2%.

The au Jibun Bank Japan services PMI was revised higher to 55.4 in April versus a flash reading of 55.0, while composite PMI rose to 52.9 in April versus a flash reading of 52.5. Chinese foreign exchange reserves increased to $3.205 trillion at the end of April 2023, compared to $3.184 trillion in the previous month.

 

Economics

 

U.S. wholesale inventories came in flat for March, versus market expectations for a 0.1% increase.

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COVID-19 Update

 

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,768,290 cases with around 1,162,430 deaths. India confirmed a total of at least 44,971,460 cases and 531,690 deaths, while France reported over 40,021,190 COVID-19 cases with 166,810 deaths. In total, there were at least 687,819,180 cases of COVID-19 worldwide with more than 6,871,100 deaths.