Crude Oil Down 1%; Microvast Holdings Shares Spike Higher

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite gaining over 100 points on Wednesday.

The Dow traded down 0.28% to 33,469.12 while the NASDAQ rose 0.75% to 12,270.95. The S&P 500, also rose, gaining, 0.22% to 4,128.18.

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Leading and Lagging Sectors

• Information technology shares rose by 1.1% on Wednesday. Meanwhile, top gainers in the sector included LivePerson, Inc. LPSN, up 34%, and Tucows Inc. TCX, up 28%.
• In trading on Wednesday, energy shares fell 1.5%.

 

 

Top Headline

The annual inflation rate in the US fell to 4.9% in April, recording the lowest level since April 2021, and compared to 5% in March.

 

Equities Trading UP

• CTI BioPharma Corp. CTIC shares shot up 85% to $8.93 after Sobi announced it will acquire the company in a transaction worth $1.7 billion.
• Shares of Microvast Holdings, Inc. MVST got a boost, shooting 47% to $1.9293 after the company reported better-than-expected Q1 sales results.
• Harbor Custom Development, Inc. HCDI shares were also up, gaining 145% to $11.70 after the company announced a buyer waived all contingencies on a $14,250,000 sale of townhomes.

 

Equities Trading DOWN

• Babylon Holdings Limited BBLN shares dropped 69% to $2.20 after the company reported mixed Q1 financial results. The company also announced it secured financing and plans to implement a take private transaction with support from AlbaCore Capital.
• Shares of Mesa Air Group, Inc. MESA were down 24% to $1.5690 after the company reported worse-than-expected Q2 adjusted EPS and sales results.
• SeaStar Medical Holding Corporation ICU was down, falling 32% to $1.32 after the company issued regulatory update related to its HDE application for pediatric selective cytopheretic device.

 

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Commodities

In commodity news, oil traded down 1.3% to $72.75 while gold traded down 0.6% at $2,030.40.

Silver traded down 1.3% to $25.575 on Wednesday while copper fell 1.7% to $3.8365.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.38%, London’s FTSE 100 fell 0.29% while Spain’s IBEX 35 Index fell 0.18% The German DAX fell 0.37%, French CAC 40 dipped 0.39% and Italy’s FTSE MIB Index fell 0.43%.

 

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 dropping 0.41%, Hong Kong’s Hang Seng Index dropping 0.53% and China’s Shanghai Composite Index falling 1.15%. India’s S&P BSE Sensex rose 0.3%.

 

Economics

The annual inflation rate in the US fell to 4.9% in April, recording the lowest level since April 2021, and compared to 5% in March.