Crude Oil Falls Sharply; Deere Posts Upbeat Earnings

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

The Dow traded up 0.51% to 35,266.35 while the NASDAQ rose 0.59% to 14,284.26. The S&P 500 also rose, gaining, 0.45% to 4,558.48.

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Leading and Lagging Sectors

 

Communication services shares surged by 1.2% on Wednesday.

In trading on Wednesday, energy shares fell by 1.7%.

 

Top Headline

 

Shares of Deere & Co DE fell around 7% on Wednesday after the company posted results for its fourth quarter.

Net sales and revenue fell 1% Y/Y to $15.41 billion, beating the consensus of $13.69 billion. EPS of $8.26 surpassed the consensus of $7.47.

For FY24, Deere expects net income of $7.75 billion-$8.25 billion, versus market estimates of around $9.33 billion.

 

Equities Trading UP

 

PaxMedica, Inc. PXMD shares shot up 36% to $1.09 as the company announced pricing of $7 million public offering.

Shares of SciSparc Ltd. SPRC got a boost, shooting 31% to $8.32 after the company announced it signed a non-binding letter of intent to merge with a vehicle importer company in Israel.

Agape ATP Corporation ATPC shares were also up, gaining 22% to $1.16. Agape ATP announced a $1 million share repurchase plan over the next 6 months.

 

Equities Trading DOWN

 

Emeren Group Ltd SOL shares dropped 8% to $2.4002 after posting a loss for the third quarter.

Shares of Nordstrom, Inc. JWN were down 5% to $14.16 after the company reported third-quarter financial results.

Guess?, Inc. GES was down, falling 10% to $21.41 after the company reported worse-than-expected third-quarter financial results and issued fourth-quarter adjusted EPS guidance below estimates.

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Commodities

 

In commodity news, oil traded down 3.8% to $74.83 while gold traded down 0.3% at $1,995.60.

Silver traded down 1% to $23.635 on Wednesday while copper fell 1.9% to $3.7405.

 

Euro zone

 

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.21%, London’s FTSE 100 fell 0.37% while Spain’s IBEX 35 Index rose 0.44% The German DAX rose 0.32% French CAC 40 climbed 0.38%, while Italy’s FTSE MIB Index fell 0.13%.

Passenger car registrations in the European Union jumped 14.6% year-over-year to 855.5 thousand units for October. The UK’s public sector net borrowing, excluding banks, came in at £14.9 billion for October, compared to £10.5 billion in the year-ago month. Labor productivity in the UK declined 0.2% on quarter during the third quarter versus a 0.7% rise in the prior period.

 

Asia Pacific Markets

 

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 0.29%, Hong Kong’s Hang Seng Index rising 0.01% and China’s Shanghai Composite Index falling 0.79%. India’s S&P BSE Sensex, meanwhile, rose 0.14%.

Singapore's current account surplus narrowed to SGD 30.07 billion in the third quarter from SGD 32.73 billion in the year-ago period. Singapore’s GDP increased by 1.1% year-over-year in the third quarter following 0.5% growth in the prior quarter.

 

Economics

 

U.S. initial jobless claims declined by 24,000 to 209,000 on the week ending Nov. 18, compared to market expectations of 225,000.

U.S. durable goods orders fell by 5.4% month-over-month in October following a 4.0% increase in September.

The University of Michigan consumer sentiment was revised higher to 61.3 in November versus a preliminary reading of 60.4.

Crude oil inventories in the U.S. increased by 8.701 million barrels in the week ending Nov. 17, versus a 3.592 million gain in the prior period.

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