Gold Moves Lower; SciSparc Shares Spike Higher

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining around 175 points on Wednesday.

The Dow traded up 0.50% to 35,265 while the NASDAQ rose 0.66% to 14,293.93. The S&P 500 also rose, gaining, 0.47% to 4,559.53.

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Leading and Lagging Sectors

 

Communication services shares surged by 0.8% on Wednesday.

In trading on Wednesday, energy shares fell by 0.7%.

 

Top Headline

 

The EIA said crude oil inventories in the U.S. increased by 8.701 million barrels in the week ending Nov. 17, versus a 3.592 million increase in the prior period. U.S. natural gas supplies fell 7 billion cubic feet for the latest week, the EIA said.

 

Equities Trading UP

 

PaxMedica, Inc. PXMD shares shot up 34% to $1.07 as the company announced pricing of $7 million public offering.

Shares of SciSparc Ltd. SPRC got a boost, shooting 13% to $7.20 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 21% to $1.1509. Agape ATP announced a $1 million share repurchase plan over the next 6 months.

 

Equities Trading DOWN

 

Emeren Group Ltd SOL shares dropped 13% to $2.2860 after posting a loss for the third quarter.

Shares of Urban Outfitters, Inc. URBN were down 12% to $31.85 after the company reported third-quarter financial results.

Guess?, Inc. GES was down, falling 8% to $21.81 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 2.5% to $75.86 while gold traded down 0.5% at $1,990.900.

Silver traded down 0.9% to $23.66 on Wednesday while copper fell 1.4% to $3.7585.

 

Euro zone

 

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.30%, London’s FTSE 100 fell 0.17% while Spain’s IBEX 35 Index rose 0.61% The German DAX rose 0.36% French CAC 40 climbed 0.43%, while Italy’s FTSE MIB Index rose 0.01%.

 

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.

The EIA said crude oil inventories in the U.S. increased by 8.701 million barrels in the week ending Nov. 17, versus a 3.592 million increase in the prior period.

U.S. natural gas supplies fell 7 billion cubic feet for the latest week, the EIA said.

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