Crude Oil Gains Over 2%; Gaxos.ai Shares Spike Higher

U.S. stocks traded mixed midway through trading, with the Dow Jones gaining around 150 points on Wednesday.

The Dow traded up 0.42% to 39,170.63 while the NASDAQ fell 0.50% to 16,183.77. The S&P 500 also fell, dropping, 0.12% to 5,169.01.

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Leading and Lagging Sectors

 

Energy shares jumped by 1.4% on Wednesday.

In trading on Wednesday, information technology shares fell by 1.3%.

 

Top Headline

 

Crude oil inventories in the U.S. declined by 1.536 million barrels in the week ended March 8, versus market estimates of a 1.338 million gain, the EIA said.

 

Equities Trading UP

 

Gaxos.ai Inc. GXAI shares shot up 104% to $10.86 after the company announced it acquired the rights to use certain AI-enabled technology from Ultiself.

Shares of NuCana plc NCNA got a boost, surging 42% to $0.5560 after the company was granted a US Patent for "Phosphoramidate Derivatives For Use In The Treatment Of Cancer; Especially In The Treatment Where The Patient Shows Resistance."

The Beauty Health Company SKIN shares were also up, gaining 24% to $4.4650 after the company reported better-than-expected fourth-quarter revenue results.

 

Equities Trading DOWN

 

voxeljet AG VJET shares dropped 44% to $0.56 after the company announced it will voluntarily delist its ADSs from Nasdaq and deregister its ADSs. The company also announced the restatement and extension of its loan financing with Anzu.

Shares of SOS Limited SOS were down 31% to $1.48 after the company announced pricing of a $7.85 million public offering.

Luna Innovations Incorporated LUNA was down, falling 36% to $3.99 after the company announced that it will delay the release of its fourth-quarter and FY23 financial results, and said financial statements for the quarters ended Jun. 30 and Sept. 30 should no longer be relied upon.

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Commodities

 

In commodity news, oil traded up 2.3% to $79.33 while gold traded up 0.6% at $2,178.70.

Silver traded up 3.1% to $25.145 on Wednesday while copper rose 3.4% to $4.0660.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 rose 0.19%, London’s FTSE 100 rose 0.37% while Spain’s IBEX 35 Index rose 1.72% The German DAX rose 0.04% French CAC 40 rose 0.70% while Italy’s FTSE MIB Index gained 0.43%.

Industrial production in the Eurozone declined by 3.2% month-over-month in January versus a revised 1.6% increase in December.

The UK's trade deficit increased to £3.129 billion in January from £2.603 billion in the previous month. Industrial production in the UK declined 0.2% month-over-month for January. The British economy grew by 0.2% month-over-month in January compared to a 0.1% decline in December.

 

Asia Pacific Markets

 

Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 falling 0.26%, Hong Kong’s Hang Seng Index falling 0.07%, China’s Shanghai Composite Index falling 0.40% and India’s S&P BSE Sensex dipping 1.23%.

 

Economics

 

U.S. mortgage applications rose by 7.1% in the week ending March 8, versus a 9.7% increase in the prior period.

Crude oil inventories in the U.S. declined by 1.536 million barrels in the week ended March 8, versus market estimates of a 1.338 million gain, the EIA said.

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