Crude Oil Down 3%; ISM Manufacturing PMI Falls In April

U.S. stocks traded mixed midway through trading, with the Dow Jones gaining around 100 points on Wednesday.

The Dow traded up 0.33% to 37,941.76 while the NASDAQ fell 0.35% to 15,603.45. The S&P 500 also fell, dropping, 0.25% to 5,023.16.

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Leading and Lagging Sectors

Communication services shares rose by 1.1% on Wednesday.

In trading on Wednesday, energy shares fell by 1.3%.

Top Headline

The ISM manufacturing PMI declined to 49.2 in April from 50.3 a month ago.

Equities Trading UP
                       

• CytomX Therapeutics, Inc. CTMX shares shot up 168% to $4.37. CytomX Therapeutics will report first quarter 2024 results and issue an initial CX-904 Phase 1a clinical data update on May 8.
• Shares of TransMedics Group, Inc. TMDX got a boost, surging 26% to $118.99 after the company raised its 2024 guidance.
• Rocky Brands, Inc. RCKY shares were also up, gaining 24% to $31.87 after the company reported better-than-expected quarterly financial results.

Equities Trading DOWN

• Cemtrex, Inc. CETX shares dropped 74% to $0.3010 after the company announced pricing of a $10 million upsized underwritten public offering.
• Shares of CVRx, Inc. CVRX were down 42% to $8.95 after the company reported worse-than-expected first-quarter financial results. JP Morgan analyst Robbie Marcus downgraded the stock from Overweight to Neutral and lowered the price target from $36 to $13.
• Leggett & Platt, Incorporated LEG was down, falling 30% to $12.57 after the company reported worse-than-expected first-quarter financial results. The company also reduced its dividend.

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Commodities

In commodity news, oil traded down 3.2% to $79.35 while gold traded up 0.3% at $2,310.70.

Silver traded up 0.1% to $26.67 on Wednesday, while copper fell 0.5% to $4.5405.

Euro zone

European shares were lower today. The eurozone's STOXX 600 slipped 0.14%, while London's FTSE 100 fell 0.34%.

The S&P Global UK manufacturing PMI was revised higher to 49.1 in April from a preliminary reading of 48.7, while Nationwide House Price Index increased 0.6% year-over-year in April.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 falling 0.34%.

Japan's au Jibun Bank manufacturing PMI was revised lower to 49.6 in April compared to preliminary reading of 49.9.

Economics

• U.S. mortgage applications declined by 2.3% from the prior week in the period ending April 26.
• U.S. private employers added 192,000 new jobs during the month of April, compared to a revised 208,000 in March, topping market estimates of a 175,000 gain.
• The S&P Global manufacturing PMI declined to 50 in April versus 51.9 a month ago.
• U.S. construction spending declined by 0.2% from the prior month in March.
• The number of job openings fell by 325,000 from the prior month to 8.488 million in March.
• The ISM manufacturing PMI declined to 49.2 in April from 50.3 a month ago.
• U.S. crude oil inventories rose by 7.265 million barrels in the week ending April 26, compared to a 6.368 million barrel fall in the prior week.

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