Crude Oil Down 1%; BigBear.ai Shares Spike Higher

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 50 points on Wednesday.

The Dow traded down 0.16% to 40,767.87 while the NASDAQ fell 0.14% to 17,792.53. The S&P 500 also fell, dropping, 0.06% to 5,593.92.

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Leading and Lagging Sectors

Materials shares climbed by 0.7% on Wednesday.

In trading on Wednesday, financials shares fell by 0.6%.

Top Headline

Crude oil inventories in the U.S. fell by 4.649 million barrels in the week ending Aug. 16, compared to market expectations for a decline of 2.72 million barrels.

Equities Trading UP
                       

• BigBear.ai Holdings, Inc. BBAI shares shot up 35% to $1.80 after the company received an award as a subcontractor to Concept Solutions.
• Shares of Smart for Life, Inc. SMFL got a boost, surging 96% to $1.84 after the company said it is negotiating the acquisition of four health and wellness targets.
• Stronghold Digital Mining, Inc. SDIG shares were also up, gaining 68% to $4.9080 after the company announced it entered into a definitive merger agreement to be acquired by Bitfarms.

Equities Trading DOWN

• Eyenovia, Inc. EYEN shares dropped 37% to $0.4295 after the company announced the pricing of $5.14 million public offering.
• Shares of Macy’s, Inc. M were down 13% to $15.52 following weak quarterly sales.
• PagSeguro Digital Ltd. PAGS was down, falling 12% to $12.79 following second-quarter results.

Commodities

In commodity news, oil traded down 1.1% to $72.36 while gold traded down 0.2% at $2,546.20.

Silver traded up 0.1% to $29.555 on Wednesday, while copper rose 0.8% to $4.1935.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.33%, Germany's DAX rose 0.50% and France's CAC 40 gained 0.4%. Spain's IBEX 35 Index rose 0.52%, while London's FTSE 100 rose 0.12%.

The annual inflation rate in the Eurozone increased to 2.6% in July from 2.5% in the prior month, while current account surplus rose to €52.4 billion in June from €32.4 billion a year ago. Italy’s current account surplus widened to EUR 4,885 billion in June from EUR 1,248 billion in the year-ago period. Producer prices in Germany fell by 0.8% year-over-year in July.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 falling 0.29%, Hong Kong's Hang Seng Index falling 0.69%, China's Shanghai Composite Index falling 0.35% and India's BSE Sensex rising 0.13%.

The annual inflation rate in Hong Kong increased to 2.5% in July from 1.5% in the prior month. The People’s Bank of China kept key lending rates unchanged at the recent fixing.

Economics

• Mortgage applications in the U.S. declined by 10.1% from the prior week in the week ending Aug. 16.
• Crude oil inventories in the U.S. fell by 4.649 million barrels in the week ending Aug. 16, compared to market expectations for a decline of 2.72 million barrels.

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