Nasdaq Surges Over 200 Points; US Crude Oil Stocks Increase

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite gaining more than 200 points on Wednesday.

The Dow traded down 0.25% to 40,634.47 while the NASDAQ rose 1.43% to 17,269.59. The S&P 500 also rose, gaining, 0.40% to 5,517.65.

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Leading and Lagging Sectors

Information technology shares rose by 1.4% on Wednesday.

In trading on Wednesday, consumer staples shares dipped by 1.3%.

Top Headline

The EIA said crude oil inventories in the U.S. increased by 0.833 million barrels during the week ended Sept. 6, compared to market estimates of a 1 million rise.

Equities Trading UP
                       

• PureCycle Technologies, Inc. PCT shares shot up 38% to $6.45 after the company announced financing transaction and Ironton production update.
• Shares of BriaCell Therapeutics Corp. BCTX got a boost, surging 11% to $0.69 after the company announced overall survival data of its Phase 2 clinical study of Bria-IMT in combination with an immune check point inhibitor in late stage metastatic breast cancer.
• Liquidia Corporation LQDA shares were also up, gaining 13% to $10.05 after the company announced it raised $67.5 million from the common stock financing of 6,460,674 shares at $8.90 per share.

Equities Trading DOWN

• Telesis Bio, Inc. TBIO shares dropped 59% to $1.5688 after the company announced that it has notified the Nasdaq Stock Market of its decision to delist.
• Shares of Rentokil Initial plc RTO were down 21% to $24.98 after the company revised the guidance for the second half of FY24.
• Torrid Holdings Inc. CURV was down, falling 24% to $5.06 after the company announced the launch of secondary offering of common stock.

Commodities

In commodity news, oil traded up 3.2% to $67.87 while gold traded up 0.4% at $2,545.10.

Silver traded up 1.2% to $28.970 on Wednesday, while copper rose 1.1% to $4.1440.

Euro zone

European shares closed mixed today. The eurozone's STOXX 600 rose 0.01%, Germany's DAX gained 0.35% and France's CAC 40 fell 0.14%. Spain's IBEX 35 Index rose 0.67%, while London's FTSE 100 fell 0.15%.

The UK’s trade deficit widened to £7.51 billion in July from £5.32 billion in the previous month, while industrial production fell 0.8% month-over-month in July. The UK's economy stalled during the month of July compared to market estimates of a 0.2% increase.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan's Nikkei 225 falling 1.49%, Hong Kong's Hang Seng Index falling 0.73%, China's Shanghai Composite Index dipping 0.82% and India's BSE Sensex falling 0.49%.

The Reuters Tankan sentiment index for manufacturers in Japan declined to a reading of +4 in September compared to August's reading of +10. China’s vehicle sales dipped by 5.0% year-over-year to 2.45 million units for the month of August.

Economics

• U.S. mortgage applications increased 1.4% in the week ending Sept. 6, compared to a 1.6% rise in the prior period.
• U.S. annual inflation rate eased for a fifth straight month to 2.5% in August from 2.9% in the previous month, and down from market estimates of 2.6%.
• The EIA said crude oil inventories in the U.S. increased by 0.833 million barrels during the week ended Sept. 6, compared to market estimates of a 1 million rise.

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