Nasdaq Down Over 100 Points; US Crude Oil Inventories Decline

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 100 points on Thursday.

The Dow traded down 1.01% to 38,055.10 while the NASDAQ fell 0.64% to 16,812.30. The S&P 500 also fell, dropping, 0.48% to 5,241.69.

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Leading and Lagging Sectors

Real estate shares rose by 1.3% on Thursday.

In trading on Thursday, information technology shares dipped by 1.7%.

Top Headline

The EIA said stocks of crude oil in the U.S. fell by 4.16 million barrels in the week ending May 24 compared to market estimates of a 1.95 million barrels fall.

Equities Trading UP
                       

• Foot Locker, Inc. FL shares shot up 23% to $27.66 following a first-quarter earnings beat.
• Shares of American Superconductor Corporation AMSC got a boost, surging 24% to $19.51 following strong quarterly earnings.
• OneMedNet Corporation. ONMD shares were also up, gaining 27% to $2.4802 after the company announced that it has entered into a non-exclusive three-year Master Services Agreement with an undisclosed U.S.-based medical technology company.

Equities Trading DOWN

• Maxeon Solar Technologies, Ltd. MAXN shares dropped 30% to $2.1708 after the company reported worse-than-expected first-quarter financial results and issued FY24 revenue guidance below estimates.
• Shares of NovaBay Pharmaceuticals, Inc. NBY were down 34% to $0.1071. NovaBay Pharmaceuticals announced plans for a 1-for-35 reverse stock split and revealed the receipt of NYSE American notice regarding stockholders' equity.
• UiPath Inc. PATH was down, falling 35% to $11.86 after the company reported first-quarter earnings, issued weak revenue guidance and announced a CEO transition. Some analysts downgraded the stock following the report.

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Commodities

In commodity news, oil traded down 0.7% to $78.70 while gold traded up 1% at $2,364.20.

Silver traded down 2.6% to $31.535 on Thursday, while copper fell 2.9% to $4.6520.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.59%, Germany's DAX gained 0.16% and France's CAC 40 gained 0.53%. Spain's IBEX 35 Index jumped 1.76%, while London's FTSE 100 gained 0.59%.

The services sentiment indicator in the Eurozone rose to 6.5 in May from 6.1 in April, while industry confidence indicator climbed to -9.9 in May versus a revised reading of -10.4 in April. Consumer confidence in the Eurozone gained by 0.4 points to -14.3 in May, while economic sentiment indicator surged to 96 points in May, recording the highest level in four months. The unemployment rate in the Eurozone fell to a new record low of 6.4% in April.

Asia Pacific Markets

Asian markets closed lower on Thursday, with Japan's Nikkei falling 1.30%, China's Composite Index dipping 0.62%, Hong Kong's Hang Seng Index falling 1.34% and India's S&P BSE Sensex falling 0.83%.

Economics

• U.S. wholesale inventories increased by 0.2% month-over-month in April following a 0.4% decline in the previous month and versus market estimates of a 0.1% fall.
• The U.S. trade deficit in goods increased to $99.41 billion in April following a revised $92.29 billion gap in the earlier month.
• U.S. initial jobless claims increased by 3,000 to 219,000 in the week ending May 25, compared to market estimates of 218,000.
• The U.S. economy grew an annualized 1.3% in the first quarter, compared to 3.4% in the prior quarter.
• Pending home sales fell by 7.7% month-over-month in April.
• The EIA said stocks of crude oil in the U.S. fell by 4.16 million barrels in the week ending May 24 compared to market estimates of a 1.95 million barrels fall.
• U.S. natural-gas supplies rose 84 billion cubic feet during the week ended May 24.

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