Crude Oil Moves Lower; PowerFleet Shares Spike Higher

U.S. stocks traded lower midway through trading, with the S&P 500 falling around 0.2% on Wednesday.

The Dow traded down 0.21% to 41,520.08 while the NASDAQ fell 0.25% to 17,584.86. The S&P 500 also fell, dropping, 0.21% to 5,622.88.

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Leading and Lagging Sectors

Real estate shares rose by 0.2% on Wednesday.

In trading on Wednesday, financials shares fell by 0.3%.

Top Headline

Housing starts in the U.S. climbed by 9.6% from the prior month to an annualized rate of 1.356 million units for August. U.S. building permits gained by 4.9% to an adjusted annual rate of 1.475 million in August.

Equities Trading UP
                       

• Intuitive Machines, Inc. LUNR shares shot up 49% to $8.03 after the company announced it was awarded a NASA Near Space Network contract for communication and navigation services, with a maximum potential value of $4.82 billion.
• Shares of Applied Therapeutics, Inc. APLT got a boost, surging 67% to $7.76 after the FDA communicated that an advisory committee meeting would no longer be required.
• PowerFleet, Inc. AIOT shares were also up, gaining 15% to $5.32 after the company announced it entered into a definitive agreement for the acquisition of Fleet Complete for $200 million.

Equities Trading DOWN

• NANO Nuclear Energy Inc NNE shares dropped 10% to $11.14.
• Shares of Wheeler Real Estate Investment Trust, Inc. WHLR were down 18% to $7.62. The company announced a 1-for-3 reverse stock split of common stock.
• Cibus, Inc. CBUS was down, falling 25% to $3.7786 after the company announced the pricing of $12 million offering of 3 million shares at $4.00 per share.

Commodities

In commodity news, oil traded down 0.8% to $70.65 while gold traded up 0.3% at $2,599.90.

Silver traded down 0.3% to $30.90 on Wednesday, while copper rose 0.6% to $4.2990.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.35%, Germany's DAX rose 0.08% and France's CAC 40 fell 0.40%. Spain's IBEX 35 Index fell 0.13%, while London's FTSE 100 fell 0.61%.

Annual inflation rate in the Eurozone fell to 2.2% in August, recording the lowest level since July 2021, compared to 2.6% in the prior month. Construction output in the Eurozone fell by 2.2% year-over-year in July compared to a revised 1.3% decline in the previous month.

Annual inflation rate in the UK came in unchanged at 2.2% in August, in line with estimates, while producer prices increased 0.2% year-over-year in August.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 gaining 0.49%, China's Shanghai Composite Index gaining 0.49% and India's BSE Sensex falling 0.16%.

Japanese trade deficit shrank to JPY 695.30 billion in August from JPY 940.10 billion in the year-earlier month, and versus market expectations of a JPY 1,380 billion gap.

Economics

• U.S. mortgage applications surged by 14.2% from the prior week in the week ending Sept. 13.
• Housing starts in the U.S. climbed by 9.6% from the prior month to an annualized rate of 1.356 million units for August.
• U.S. building permits gained by 4.9% to an adjusted annual rate of 1.475 million in August.
• U.S. crude oil inventories declined by 1.630 million barrels in the week ended Sept. 13, compared to market estimates of a 0.1 million decrease.

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