Nasdaq Down 2%; US Crude Stocks Increase

U.S. stocks traded lower toward the end of trading, with the S&P 500 falling more than 1% on Wednesday.

The Dow traded down 1.32% to 42,358.19 while the NASDAQ fell 2.06% to 18,190.21. The S&P 500 also fell, dropping, 1.33% to 5,773.33.

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Leading and Lagging Sectors

Real estate shares rose by 0.7% on Wednesday.

In trading on Wednesday, information technology shares fell by 2.1%.

Top Headline

U.S. crude oil inventories increased by 5.474 million barrels in the week ended Oct. 18, compared to market estimates of a 0.7 million gain.

Equities Trading UP
                       

• La Rosa Holdings Corp. LRHC shares shot up 165% to $1.3000 after the company reported preliminary 9-moth revenue growth of 120% year over year.
• Shares of CNS Pharmaceuticals, Inc. CNSP got a boost, surging 73% to $0.2704. The company requested a panel hearing for November 5, 2024, and will be subject to a halt in the suspension or delisting decision until then.
• Virax Biolabs Group Limited VRAX shares were also up, gaining 57% to $2.6399 after the company announced a distribution agreement with Europa Biosite to commercialize the ImmuneSelect research-use portfolio in the United Kingdom and Ireland.

Equities Trading DOWN

• Alto Neuroscience, Inc. ANRO shares dropped 67% to $4.7398 after the company announced topline results from a Phase 2b trial evaluating ALTO-100 as a treatment for major depressed disorder did not meet its primary endpoint.
• Shares of Constellium SE CSTM were down 29% to $10.59 after the company reported third-quarter EPS and sales that missed estimates, citing macroeconomic and geopolitical uncertainties, and expressed caution heading into 2025.
• Enphase Energy, Inc. ENPH was down, falling 15% to $78.67 after the company reported worse-than-expected third-quarter financial results.

Commodities

In commodity news, oil traded down 1.7% to $70.54 while gold traded down 1% at $2,732.70.

Silver traded down 3.4% to $33.835 on Wednesday, while copper fell 1% to $4.3350.

Euro zone

European shares closed mostly lower today. The eurozone's STOXX 600 fell 0.30%, Germany's DAX fell 0.23% and France's CAC 40 fell 0.50%. Spain's IBEX 35 Index rose 0.27%, while London's FTSE 100 fell 0.58%.

Consumer confidence in the Eurozone rose by 0.4 points to a reading of -12.5 in October.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 falling 0.80%, Hong Kong's Hang Seng Index gaining 1.27%, China's Shanghai Composite Index gaining 0.52% and India's BSE Sensex falling 0.17%.

Singapore's annual inflation rate eased to 2.0% in September versus 2.2% in the previous month.

Economics

• U.S. mortgage applications declined by 6.7% from the previous week during the third week of October, following a 17% dip in the earlier period.
• U.S. existing home sales declined 1% from the previous month to an annualized rate of 3.84 million in September.
• U.S. crude oil inventories increased by 5.474 million barrels in the week ended Oct. 18, compared to market estimates of a 0.7 million gain.

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