Crude Oil Falls Sharply; US Current Account Deficit Widens In Q1

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 1% on Tuesday.

The Dow traded up 1.11% to 43,054.08 while the NASDAQ gained 1.45% to 19,916.04. The S&P 500 also rose, gaining, 1.07% to 6,089.42.

Check This Out: BlackBerry Gears Up For Q1 Print; Here Are The Recent Forecast Changes From Wall Street’s Most Accurate Analysts

Leading and Lagging Sectors

Information technology shares jumped by 1.6% on Tuesday.

In trading on Tuesday, energy stocks fell by 1.2%.

Top Headline

The U.S. current account deficit increased by 44.3% to $450.2 billion in the first quarter versus a revised deficit of $312 billion in the fourth quarter and compared to market estimates of a $443.3 billion gap.

Equities Trading UP

Nano Labs Ltd NA shares shot up 67% to $18.18 after the company announced a $500 million convertible notes private placement for its BNB treasury strategy.
Shares of Nektar Therapeutics NKTR got a boost, surging 137% to $22.62. The company released statistically significant data from the 16-week induction period of the ongoing Phase 2b REZOLVE-AD study of investigational rezpegaldesleukin.
OneMedNet Corporation ONMD shares were also up, gaining 109% to $0.7135 after the company entered into private placement agreements with accredited investors raising approximately $3.7 million in gross proceeds.

Equities Trading DOWN

Array Technologies, Inc. ARRY shares dropped 14% to $6.36 after the company announced a proposed private offering of $250 million in new convertible senior notes.
Shares of Advance Auto Parts, Inc AAP were down 9% to $47.23. Goldman Sachs analyst Kate McShane downgraded Advance Auto Parts from Neutral to Sell and lowered the price target from $48 to $46.
Houston American Energy Corp. HUSA was down, falling 31% to $12.82 as the company announced a $1.2 million registered direct offering.

Commodities

In commodity news, oil traded down 5.7% to $64.60 while gold traded down 2% at $3,326.70.

Silver traded down 1.5% to $35.650 on Tuesday, while copper rose 0.2% to $4.8585.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 1.11%, while Spain's IBEX 35 Index surged 1.41%. London's FTSE 100 gained 0.01%, Germany's DAX 40 gained 1.60% and France's CAC 40 rose 1.04% during the session.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan's Nikkei gaining 1.14%, Hong Kong's Hang Seng Index gaining 2.06%, China's Shanghai Composite rising 1.15% and India's BSE Sensex rising 0.19%.

Economics

The U.S. current account deficit increased by 44.3% to $450.2 billion in the first quarter versus a revised deficit of $312 billion in the fourth quarter and compared to market estimates of a $443.3 billion gap.
The S&P CoreLogic Case-Shiller Home Price Index increased 3.4% year-over-year in April following a 4.1% gain in the previous month.
The FHFA house price index fell by 0.4% from the previous month in April.

Now Read This: