Market Analysis: Crude Oil Soars While DuPont Shares Tumble Market Analysis: Crude Oil Soars While DuPont Shares Tumble

Written By Michael Gary Scott

U.S. stocks traded higher midway through the trading day, with the Nasdaq Composite gaining around 150 points on Wednesday.

The Dow traded up 0.36% to 38,040.66 while the NASDAQ rose 0.97% to 15,574.97. The S&P 500 also rose, gaining 0.66% to 4,896.89.

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Market Performance

Communication services shares rose by 1.7% on Wednesday.

In trading on Wednesday, utilities shares fell by 0.8%.

Top News

US crude oil inventories fell by 9.233 million barrels in the week ending Jan. 19, marking the biggest decline since August, far surpassing market estimates of a 2.15 million-barrel decline.

Stocks Trending Up

Getaround, Inc. GETR shares surged by a staggering 158% to $0.4750 after the company announced it secured $20 million in financing.

Shares of Evaxion Biotech A/S EVAX skyrocketed 116% to $10.80 after a 13G filing showed Merck & Co reported an 11.4% stake in the company as of Dec. 21, 2023.

SciSparc Ltd. SPRC shares also saw a substantial increase, gaining 64% to $5.67 after the company announced a $20 million standby equity purchase agreement.

Stocks Trending Down

BlackBerry Limited BB shares plummeted by 18% to $2.9050 after the company announced a proposed private offering of $160 million of convertible senior notes.

Shares of Annovis Bio, Inc. ANVS were down 16% to $9.73 after the company announced a postponement in the Phase III study data release for buntanetap in Parkinson’s Disease.

DuPont de Nemours, Inc. DD was down, falling 12% to $65.94 after the company announced preliminary fourth-quarter and full year 2023 results, and issued first-quarter guidance.

Commodities Market

In commodity news, oil soared 1.4% to $75.41 while gold fell by 0.5% to $2,015.90.

Silver rose by 1.7% to $22.850 on Wednesday while copper jumped by 2.2% to $3.8775.

Euro Zone Performance

European shares were higher on the day. The eurozone’s STOXX 600 gained 1.07%, London’s FTSE 100 rose 0.54%, Spain’s IBEX 35 Index rose 1.04%, the German DAX climbed 1.50%, French CAC 40 gained 0.85%, and Italy’s FTSE MIB Index rose 0.67%.

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The HCOB Eurozone manufacturing PMI climbed to 46.6 in January, marking the highest level in ten months, while services PMI fell to 48.4 in January from 48.8 in the prior month. France’s composite PMI fell to 44.2 in January from December’s reading of 44.8, while German composite PMI slipped to 47.1 from 47.4 in the prior month.

The S&P Global UK manufacturing PMI rose to a nine-month high of 47.3 in January, while services PMI increased to 53.8 in January from 53.4.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 falling by 0.80%, Hong Kong’s Hang Seng Index climbing by 3.56%, and China’s Shanghai Composite Index gaining by 1.80%. India’s S&P BSE Sensex, meanwhile, rose by 0.98%.

The HSBC Flash Indian services PMI increased to 61.2 in January from 59 in the previous month, while Indian manufacturing PMI climbed to 56.9 from 54.9 in December.

The au Jibun Bank Japan composite PMI increased to 51.1 in January versus a final reading of 50.0 in the earlier month. Japan posted a trade surplus of JPY 62.10 billion in December versus a year-ago deficit of JPY 1,497.93 billion.

Economic Indicators

U.S. mortgage applications increased by 3.7% in the week ending Jan. 19, 2024.

The S&P Global US services PMI rose to a seven-month high level of 52.9 in January, while manufacturing PMI surged to 50.3 in January from 47.9 in the prior month.

The S&P Global composite PMI rose to 52.3 in January, compared to the previous month’s level of 50.9.

US crude oil inventories fell by 9.233 million barrels in the week ending Jan. 19, marking the biggest decline since August and significantly exceeding market estimates of a 2.15 million-barrel decline.

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