Crude Oil Down 1%; BigBear.ai Shares Spike Higher

Author: Avi Kapoor | August 21, 2024 12:15pm

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 50 points on Wednesday.

The Dow traded down 0.16% to 40,767.87 while the NASDAQ fell 0.14% to 17,792.53. The S&P 500 also fell, dropping, 0.06% to 5,593.92.

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Leading and Lagging Sectors

Materials shares climbed by 0.7% on Wednesday.

In trading on Wednesday, financials shares fell by 0.6%.

Top Headline

Crude oil inventories in the U.S. fell by 4.649 million barrels in the week ending Aug. 16, compared to market expectations for a decline of 2.72 million barrels.

Equities Trading UP

BigBear.ai Holdings, Inc. (NYSE:BBAI) shares shot up 35% to $1.80 after the company received an award as a subcontractor to Concept Solutions.
Shares of Smart for Life, Inc. (NASDAQ:SMFL) got a boost, surging 96% to $1.84 after the company said it is negotiating the acquisition of four health and wellness targets.
Stronghold Digital Mining, Inc. (NASDAQ:SDIG) shares were also up, gaining 68% to $4.9080 after the company announced it entered into a definitive merger agreement to be acquired by Bitfarms.

Equities Trading DOWN

Eyenovia, Inc. (NASDAQ:EYEN) shares dropped 37% to $0.4295 after the company announced the pricing of $5.14 million public offering.
Shares of Macy’s, Inc. (NYSE:M) were down 13% to $15.52 following weak quarterly sales.
PagSeguro Digital Ltd. (NYSE:PAGS) was down, falling 12% to $12.79 following second-quarter results.

Commodities

In commodity news, oil traded down 1.1% to $72.36 while gold traded down 0.2% at $2,546.20.

Silver traded up 0.1% to $29.555 on Wednesday, while copper rose 0.8% to $4.1935.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.33%, Germany's DAX rose 0.50% and France's CAC 40 gained 0.4%. Spain's IBEX 35 Index rose 0.52%, while London's FTSE 100 rose 0.12%.

The annual inflation rate in the Eurozone increased to 2.6% in July from 2.5% in the prior month, while current account surplus rose to €52.4 billion in June from €32.4 billion a year ago. Italy’s current account surplus widened to EUR 4,885 billion in June from EUR 1,248 billion in the year-ago period. Producer prices in Germany fell by 0.8% year-over-year in July.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 falling 0.29%, Hong Kong's Hang Seng Index falling 0.69%, China's Shanghai Composite Index falling 0.35% and India's BSE Sensex rising 0.13%.

The annual inflation rate in Hong Kong increased to 2.5% in July from 1.5% in the prior month. The People’s Bank of China kept key lending rates unchanged at the recent fixing.

Economics

Mortgage applications in the U.S. declined by 10.1% from the prior week in the week ending Aug. 16.
Crude oil inventories in the U.S. fell by 4.649 million barrels in the week ending Aug. 16, compared to market expectations for a decline of 2.72 million barrels.

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