Crude Oil Dips Over 4%; OPEC Cuts Global Oil Demand Outlook

Author: Avi Kapoor | September 10, 2024 02:20pm

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite gaining over 100 points on Tuesday.

The Dow traded down 0.39% to 40,671.23 while the NASDAQ rose 0.68% to 16,999.00. The S&P 500 also rose, gaining, 0.24% to 5,484.05.

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Leading and Lagging Sectors

Real estate shares surged by 0.9% on Tuesday.

In trading on Tuesday, energy shares fell by 2%.

Top Headline

WTI crude oil futures dipped more than 4% during Tuesday's session after OPEC slashed its demand projections for the second time in two months.

OPEC said it now sees global oil demand increasing by 2 million barrels per day in 2024, down 80,000 bpd from its prior outlook.

Equities Trading UP
                       

• BIO-key International, Inc. (NASDAQ:BKYI) shares shot up 120% to $2.2850 after the company announced it was rewarded $500K in new orders from a government defense ministry.
• Shares of Mission Produce, Inc. (NASDAQ:AVO) got a boost, surging 21% to $12.92 after the company reported better-than-expected third-quarter financial results.
• Avid Bioservices, Inc. (NASDAQ:CDMO) shares were also up, gaining 17% to $10.51 following a narrower-than-expected quarterly loss.

Equities Trading DOWN

• Edgio, Inc. (NASDAQ:EGIO) shares dropped 32% to $0.8362. Edgio shares tumbled on Monday after the company filed for Chapter 11 relief. The company entered into a stalking horse asset purchase agreement with Lynrock.
• Shares of Cognyte Software Ltd. (NASDAQ:CGNT) were down 14% to $6.41 following second-quarter results.
• Alimera Sciences, Inc. (NASDAQ:ALIM) was down, falling 18% to $4.5650 after the company announced it filed a lawsuit against ANI Pharmaceuticals to fulfill its contractual obligation for the merger agreement.

Commodities

In commodity news, oil traded down 4.4% to $65.71 while gold traded up 0.4% at $2,541.90.

Silver traded down 0.3% to $28.56 on Tuesday, while copper fell 1.3% to $4.0920.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 0.54%, Germany's DAX declined 0.96% and France's CAC 40 fell 0.24%. Spain's IBEX 35 Index fell 0.61%, while London's FTSE 100 fell 0.78%.

Regular pay in the UK, excluding bonuses, rose 5.1% year-over-year to GBP 647/week in the three months to July, while UK's unemployment rate declined to 4.1% from May to July.

Industrial production in Italy declined by 0.9% month-over-month in July compared to a 0.5% gain in June. Spain’s industrial output declined by 0.4% year-over-year in July. The annual inflation rate in Germany eased to 1.9% in August from 2.3% in the prior month.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 falling 0.16%, Hong Kong's Hang Seng Index gaining 0.22%, China's Shanghai Composite Index gaining 0.28% and India's BSE Sensex gaining 0.44%.

Japan's machine tool orders fell 3.5% year-over-year to JPY 110,771 million for August. China’s trade surplus widened to $91.02 billion in August from $67.81 billion in the year-ago period.

Economics

The NFIB Small Business Optimism Index fell to 91.2 in August, recording the weakest reading in three months, and versus July's reading of 93.7.

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Posted In: ALIM AVO BKYI CDMO CGNT EGIO