S&P 500 Edges Lower; US Crude Oil Inventories Fall

Author: Avi Kapoor | October 30, 2024 01:50pm

U.S. stocks traded mixed midway through trading, with the S&P 500 edging lower on Wednesday.

The Dow traded up 0.08% to 42,267.94 while the NASDAQ fell 0.15% to 18,684.06. The S&P 500 also fell, dropping, 0.07% to 5,828.67.

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Leading and Lagging Sectors

Communication services shares rose by 1.8% on Wednesday.

In trading on Wednesday, information technology shares fell by 1%.

Top Headline

Crude oil inventories in the U.S. declined by 0.515 million barrels in the week ended October 25, compared to a 5.474 million gain in the prior week and versus market estimates of a 2.3 million gain.

Equities Trading UP
                       

• Tharimmune, Inc. (NASDAQ:THAR) shares shot up 104% to $4.13 after the company announced it received EMA feedback on its TH104 clinical program. The design and main features of the proposed Phase 2 study were deemed acceptable and general guidance was also provided for a future Phase 3 study.
• Shares of Omnicell, Inc. (NASDAQ:OMCL) got a boost, surging 37% to $54.78 after the company reported better-than-expected third-quarter financial results and raised its FY24 guidance above estimates.
• Reddit, Inc. (NYSE:RDDT) shares were also up, gaining 42% to $115.96 after the company reported better-than-expected third-quarter financial results and issued fourth-quarter revenue guidance above estimates.

Equities Trading DOWN

• SRIVARU Holding Limited (NASDAQ:SVMH) shares dropped 58% to $0.0287 after the company announced it upsized its $6.8 million public offering.
• Shares of Vicinity Motor Corp. (NASDAQ:VEV) were down 48% to $0.0252. Vicinity Motor recently announced that all members of its board of directors have resigned.
• Applied DNA Sciences, Inc. (NASDAQ:APDN) was down, falling 38% to $0.1975 after the company announced the pricing of a registered direct offering of 20,312,500 shares at $0.32 per share. The company also announced a concurrent private placement.

Commodities

In commodity news, oil traded up 1.5% to $68.23 while gold traded up 0.4% at $2,792.20.

Silver traded down 1.3% to $34.00 on Wednesday, while copper rose 0.1% to $4.3625.

Euro zone

European shares were lower today. The eurozone's STOXX 600 dipped 1%, Germany's DAX fell 0.27% and France's CAC 40 slipped 0.61%. Spain's IBEX 35 Index fell 0.6%, while London's FTSE 100 fell 0.80%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 gaining 0.96%, Hong Kong's Hang Seng Index dipping 1.55%, China's Shanghai Composite Index falling 0.61% and India's BSE Sensex falling 0.53%.

Economics

• Pending home sales in the U.S. surged by 7.4% from the previous month in September, compared to a 0.6% gain in August.
• The U.S. economy grew by an annualized 2.8% in the third quarter, from 3% in the second quarter.
• Private businesses in the U.S. hired 233K workers to their payrolls in October compared to a revised 159K gain in September.

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Posted In: APDN OMCL RDDT SVMH THAR VEV