The midweek trading session saw U.S. stocks on a downward spiral, with the Dow Jones index plummeting by over 500 points on Wednesday.
At the time of this trading dip, the Dow lingered at a 1.30% decline, resting at 38,376.37, while the NASDAQ mirrored the fall, dropping 1.11% to 16,126.44. The S&P 500 also joined the descent, dipping by 1.15% to 5,150.00.
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Sectors in the Spotlight
Energy shares experienced a 0.3% dip on the same day.
In contrast, real estate shares took a major hit, tumbling by 4.1% during the trading session.
Headlining the Day
In the week ending on April 5, U.S. crude oil inventories ballooned by 5.841 million barrels, well above the market’s consensus of a 2.366 million barrel uptick.
Gainers in Equities
Marin Software Incorporated MRIN saw its shares skyrocket by a jaw-dropping 146% to $0.7052 after unveiling significant upgrades to its integration with Microsoft Advertising.
Shares of Adial Pharmaceuticals, Inc. ADIL surged by 66% to $1.8716 following the announcement of a peer-reviewed article highlighting the clinical results, strong safety profile, and high compliance of patients administered AD04.
Jaguar Health, Inc. JAGX also rode the wave, with shares climbing by 37% to $0.1231 after obtaining approval for all proposals at its April 2024 Stockholders Meeting, and declaring no reverse split plans for the time being.
Losers in Equities
VIA optronics AG VIAO shares nosedived by 34% to $0.5950 after the company announced its intention to voluntarily delist its ADSs from the New York Stock Exchange. The collaboration between VIA optronics and Antolin in introducing Sunrise, a new integration era in vehicle cockpits, did not placate investors.
Shares of Ascent Solar Technologies, Inc. ASTI crumbled by 50% to $0.1368 post the company’s announcement of pricing a $6 million public offering of shares at $0.14 per share.
Velo3D, Inc. VLD suffered a 40% plunge to $0.2777 after announcing the pricing of a $12 million public offering.
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Commodities Corner
In the commodities realm, oil witnessed a modest 0.2% surge to $85.36, while gold depreciated by 0.4% to settle at $2,353.90.
On the flip side, silver ticked up by 0.3% to $28.08, whereas copper retreated by 0.5% to $4.2630 on the same Wednesday.
Across the Eurozone
On the European turf, stock markets displayed a mixed bag today. The STOXX 600 in Eurozone upped the ante by 0.15%, the FTSE 100 in London surged by 0.33%, while Spain’s IBEX 35 Index took a 0.38% tumble. Meanwhile, the German DAX soared by 0.11%, the French CAC 40 slid by 0.05%, and Italy’s FTSE MIB Index enjoyed a 0.27% spike.
Retail sales in Italy recorded a modest 0.1% uptick from the previous month in February.
Asia Pacific Markets Update
Wednesday’s curtain fell on Asian markets, displaying a mixed picture. Japan’s Nikkei 225 slumped by 0.48%, Hong Kong’s Hang Seng Index accelerated by 1.85%, China’s Shanghai Composite descended by 0.70%, and India’s S&P BSE Sensex clocked a 0.47% gain.
Japan saw producer prices ticking up by 0.8% year-over-year in March, while loans scaled up by 3.2% year-over-year in the same month. Chinese vehicle sales rebounded by 9.9% year-over-year to 2.69 million units in March, recuperating from a staggering 19.9% downturn in the preceding month.
Economic Indicators
Mortgage applications in the U.S. saw a minute 0.1% uptick in the week concluding on April 5, 2024.
The U.S. annual inflation rate witnessed a consecutive monthly rise, settling at 3.5% in March, up from 3.2% in February.
Wholesale inventories in the U.S. posted a 0.5% uptick month-over-month in February, contrasting with the 0.2% decline in the preceding month.
U.S. crude oil inventories ballooned by 5.841 million barrels in the week concluding on April 5, surpassing the market’s projection of a 2.366 million barrel increase.
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