HomeMarket NewsMicro Cap StocksThe Crude Oil Rally: A Silver Lining Amidst ISM Services PMI Decline

The Crude Oil Rally: A Silver Lining Amidst ISM Services PMI Decline

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Market Momentum

In the heart of the trading day, the Nasdaq Composite soared by over 0.5% on Wednesday, reflecting the ebullience on Wall Street.

The Dow’s Ascent

The Dow surged to 39,241.00, up by 0.18%, while the NASDAQ climbed to 16,329.45, advancing 0.55%. The S&P 500 joined the upward trend, adding 0.39% to 5,226.17.

Market Movers: Leading and Lagging Sectors

Industrials shined with a 0.8% lift on Wednesday, whereas consumer staples faced a 0.9% dip in trading.

The ISM Services PMI Report

In a slight setback, the ISM services PMI decreased to 51.4 in March, dropping from February’s reading of 52.6 and market expectations of 52.7.

Winners in Equities Trading

Kintara Therapeutics, Inc. (KTRA) saw shares surge by 43% to $0.1438 following a merger deal with TuHURA Biosciences. ARCA biopharma, Inc. (ABIO) and Vanda Pharmaceuticals Inc. (VNDA) also experienced substantial gains.

Losers in Equities Trading

On the flip side, Casa Systems, Inc. (CASA), View, Inc. (VIEW), and Sintx Technologies, Inc. (SINT) all faced significant declines in their stock prices amidst various corporate developments.

Commodities Update

The commodity market stayed active, with oil climbing 0.8% to $85.85, gold up 1% at $2,303.60, silver rising 4.1% to $26.975, and copper up 2.6% to $4.1745.

European and Asian Markets

European shares displayed a mixed bag of results, with various indices such as STOXX 600, FTSE 100, IBEX 35, DAX, CAC 40, and FTSE MIB showing varying degrees of movement. Meanwhile, Asian markets faced downward pressure, with several key indices declining amid economic reports.

Insights into Economic Data

Mortgage applications saw a 0.6% dip, private businesses in the U.S. added 184,000 jobs in March, and the S&P Global composite PMI was revised slightly lower. Additionally, U.S. crude oil inventories witnessed an unexpected increase, contrary to market projections.

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