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Crude Oil Prices Fall while Ralph Lauren Reports Strong Earnings

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As the trading day drew to a close, U.S. stocks were mostly in the red, with the Dow Jones dropping by around 80 points on Wednesday.

The Dow traded down 0.23% to 34,074.30, the NASDAQ fell 0.01% to 13,638.07, and the S&P 500 also saw a decline of 0.01% to 4,378.16.

Leading and Lagging Sectors

On Wednesday, information technology shares experienced a 0.5% increase, while utilities shares fell by 1.5%.

Top Headline: Ralph Lauren Corporation (RL) revealed its second-quarter earnings, reporting a 3% year-on-year sales growth to $1.63 billion for FY24, exceeding the analyst consensus estimate of $1.61 billion. The adjusted EPS of $2.10 also surpassed the consensus estimate of $1.93.

Equities Trading UP

Shares of Blade Air Mobility, Inc. (BLDE) surged by 35% to $3.0601 as the company displayed a third-quarter FY23 revenue growth of 56.3% year-over-year to $71.44 million. GAN Limited (GAN) also experienced a boost, soaring 85% to $1.65 as the company agreed to be acquired by Sega Sammy Creation for $1.97 per share in cash. Additionally, The RealReal, Inc. (REAL) saw its shares rise by 29% to $2.0798 following better-than-expected quarterly results.

Equities Trading DOWN

Conversely, shares of DURECT Corporation (DRRX) plummeted by 77% to $0.5980 after the company announced the results from its Phase 2B AHFIRM trial, which did not achieve statistical significance for either dose on the primary endpoint of mortality or transplant at 90 days. FTC Solar, Inc. (FTCI) saw a decline of 71% to $0.34 after the company reported third-quarter earnings and disclosed the departure of CEO Sean Hunkler and CFO Phelps Morris from their roles in December 2023. Additionally, Establishment Labs Holdings Inc. (ESTA) experienced a fall of 39% to $19.86 after reporting worse-than-expected third-quarter financial results.

Commodities

In commodity news, oil traded down 2.5% to $75.44, while gold traded down 0.8% at $1,957.80. Silver, however, traded up 0.7% to $22.75 on Wednesday, while copper fell 1.2% to $3.6355.

Euro Zone

It was noted that European shares were mostly higher, with the eurozone’s STOXX 600 rising 0.28%, London’s FTSE 100 falling 0.11%, and Spain’s IBEX 35 Index rising 0.52%. Furthermore, the German DAX rose 0.51%, French CAC 40 rose 0.69%, while Italy’s FTSE MIB Index rose 0.13%. Additionally, it was reported that retail sales in the Eurozone fell by 0.3% in September, and median consumer expectations for inflation over the next 12 months rose to 4.0% in September. France’s current account deficit increased to EUR 2.5 billion in September, and its trade deficit widened to €8.9 billion in the same month. Germany’s consumer price inflation rate eased to 3.8% year-over-year in October from the previous month’s level of 4.5%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 falling 0.33%, Hong Kong’s Hang Seng Index declining 0.58%, and China’s Shanghai Composite Index falling 0.16%. However, India’s S&P BSE Sensex rose by around 0.1%. It was also mentioned that the index of leading economic indicators in Japan fell to 108.7 in September, while the index of coincident economic indicators rose to 114.7. Reserve assets in Japan increased to $1.238 trillion in October from $1.237 trillion a month ago.

Economics

There was a reported 2.5% increase in mortgage applications in the U.S. for the week ending Nov. 3, after three consecutive weeks of declines. Alongside this, U.S. wholesale inventories rose by 0.2% month-over-month in September, compared to a 0.1% decline in the prior month.

Sources: Benzinga, NYSE, NASDAQ

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