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Crude Oil Prices Jump 1%, Boosting Rover Group Stock

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The stock market rallied today, with the Dow Jones index gaining more than 50 points in midday trading on Wednesday.

As of midday, the Dow traded up 0.17% to 35,476.23 while the NASDAQ rose 0.35% to 14,331.13. The S&P 500 also rose, gaining 0.30% to 4,568.63.

Check this Out: How To Earn $500 A Month From NVIDIA Stock After Last Week’s Strong Earnings Report

Sectors in the Spotlight

 

Real estate shares surged by 1.1% on Wednesday.

In today’s trading, communication services shares fell by 1%.

 

Top News

 

The Energy Information Administration (EIA) reported an increase of 1.609 million barrels in crude oil inventories in the U.S. for the week ending Nov. 24. This spiked excitement in the market compared to a prior period increase of 8.701 million barrels and market expectations of a 0.933 million barrel decline.

 

Stocks on the Rise

 

Vivos Therapeutics, Inc. VVOS shares surged 215% to $13.88. The company received FDA 510(k) clearance for treating severe obstructive sleep apnea (OSA) in adults using the Vivos’ removable CARE (Complete Airway Repositioning and/or Expansion) oral appliances.

Shares of Rover Group, Inc. ROVR soared 28% to $10.92 after the company agreed to be acquired by Blackstone in a $2.3 billion transaction.

Fluence Energy, Inc. FLNC also saw an uptick, gaining 26% to $25.46 after reporting fourth-quarter financial results and initiating FY24 revenue guidance.

 

Declining Stocks

 

BioVie Inc. BIVI shares plummeted 62% to $1.9201 after the company announced topline efficacy data from its Phase 3 trial of NE3107 for mild to moderate Alzheimer’s disease.

Shares of Seelos Therapeutics, Inc. SEEL dropped 40% to $1.4350 after the company reported pricing of $5.55 million public offering.

Farfetch Limited FTCH experienced a decline, falling 46% to $1.1390. Farfetch announced it would not release its third quarter financial results or host its related conference call earlier scheduled for Nov. 29, 2023.

Also Check This Out: Jim Cramer: Buy Shares Of This Personal Computer Giant, Wait For ‘A Little Bit Of Pullback’

 

Commodities

 

In commodity news, oil jumped 1.2% to $77.29 while gold inched up 0.1% to $2,061.30.

Silver gained 0.6% to $25.44 on Wednesday while copper fell 0.1% to $3.8380.

 

Euro Zone

 

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.35%, London’s FTSE 100 fell 0.44% while Spain’s IBEX 35 Index rose 0.78%. The German DAX rose 1.03%, French CAC 40 rose 0.20%, while Italy’s FTSE MIB Index rose 0.93%.

The industry confidence indicator in the Eurozone declined to -9.5 in November versus a revised reading of -9.2 in the prior month, while economic sentiment indicator rose to 93.8 in November versus the revised reading of 93.5.

Consumer credit in the UK increased by £1.289 billion in October versus a revised £1.370 billion in the earlier month. The manufacturing confidence index in Italy rose to 96.6 in November versus 96.1 a month ago, while consumer confidence index in Italy climbed to 103.6 in November from 101.6 in the prior period. Retail sales in Spain surged by 5% year-over-year in October versus a revised 6.3% increase in the previous month, while consumer price inflation rate fell to 3.2% year-over-year in November.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 falling 0.26%, Hong Kong’s Hang Seng Index dropping 2.08%, and China’s Shanghai Composite Index falling 0.56%. India’s S&P BSE Sensex, meanwhile, climbed 1.1%.

The Domestic Supply Price Index in Singapore fell 2.2% year-over-year in October compared to a revised 0.5% decline in the earlier month.

 

Economics

 

The US economy grew an annualized 5.2% in the third quarter, compared to 4.9% in the preliminary estimate, and higher than market estimates of 5%.

Corporate profits in the U.S. jumped by 4.1% from the prior quarter to $2.709 trillion during the third quarter.

The U.S. trade deficit in goods increased to $89.8 billion in October versus a revised $86.8 billion in the prior month.

Wholesale inventories in the U.S. declined by 0.2% month-over-month in October, compared to a revised 0.1% increase in the previous month.

The EIA said crude oil inventories in the U.S. increased by 1.609 million barrels in the week ending Nov. 24, compared to a 8.701 million increase in the prior period, and versus market estimates of a 0.933 million decline.

Now Read This: Top 5 Consumer Stocks That May Implode In November

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