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Crude Oil Surges 1% as Verb Technology Shares Soar

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Crude Oil Surges 1% as Verb Technology Shares Soar

U.S. stock market closes mixed as Dow Jones slips 100 points on Tuesday.

The Dow traded down 0.31% to 34,728.66 while the NASDAQ rose 0.11% to 14,047.61. The S&P 500 also experienced a decline, dropping 0.22% to 4,505.65.

 

Leading and Lagging Sectors

Energy industry stocks surge by 1.2% on Tuesday.

The utilities sector, on the other hand, experienced a decrease of 2%.

 

Top Headline

America’s Car-Mart Inc CRMT reports lower-than-expected earnings for Q1.

The company achieved a 8.6% YoY increase in Q1 FY24 sales, reaching $368 million, surpassing the analyst consensus of $364.84 million. However, the EPS of $0.63 fell short of the analyst consensus of $0.98. Doug Campbell has been appointed as the CEO and board member of America’s Car-Mart.

 

Equities Trading UP

Verb Technology Company, Inc. VERB witnesses a 139% surge, reaching $1.71, after announcing a technology integration and strategic partnership with popular social media platform TikTok.

Shares of Cellectar Biosciences, Inc. CLRB rise by 27% to $2.3158. The company announces a private placement financing of up to $103 million with selected institutional investors.

GD Culture Group Limited GDC also experiences an increase of 21% to $3.34 after launching an interactive livestreaming game on TikTok through AI Catalysis Corp.

 

Equities Trading DOWN

Manchester United plc MANU witnesses a 20% decrease, falling to $18.94, as reports suggest that the Glazer family will be taking the football club off the market due to failure in closing a deal at their desired price.

Shares of 1847 Holdings LLC EFSH fall by 25% to $0.09 after notifying of NYSE American listing deficiency.

BioCardia, Inc. BCDA experiences a decline of 29% to $0.5499 after releasing interim efficacy results from the phase 3 pivotal CardiAMP cell therapy heart failure trial.

 

Commodities

In commodity news, oil prices rise by 1.1% to reach $86.50, while gold prices experience a 0.7% decline, reaching $1,952.60.

On Tuesday, silver prices drop by 2.8% to $23.875, and copper prices fall by 0.2%, reaching $3.8450.

 

Eurozone

European markets close with mixed results. The eurozone’s STOXX 600 slips 0.23%, London’s FTSE 100 falls 0.20%, while Spain’s IBEX 35 Index witnesses a decrease of 0.26%. The German DAX and French CAC 40 both decline by 0.34%, whereas Italy’s FTSE MIB Index sees a minimal rise of 0.02%.

The HCOB Eurozone services PMI decreases to 47.9 in August, compared to the preliminary reading of 48.3. Producer prices in the Eurozone witness a 7.6% YoY decline in July, indicating a sharper decrease than the 3.4% decline in the previous month. Median consumer expectations for inflation over the next 12 months remain unchanged at 3.4% in July.

The S&P Global/CIPS UK Services PMI rises to 49.5 in August, surpassing the preliminary level of 48.7. The HCOB France services PMI declines to 46 for August, down from 47.1 in the prior month, while German services PMI comes in at 47.3 for August.

 

Asia Pacific Markets

Asian markets show mixed results on Tuesday, with Japan’s Nikkei 225 experiencing a 0.30% increase, Hong Kong’s Hang Seng Index witnessing a 2.06% decrease, and China’s Shanghai Composite Index falling by 0.71%. India’s S&P BSE Sensex, on the other hand, rises by 0.23%.

The S&P Global Indian services PMI falls to 60.1 in August, compared to 62.3 in the previous month. Likewise, the Caixin China general service PMI experiences a slight decline to 51.8 in August from 51.9 in the prior month. The S&P Global Hong Kong SAR PMI rises to 49.8 in August from 49.4 a month ago, while Japanese services PMI reaches 54.3 for August.

 

Economics

The Logistics Manager’s Index in the U.S. reaches 51.2 in August, marking the highest level since February.

U.S. factory orders witness a decrease of 2.1% from the previous month, reaching $579.4 million in July, which is slightly lower than market expectations of a 2.5% decline.

Now Read This: Insiders Are Buying Shares Under $1 in Nutex Health and 3 Other Stocks

 

COVID-19 Update

The United States has the highest number of COVID-19 cases and deaths globally, reporting a total of 108,176,480 cases and approximately 1,174,140 deaths. With at least 44,997,320 confirmed cases and 531,930 deaths, India ranks second. France has reported over 40,138,560 COVID-19 cases and 167,640 deaths. Worldwide, there have been at least 694,899,940 cases of COVID-19, resulting in more than 6,912,410 deaths.