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Crude Oil Surges by Over 1% as Cidara Therapeutics Shares Experience Rapid Increase

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Crude Oil Surges by Over 1% as Cidara Therapeutics Shares Experience Rapid Increase

Towards the end of trading, U.S. stocks displayed a decline, with the Nasdaq Composite experiencing a drop of more than 1% on Wednesday.

The Dow recorded a 0.57% decrease to 34,443.02, while the NASDAQ fell by 1.19% to 13,853.60. The S&P 500 also dropped, with a decline of 0.80% to 4,460.96.

Take a Look: Top 5 Health Care Stocks With Potential Growth in Q3

 

Strong and Weak Sectors

On Wednesday, utilities shares experienced a 0.2% increase.

Meanwhile, information technology shares witnessed a decline of 1.5% during trading.

 

Key Headline

Core & Main Inc CNM reported a second-quarter earnings miss and narrowed its guidance for FY23.

Core & Main reported flat second-quarter FY23 sales of $1.861 billion compared to the consensus of $1.88 billion. Earnings per share decreased by 4.3% YoY to $0.66, missing the consensus of $0.68.

 

Rising Stocks

Palisade Bio, Inc. PALI experienced a significant rise of 132%, reaching $1.60 per share. Palisade Bio achieved this by exclusive worldwide licensing agreement with Giiant Pharma, Inc. for multiple oral drug candidates targeting inflammatory bowel disease.

Additionally, shares of Cidara Therapeutics, Inc. CDTX surged by 20% to $0.9551 after Janssen decided to proceed under its license agreement relating to an influenza candidate.

Marin Software Incorporated MRIN also experienced an uptick, with a gain of 52% reaching $0.6509 after the company announced HubSpot integration.

 

Declining Stocks

EZGO Technologies Ltd. EZGO shares plummeted by 83% to $0.2987 after the company announced the pricing of a $10 million registered direct offering.

Shares of Akoustis Technologies, Inc. AKTS fell by 27% to $1.21. Akoustis Technologies reported a 60.2% YoY revenue growth in the fourth quarter of FY23, reaching $8.33 million, missing the consensus of $8.44 million.

AMC Entertainment Holdings, Inc. AMC experienced a decline of 34% to $9.00 after the company entered an equity distribution agreement for up to 40 million shares under an at-the-market program.

Also, Take a Look at This: Insiders Buying Into These 3 Stocks Worth Around $4M in the Healthcare Sector

 

Commodities

In commodity news, oil experienced a surge of 1.4% to $87.93, while gold witnessed a decline of 0.6% at $1,941.30.

Silver experienced a decline of 1.7% to $23.46 on Wednesday, while copper fell by 1.5% to $3.79.

 

Euro zone

European shares closed at lower points today. The eurozone’s STOXX 600 slipped by 0.57%, London’s FTSE 100 experienced a 0.16% decline, Spain’s IBEX 35 Index fell by 0.83%, the German DAX slipped by 0.19%, the French CAC 40 witnessed a 0.84% decline, while Italy’s FTSE MIB Index declined by 1.54%.

In July, retail sales in the Eurozone experienced a decline of 0.2% MoM following a revised growth of 0.2% in June, while the Eurozone construction PMI fell to 43.4 in August from July’s reading of 43.5.

The S&P Global France construction PMI declined to 42.4 in August from 42.9 in the previous month, while the German construction PMI rose to 41.5 from 41. The S&P Global/CIPS UK construction PMI fell to 50.8 in August from 51.7 in the previous month.

 

Asia Pacific Markets

Asian markets mostly closed higher on Wednesday, with Japan’s Nikkei 225 experiencing a gain of 0.62%, Hong Kong’s Hang Seng Index declining by 0.04%, and China’s Shanghai Composite Index rising by 0.12%. Moreover, India’s S&P BSE Sensex witnessed a rise of 0.1%.

Additionally, the Australian economy demonstrated a growth of 0.4% QoQ during the second quarter of the year, while the Ai Group Australian Industry Index rose by 3.1 points to a reading of -11.6 in August.

 

Economics

In the week ending September 1, 2023, U.S. mortgage applications experienced a decline of 2.9% following a 2.3% increase in the previous week.

The U.S. trade deficit widened to $65 billion in July, compared to a revised $63.7 billion in the prior month, and market expectations of a $68 billion gap.

In July, exports rose by 1.6% reaching a four-month high level of $251.7 billion, while imports rose by 1.7% to $316.7 billion.

The S&P Global services PMI was revised lower to 50.5 in August from a preliminary level of 51.

The S&P Global composite PMI was revised lower to 50.2 in August from a preliminary reading of 50.4, compared to the previous month’s reading of 52.0.

The ISM services PMI rose to 54.5 in August, indicating the strongest growth in services activity in six months, up from July’s reading of 52.7.

Additionally, Check This Out: Verint Systems Prepares for Q2 Report; Insight into Recent Price Target Changes by Top Analysts

 

COVID-19 Update

The U.S. has recorded the highest number of coronavirus cases and deaths globally, with a total of 108,192,020 confirmed cases and approximately 1,174,290 deaths. India has confirmed a total of at least 44,997,320 cases and 531,930 deaths, while France reported over 40,138,560 confirmed COVID-19 cases with 167,640 deaths. Overall, there have been at least 694,933,300 cases of COVID-19 worldwide, with more than 6,912,570 deaths.