HomeMarket NewsSmall CapsCrude Oil Rises Over 2% as S&P Global Boosts Profit Outlook

Crude Oil Rises Over 2% as S&P Global Boosts Profit Outlook

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U.S. stocks closed higher on Thursday, with the Nasdaq Composite surging by more than 200 points. The Dow increased by 1.51% to reach 33,775.43, while the Nasdaq rose by 1.71% to 13,284.72. The S&P 500 also saw gains, rising by 1.77% to 4,312.70.

Leading and Lagging Sectors

Real estate shares experienced a significant jump of 3.2% on Thursday, while communication services shares only rose by 0.8%.

Impressive Results from S&P Global Inc.

S&P Global Inc. (NYSE: SPGI) reported better-than-expected financial results for the third quarter and raised its annual profit outlook. The company’s adjusted earnings per share were $3.21, surpassing market estimates of $3.05. Sales came in at $3.08 billion, higher than estimates of $3.02 billion. S&P Global also increased its adjusted earnings forecast for 2023 from $12.35-$12.55 to $12.50-$12.60.

Positive Equities Trade Trends

Aware, Inc. (NASDAQ: AWRE) saw its shares surge by 38% to $1.4450 after reporting strong quarterly sales results. Rocky Brands, Inc. (NASDAQ: RCKY) experienced a boost, with shares rising by 38% to $17.45 following better-than-expected third-quarter financial results. Lemonade, Inc. (NYSE: LMND) also saw gains, with shares increasing by 40% to $15.40 after a strong performance in the third quarter.

Declining Equities Trading

Shares of Outlook Therapeutics, Inc. (NASDAQ: OTLK) dropped by 49% to $0.3250 after the FDA informed the company that an additional clinical trial would be required for the approval of its treatment for wet AMD. Confluent, Inc. (NASDAQ: CFLT) saw a decline of 44% to $15.61 after reporting its third-quarter financial results. POET Technologies Inc. (NASDAQ: POET) was down 39% to $1.67 after initiating a public offering in the United States and a non-brokered offering in Canada.

Commodity Market Update

In commodity news, crude oil prices increased by 2.4% to $82.35, while gold rose by 0.3% to $1,993.00. Silver also saw a modest increase of 0.4% to $22.88, and copper rose by 0.9% to $3.6825.

Eurozone and Asian Markets

European shares closed higher, with the eurozone’s STOXX 600 gaining 1.58%. London’s FTSE 100 rose by 1.42%, while Spain’s IBEX 35 Index climbed 2.04%. The German DAX experienced a 1.48% increase, and the French CAC 40 jumped by 1.85%. Italy’s FTSE MIB Index also saw gains, rising by 1.77%.

In Asia, Japan’s Nikkei 225 increased by 1.10%, Hong Kong’s Hang Seng Index rose by 0.75%, and China’s Shanghai Composite Index fell by 0.45%. India’s S&P BSE Sensex saw a rise of approximately 0.77%.

Key Economic Updates

In economic news, U.S. initial jobless claims increased by 5,000 to 217,000 in the week ending October 28, slightly higher than the market estimates of 210,000. Unit labor costs in the U.S. nonfarm business sector fell by 0.8% in the third quarter compared to a 3.2% rise in the previous quarter. Nonfarm business sector labor productivity increased by 4.7% in the third quarter, following a 3.6% increase in the second quarter. U.S. natural gas supplies climbed by 79 billion cubic feet last week, according to the EIA. U.S. factory orders also rose by 2.8% from the prior month to $601.5 billion in September.


The financial market experienced positive momentum, with crude oil prices rising and various companies reporting strong financial results. While some equities faced declines, others surged. The global market remained resilient amid economic updates and fluctuations in commodity prices.

Now Read This: Top 5 Financial Stocks That Could Lead To Your Biggest Gains In Q4

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