Nasdaq Edges Higher; US Crude Oil Inventories Increase Last Week

Author: Lisa Levin | April 12, 2023 12:32pm

U.S. stocks traded higher midway through trading, with the Nasdaq Composite trading higher on Wednesday.

The Dow traded up 0.35% to 33,802.08 while the NASDAQ rose 0.10% to 12,043.72. The S&P 500, also rose, gaining, 0.25% to 4,119.23.

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Leading and Lagging Sectors

• Real estate shares rose by 0.7% on Wednesday. Meanwhile, top gainers in the sector included SYLA Technologies Co., Ltd. (NASDAQ:SYT), up 2%, and Empire State Realty OP, L.P. (NYSE:ESBA), up 3%.
• In trading on Wednesday, consumer discretionary fell by 0.3%.

 

Top Headline

US crude oil inventories increased by 0.597 million barrels in the latest week, versus market expectations for a 0.583 million decline, the EIA said.

 

Equities Trading UP

• TESSCO Technologies Incorporated (NASDAQ:TESS) shares shot up 87% to $8.79 as it agreed to be acquired by entities affiliated with Lee Equity Partners and Twin Point Capital for $9.00 in cash, resulting in an enterprise value of $161.4 million.
• Shares of HeartCore Enterprises, Inc. (NASDAQ:HTCR) got a boost, shooting 61% to $1.44. HeartCore forged an agreement with rYojbaba Inc for its tenth Go IPO consulting service win.
• National CineMedia, Inc. (NASDAQ:NCMI) shares were also up, gaining 81% to $0.3738. National CineMedia disclosed filing a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the Southern District of Texas.

 

Equities Trading DOWN

• Cutera, Inc. (NASDAQ:CUTR) shares dropped 29% to $19.20 after the company announced the immediate terminations of Executive Chairman Daniel Plants and CEO David Mowry for cause and withdrew 2023 outlook.
• Shares of Aeglea BioTherapeutics, Inc. (NASDAQ:AGLE) were down 36% to $0.1660 after the company announced interim results the ongoing Phase 1/2 clinical trial of pegtarviliase for the treatment of Classical Homocystinuria and said it is exploring strategic alternatives.
• iMedia Brands, Inc. (NASDAQ:IMBI) was down, falling 27% to $0.38 following downbeat Q4 results.

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Commodities

In commodity news, oil traded up 1.3% to $82.62 while gold traded up 0.2% at $2,022.50.

Silver traded up 0.3% to $25.25 on Wednesday while copper rose 0.5% to $4.0375.

Stocks of crude oil in the US rose by 0.377 million barrels in the week ended April 7, 2023, versus a 4.3 million barrel decline in the earlier week, the API said. US crude oil inventories increased by 0.597 million barrels in the latest week, versus market expectations for a 0.583 million decline, the EIA said.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.16%, London’s FTSE 100 rose 0.49% while Spain’s IBEX 35 Index rose 0.55%. The German DAX rose 0.27%, French CAC 40 rose 0.17% and Italy’s FTSE MIB Index rose 0.57%.

 

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 gaining 0.57%, Hong Kong’s Hang Seng Index falling 0.86% and China’s Shanghai Composite Index gaining 0.41%. India’s S&P BSE Sensex rose 0.4%.

The value of loans in Japan rose 3% year-over-year in March following a 3.3% increase in February. Producer prices in Japan climbed by 7.2% year-over-year in March, while core machinery orders slipped 4.5% month-over-month in February.

 

Economics

• Mortgage applications in the US increased 5.3% in the week ended April 7, 2023, versus a 4.1% decline in the prior week, the Mortgage Bankers Association said.
• The headline CPI came in at 5% year-on-year in March, down from 6% in February, according to data the Labor Department reported on Tuesday. The closely watched inflation reading was below average economist estimates of 5.2%. This marked the lowest inflation print since May 2021.
• US crude oil inventories increased by 0.597 million barrels in the latest week, versus market expectations for a 0.583 million decline, the EIA said.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,385,350 cases with around 1,157,190 deaths. India confirmed a total of at least 44,776,000 cases and 531,010 deaths, while France reported over 39,853,250 COVID-19 cases with 165,850 deaths. In total, there were at least 685,156,170 cases of COVID-19 worldwide with more than 6,838,920 deaths.

Posted In: AGLE CUTR ESBA HTCR IMBI NCMI SYT TESS