Crude Oil Moves Higher; Inspire Medical Systems Shares Plummet

Author: Avi Kapoor | May 08, 2024 12:09pm

U.S. stocks traded mixed midway through trading, with the Dow Jones index gaining over 80 points on Wednesday.

The Dow traded up 0.22% to 38,969.43 while the NASDAQ fell 0.24% to 16,293.54. The S&P 500 also fell, dropping, 0.07% to 5,184.29.

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Leading and Lagging Sectors

Utilities shares rose by 0.7% on Wednesday.

In trading on Wednesday, real estate shares fell by 0.6%.

Top Headline

The EIA said crude oil inventories in the US declined by 1.361 million barrels in the week ending May 3, compared to a 7.265 million gain in the prior period and versus market estimates of a 1.43 million barrel fall.

Equities Trading UP
                       

• Reborn Coffee, Inc. (NASDAQ:REBN) shares shot up 85% to $3.2050 after the company announced a significant expansion into the China market through a strategic Master License Agreement with IAID Co.
• Shares of Cricut, Inc. (NASDAQ:CRCT) got a boost, surging 33% to $7.34 after the company reported better-than-expected first-quarter GAAP EPS results.
• Innodata Inc. (NASDAQ:INOD) shares were also up, gaining 32% to $8.92 after the company reported a year-over-year increase in first-quarter financial results.

Equities Trading DOWN

• Treace Medical Concepts, Inc.. (NASDAQ:TMCI) shares dropped 61% to $4.30 after the company reported first-quarter financial results and issued FY24 revenue guidance below estimates.
• Shares of DoubleVerify Holdings, Inc. (NYSE:DV) were down 39% to $18.65 after the company reported first-quarter financial results.
• Inspire Medical Systems, Inc. (NYSE:INSP) was down, falling 34% to $161.63 following first-quarter results.

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Commodities

In commodity news, oil traded up 0.6% to $78.85 while gold traded up 0.1% at $2,326.10.

Silver traded up 0.5% to $27.69 on Wednesday, while copper fell 1.4% to $4.5420.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.32%, Germany's DAX rose 0.28% and France's CAC 40 gained 0.76%. Spain's IBEX 35 Index rose 0.66%, while London's FTSE 100 rose 0.47%.

Spain’s industrial output declined by 1.2% year-over-year in March compared to a revised 1.3% gain in the previous month. German industrial production fell by 0.4% month-over-month in March versus a revised 1.7% increase in the earlier month.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan's Nikkei falling 1.63%, China's Composite Index declining 0.61%, Hong Kong's Hang Seng Index dipping 0.90% and India's S&P BSE Sensex falling 0.1%.       

Economics

• Mortgage applications in the U.S. increased by 2.6% from the prior week in the period ending May 3.
• U.S. wholesale inventories fell by 0.4% month-over-month in March compared to a revised 0.2% increase in the previous month.
• The EIA said crude oil inventories in the US declined by 1.361 million barrels in the week ending May 3, compared to a 7.265 million gain in the prior period and versus market estimates of a 1.43 million barrel fall.

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Posted In: CRCT DV INOD INSP REBN TMCI