Crude Oil Down Over 2%; Upstart Shares Jump Following Earnings

Author: Avi Kapoor | February 12, 2025 12:08pm

U.S. stocks traded lower midway through trading, with the Dow Jones index dipping more than 200 points on Wednesday.

The Dow traded down 0.47% to 44,383.04 while the NASDAQ fell 0.01% to 19,642.01. The S&P 500 also fell, dropping, 0.27% to 6,052.27.

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Leading and Lagging Sectors

Health care shares rose by 0.2% on Wednesday.

In trading on Wednesday, real estate shares dipped by 1.1%.

Top Headline

Crude oil inventories gained by 4.07 million barrels in the week ended Feb. 7, compared to market estimates of a 3 million build, the EIA said.

Equities Trading UP

Tivic Health Systems, Inc. (NASDAQ:TIVC) shares shot up 148% to $0.5761 after the company announced it acquired the exclusive license rights from Statera Biopharma for its Phase III TLR5 agonist entolimod treatment of acute radiation syndrome.
Shares of Xilio Therapeutics, Inc. (NASDAQ:XLO)got a boost, surging 100% to $1.3150 after the company announced an option-to-license collaboration agreement with AbbVie to develop novel tumor-activated antibody-based immunotherapies.
Upstart Holdings, Inc. (NASDAQ:UPST) shares were also up, gaining 29% to $86.89 after the company reported better-than-expected fourth-quarter financial results and issued FY25 revenue guidance above estimates. Multiple analysts upgraded the stock following the report.

Equities Trading DOWN

Spire Global, Inc. (NYSE:SPIR) shares dropped 51% to $9.72 after the company filed a complaint against Kpler Holding, alleging Kpler failed to close on the acquisition of Spire’s maritime business. The company said given the expected delay, it intends to seek additional equity or debt financing.
Shares of Atomera Incorporated (NASDAQ:ATOM) were down 41% to $5.13 following a fourth-quarter EPS miss and a year-over-year decline in sales results.
Similarweb Ltd. (NASDAQ:SMWB) was down, falling 36% to $10.71 after the company missed quarterly earnings estimates.

Commodities

In commodity news, oil traded down 2.4% to $71.56 while gold traded down 0.5% at $2,916.80.

Silver traded up 0.6% to $32.530 on Wednesday, while copper rose 0.6% to $4.6295.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 fell 0.02%, Germany's DAX 40 rose 0.25% and France's CAC 40 rose 0.03%. Spain's IBEX 35 Index rose 0.99%, while London's FTSE 100 rose 0.15%.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 gaining 0.42%, China's Shanghai Composite Index rising 0.85%, Hong Kong's Hang Seng Index jumping 2.64% and India's BSE Sensex falling 0.16%.

Economics

U.S. mortgage applications increased by 2.3% from the previous week during the first week of February, following a 2.2% rise from the earlier week.
The headline Consumer Price Index rose to 3% year-over-year in data released Wednesday, up 0.1 percentage points compared to December and above median economist forecasts of 2.9%, as tracked by TradingEconomics.
Crude oil inventories gained by 4.07 million barrels in the week ended Feb. 7, compared to market estimates of a 3 million build, the EIA said.

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