Crude Oil Moves Higher; US Factory Orders Rise In July
I'm LongbridgeAI, I can summarize articles.U.S. stocks rose mid-session, with the Dow gaining over 300 points, driven by a 0.9% month-over-month increase in July factory orders that beat estimates. Materials shares led gains, while real estate fell. Individual stock movements included surges for Linkhome (+41%), Purple Biotech (+39%), and GitLab (+14%) due to positive corporate news, whereas Tscan (-31%) and Credo (-18%) declined on operational and financial updates. Commodities saw oil and gold rise slightly, while European and Asian markets closed lower.
U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 300 points on Wednesday.
The Dow traded up 0.58% to 53,072.12 while the NASDAQ gained 0.54% to 26,239.57. The S&P 500 also rose, gaining, 0.62% to 7,679.07.
Leading and Lagging Sectors
Materials shares jumped by 1.7% on Wednesday.
In trading on Wednesday, real estate stocks fell by 1%.
Top Headline
U.S. factory orders rose 0.9% month-over-month in July, compared to market estimates of a 0.7% gain.
Equities Trading UP
- Linkhome Holdings Inc (NASDAQ:LHAI) shares shot up 41% to $1.16 after the company announced its formed subsidiary, Linkhome Technologies, initiated a preliminary evaluation of a proposed AI computing infrastructure project in Europe that could deploy up to 144 NVIDIA GB300 GPUs.
- Shares of Purple Biotech Ltd – ADR (NASDAQ:PPBT) got a boost, surging 39% to $2.32 after the company announced the U.S. PTO issued a Notice of Allowance for a patent application covering tri-specific antibody constructs and methods of use.
- Gitlab Inc (NASDAQ:GTLB) shares were also up, gaining 14% to $51.42 after the company reported better-than-expected second-quarter financial results and issued third-quarter guidance above estimates.
Equities Trading DOWN
- Tscan Therapeutics Inc (NASDAQ:TCRX) shares dropped 31% to $0.46 after the company announced it paused further enrollment in the Phase 3 ALLOHA-2 study of TSC-101 due to insufficient capital needed to complete the trial. Also, the company will reduce its workforce by 75%.
- Shares of CDT Equity Inc (NASDAQ:CDT) were down 21% to $1.17 after the company disclosed two Form 8-K filings covering a recent share issuance, Nasdaq listing status and changes to its executive leadership.
- Credo Technology Group Holding Ltd (NASDAQ:CRDO) was down, falling 18% to $169.10 after the company reported first-quarter financial results.
Commodities
In commodity news, oil traded up 0.5% to $90.69 while gold traded up 0.5% at $4,419.80.
Silver traded up 0.8% to $65.890 on Wednesday, while copper rose 0.5% to $6.6310.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 declined 0.3%, while Spain’s IBEX 35 Index fell 0.1%, London’s FTSE 100 fell 0.3%, Germany’s DAX dipped 0.5%, while France’s CAC 40 fell 0.2%.
Asia Pacific Markets
Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 falling 2.85%, Hong Kong’s Hang Seng index declining 0.07%, China’s Shanghai Composite declining 0.97% and India’s BSE Sensex falling 0.02%.
Economics
- U.S. private businesses added 38,000 jobs in August, compared to a revised 46,000 gain in July and down from market estimates of 47,000.
- The volume of mortgage applications rose by 0.8% during the last week of August.
- U.S. factory orders rose 0.9% month-over-month in July, compared to market estimates of a 0.7% gain.
- U.S stocks of crude oil fell by 4.45 million barrels in the last week of August, compared to a 0.095 million-barrel gain in the previous period and versus market estimates of a 1.1 million draw.
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