Crude Oil Falls 1%; Uber Sales Miss Estimates

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite falling around 0.2% on Wednesday.

The Dow traded up 0.64% to 41,090.68 while the NASDAQ fell 0.20% to 17,655.00. The S&P 500 also rose, gaining, 0.20% to 5,618.00.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 1.2% on Wednesday.

In trading on Wednesday, materials stocks fell by 0.6%.

Top Headline

Uber Technologies, Inc UBER reported weaker-than-expected revenue for the first quarter on Wednesday.

The company reported a quarterly revenue growth of 14% year-on-year to $11.53 billion, missing the analyst consensus estimate of $11.62 billion. Uber reported adjusted EPS of 83 cents, which beat the analyst consensus estimate of 50 cents.

Gross Bookings grew 14% Y/Y to $42.82 billion. Uber expects fiscal second-quarter 2025 gross bookings of $45.75 billion-$47.25 billion and adjusted EBITDA of $2.02 billion-$2.12 billion.

Equities Trading UP
                       

• Asset Entities Inc. ASST shares shot up 265% to $2.25 after the company announced it entered into a merger agreement with Strive Asset Management to be the first publicly traded asset management bitcoin treasury company.
• Shares of Porch Group, Inc. PRCH got a boost, surging 51% to $9.56 following a first-quarter revenue and EPS beat. Additionally, the company raised its FY25 sales guidance above estimates.
• CuriosityStream Inc. CURI shares were also up, gaining 52% to $5.02 after the company reported better-than-expected first-quarter financial results and issued second-quarter sales guidance above estimates.

Equities Trading DOWN

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• Myriad Genetics, Inc. MYGN shares dropped 35% to $4.70 after the company reported a first-quarter sales miss and cut its FY25 guidance below estimates.
• Shares of Vast Renewables Limited VSTE were down 62% to $0.1427 after the company announced it voluntarily delisted from the Nasdaq.
• The Hain Celestial Group, Inc. HAIN was down, falling 49% to $1.40 after the company reported worse-than-expected third-quarter results, guided for a 5%-6% YoY decline in FY25 organic net sales, announced the departure of its CEO and said its board hired Goldman Sachs for a portfolio review.

Commodities

In commodity news, oil traded down 1% to $58.50 while gold traded down 0.7% at $3,399.30.

Silver traded down 1.1% to $33.030 on Wednesday, while copper fell 2.6% to $4.6560.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.48%, while Spain's IBEX 35 Index fell 0.43%. Germany's DAX 40 fell 0.36% and France's CAC 40 fell 0.88% during the session.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei falling 0.14%, Hong Kong's Hang Seng Index gaining 0.13%, China's Shanghai Composite Index rising 0.80% and India's BSE Sensex gaining 0.13%.

Economics

U.S. mortgage application volumes climbed by 11% from the previous week during the week ending May 2.

The EIA reported that crude oil inventories in the U.S. declined by 2.032 million barrels in the week ended May 2, compared to market estimates of a 1.7 million barrel fall.

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