Crude Oil Falls Over 1%; ISM Services PMI Tumbles In May

U.S. stocks traded mostly higher midway through trading, with the Nasdaq Composite gaining more than 50 points on Wednesday.

The Dow traded up 0.09% to 42,558.84 while the NASDAQ rose 0.31% to 19,459.23. The S&P 500 also rose, gaining, 0.19% to 5,981.93.

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Leading and Lagging Sectors

Communication services shares jumped by 1.1% on Wednesday.

In trading on Wednesday, energy stocks fell by 1.7%.

Top Headline

The ISM services PMI dipped to 49.9 in May versus 51.6 in the previous month and also missing market estimates of 52.

Equities Trading UP
           

• Yext, Inc. YEXT shares shot up 33% to $9.08 after the company raised its FY26 adjusted EPS guidance above estimates. Also, Needham reiterated a Buy rating on the stock.
• Shares of K Wave Media Ltd. KWM got a boost, surging 115% to $4.1303 after the company announced it signed a $500 million securities purchase agreement to advance a bitcoin-focused treasury strategy.
• Cellectar Biosciences, Inc. CLRB shares were also up, gaining 61% to $0.4466 after the company announced it was granted FDA Breakthrough Therapy Designation status for Iopofosine I-131.

Equities Trading DOWN

• Asana, Inc. ASAN shares dropped 17% to $15.78 following first-quarter results.
• Shares of AnaptysBio, Inc. ANAB were down 10% to $21.19 after the company announced Rosnilimab data from its six-month Phase 2b trial for rheumatoid arthritis (RA).
• Dollar Tree, Inc. DLTR was down, falling 8% to $89.00 after the company posted first-quarter results.

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Commodities

In commodity news, oil traded down 1.2% to $62.64 while gold traded up 0.7% at $3,398.90.

Silver traded down 0.2% to $34.56 on Wednesday, while copper rose 0.8% to $4.8710.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.55%, while Spain's IBEX 35 Index fell 0.14%. London's FTSE 100 rose 0.20%, Germany's DAX 40 gained 0.76% and France's CAC 40 rose 0.64% during the session.

Asia Pacific Markets

Asian markets closed higher on Wednesday, with Japan's Nikkei gaining 0.80%, Hong Kong's Hang Seng Index jumping 0.60%, China's Shanghai Composite gaining 0.42% and India's BSE Sensex gaining 0.32%.

Economics

• The EIA said crude oil inventories in the U.S. declined by 4.304 million barrels in the week ended May 30, compared to market estimates of a 0.9 million barrel fall.
• The ISM services PMI dipped to 49.9 in May versus 51.6 in the previous month and also missing market estimates of 52.
• The S&P Global composite PMI was revised higher to 53.0 in May compared to a preliminary reading of 52.1 and versus April's reading of 50.6.
• U.S. private business added 37K workers to their payrolls during May versus a revised 60K gain in the previous month.

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