Mid-Day Market Update: Crude Oil Down 2%; Sea Limited Shares Spike Higher

Midway through trading Wednesday, the Dow traded down 0.27 percent to 25808 while the NASDAQ fell 0.33 percent to 7759. The S&P also fell, dropping 0.25 percent to 2857.

Leading and Lagging Sectors

Utilities shares rose by 0.3 percent on Wednesday. Meanwhile, top gainers in the sector included PG&E Corporation PCG, up 3 percent, and Companhia Energética de Minas Gerais CIG, up 3 percent.

In trading on Wednesday, energy shares fell by 1.1 percent.

Top Headline

Target Corporation TGT reported better-than-expected Q1 results.

Target reported first-quarter earnings of $1.53 per share, which beat the analyst consensus estimate of $1.43. Target reported quarterly sales of $17.62 billion, which beat the analyst consensus estimate of $17.5 billion.

Target sees second quarter EPS in the range of $1.52-$1.72 versus a $1.59 estimate. The retailer sees FY2019 adjusted EPS $5.75-$6.05 versus a $5.83 estimate.
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Equities Trading UP

Sea Limited SE shares shot up 22 percent to $30.97 after the company reported Q1 sales results higher from last year.

Shares of Obalon Therapeutics, Inc. OBLN got a boost, shooting up 251 percent to $1.37 after the company reported expanded data from a large scale commercial use study that was presented at the Digestive Disease Week.

Ascent Capital Group, Inc. ASCMA shares were also up, gaining 62 percent to $1.47 after the company announced a restructuring support agreement with Monitronics International.

Equities Trading DOWN

Tocagen Inc. TOCA shares tumbled 34 percent to $5.78 after the company reported the Toca 5 Phase 3 Trial in patients with recurrent brain cancer will continue without modification following a planned interim analysis of data.

Shares of OncoSec Medical Incorporated ONCS were down 31 percent to $2.75 after the company reported a common stock public offering of 3.5 million shares priced at $3.15 per share.

Pure Storage, Inc. PSTG was down, falling 24 percent to $15.75 after the company reported worse-than-expected Q1 EPS and sales results.

Commodities

In commodity news, oil traded down 2 percent to $61.87, while gold traded up 0.2 percent to $1,275.40.

Silver traded up 0.3 percent Wednesday to $14.45, while copper fell 1.5 percent to $2.674.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.16 percent, the Spanish Ibex Index declined 0.15 percent, while Italy’s FTSE MIB Index declined 0.58 percent. Meanwhile, the German DAX gained 0.04 percent, and the French CAC 40 fell 0.18 percent while UK shares gained 0.06 percent.

Economics

U.S. crude supplies climbed 4.7 million barrels for the week ended May 17, the Energy Information Administration reported. However, analysts projected a decline of 2 million barrels. Gasoline inventories rose 3.7 million barrels, while distillate stockpiles gained 800,000 barrels last week.

The Federal Open Market Committee will issue minutes of its meeting at 2:00 p.m. ET.

Atlanta Federal Reserve Bank President Raphael Bostic will speak in Dallas, TX at 4:00 p.m. ET.