Crude Oil Falls 1%; Amarin Shares Spike Higher

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining over 100 points on Wednesday.

The Dow traded up 0.29% to 37,633.43 while the NASDAQ rose 0.72% to 14,965.31. The S&P 500 also rose, gaining, 0.48% to 4,779.31.

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Leading and Lagging Sectors

Communication services shares rose by 1.1% on Wednesday.

In trading on Wednesday, energy shares fell by 1.3%.

Top Headline

U.S. wholesale inventories declined by 0.2% month-over-month in November compared to a revised 0.3% fall in the previous month.

Equities Trading UP

Clearmind Medicine Inc. CMND shares shot up 44% to $2.9901 after the company said it completed a Type A meeting with the U.S. Food and Drug Administration.

Shares of Amarin Corporation plc AMRN got a boost, surging 28% to $1.2450 after the company reported preliminary fourth-quarter financial results and announced plans to initiate a share repurchase program of up to $50 million.

Nauticus Robotics, Inc. KITT shares were also up, gaining 87% to $0.5463. Nauticus Robotics secured additional funding and appointed John W. Gibson, Jr as interim CEO.

Equities Trading DOWN

DocGo Inc. DCGO shares dropped 35% to $3.1089. Fuzzy Panda Research issued a report and disclosed a short position in the stock.

Shares of Aclaris Therapeutics, Inc. ACRS were down 24% to $0.9732 after the company's Phase 2B study of ATI-1777 2% QD was not statistically superior on the primary efficacy endpoint.

Aehr Test Systems AEHR was down, falling 15% to $18.92 after the company lowered its full-year revenue guidance.

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Commodities

In commodity news, oil traded down 1.1% to $71.46 while gold traded down 0.2% at $2,029.70.

Silver traded down 0.1% to $23.08 on Wednesday while copper rose 0.6% to $3.7820.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.18%, London’s FTSE 100 fell 0.42% while Spain’s IBEX 35 Index rose 0.07% The German DAX rose 0.01% French CAC 40 fell 0.01% while Italy’s FTSE MIB Index rose 0.14%.

Industrial production in France increased 0.5% month-over-month in November versus a 0.3% decline a month ago.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 2.01%, Hong Kong’s Hang Seng Index falling 0.57% and China’s Shanghai Composite Index falling 0.54%. India’s S&P BSE Sensex, meanwhile, rose 0.38%.

Average cash earnings in Japan rose by 0.2% year-over-year in November, recording the 23rd straight month of increasing wages. The monthly Consumer Price Index indicator in Australia increased by 4.3% in the year to November.

Economics

Mortgage applications in the U.S. rose by 9.9% in the first week of the year, compared to the 10.7% decline from the prior period.

U.S. wholesale inventories declined by 0.2% month-over-month in November compared to a revised 0.3% fall in the previous month.

Crude oil inventories in the U.S. increased by 1.338 million barrels in the week ending Jan. 5, versus market estimates of a 0.675 million barrel decline.

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