Crude Oil Moves Lower; Advance Auto Parts Shares Fall After Q1 Results

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U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 350 points on Wednesday.

The Dow traded down 0.92% to 38,494.43 while the NASDAQ fell 0.43% to 16,946.37. The S&P 500 also fell, dropping, 0.63% to 5,272.54  .

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Leading and Lagging Sectors

Communication services shares fell by just 0.1% on Wednesday.

In trading on Wednesday, energy shares dipped by 1.6%.

Top Headline

Shares of Advance Auto Parts Inc. AAP fell over 6% on Wednesday after the company posted results for its first quarter on Wednesday.

The company reported first-quarter earnings per share of 67 cents, beating the street view of 64 cents. Net sales totaled $3.406 billion in the first quarter of 2024, a 0.3% decrease from the prior year's first quarter. Comparable store sales decreased 0.2%. Sales missed the analyst consensus of $3.425 billion.

Equities Trading UP
                       

  • ReShape Lifesciences Inc. RSLS shares shot up 44% to $0.3001 after the company announced that it received a notice of allowance for its U.S. patent application 17/572,387 titled “INTRAGASTRIC DEVICE (FOR TREATING OBESITY)”
  • Shares of Brand Engagement Network, Inc. BNAI got a boost, surging 79% to $2.2782 after the company announced a $4.95 million private placement and appointed Paul Chang to Co-CEO.
  • Innovative Eyewear, Inc. LUCY shares were also up, gaining 149% to $1.02 after the company launched its Eddie Bauer Smart Eyewear collection.

Equities Trading DOWN

  • Cue Health Inc. HLTH shares dropped 35% to $0.0594 after the company announced that it filed voluntary petitions under Chapter 7 of the U.S. Bankruptcy Code in the District of Delaware to pursue a wind down of its business.
  • Shares of American Airlines Group Inc. AAL were down 15% to $11.42 after the company announced the departure of its executive vice president and lowered guidance for the second quarter.
  • Faraday Future Intelligent Electric Inc FFIE was down, falling 44% to $0.6501. Faraday Future's annual report for fiscal year 2023 showed a revenue of $0.8 million, significantly below analyst estimates of $2.59 million. While the net loss narrowed from $602 million in 2022 to $432 million in 2023, it still paints a concerning financial picture.

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Commodities

In commodity news, oil traded down 0.8% to $79.20 while gold traded down 0.5% at $2,344.00.

Silver traded up 0.2% to $32.19 on Wednesday, while copper fell 1.3% to $4.7910.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.99%, Germany's DAX slipped 0.99% and France's CAC 40 declined 1.35%. Spain's IBEX 35 Index fell 1.01%, while London's FTSE 100 declined 0.81%.

The manufacturing confidence index in Italy climbed to 88.4 in May versus a revised reading of 87.7 in the prior month, while consumer confidence index in Italy rose to 96.4 in May versus 95.2 a month ago.

Bank lending to households in the Eurozone rose by 0.2% year-over-year in April, compared to market estimates of 0.4%. The consumer confidence indicator in France came in unchanged at 90 in May, while German GfK Consumer Climate Indicator climbed to -20.9 heading into June versus a revised reading of -24.0 in the prior period.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei falling 0.77%, China's Composite Index gaining 0.05%, Hong Kong's Hang Seng Index falling 1.83% and India's S&P BSE Sensex falling 0.89%.

The consumer confidence index in Japan declined to 36.2 in May versus 38.3 in the prior month, while Domestic Supply Price Index in Singapore fell 0.1% year-over-year for April.

Economics

  • Mortgage applications in the US declined by 5.7% from the prior week during the period ending May 24.
  • The Dallas Fed general business activity index for Texas’ service sector declined to -12.1 in May compared to -10.6 a month ago.

Now Read This: These 3 Industrials Stocks Delivering High-Dividend Yields Are Recommended By Wall Street’s Most Accurate Analysts

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