Mid-Day Market Update: Crude Oil Surges 3%; Revelation Biosciences Shares Plunge

U.S. stocks traded lower midway through trading following the release of GDP data.

The Dow traded down 0.13% to 35,248.71 while the NASDAQ fell 0.50% to 14,546.72. The S&P also fell, dropping, 0.39% to 4,613.45.

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Leading and Lagging Sectors

Energy shares jumped by 1% on Wednesday. Meanwhile, top gainers in the sector included Indonesia Energy Corporation Limited INDO, up 14% and Nordic American Tankers Limited NAT up 12%.

In trading on Wednesday, consumer discretionary shares fell 0.9%.

Top Headline

The US economy grew an annualized 6.9% on quarter during the last three months of 2021, down 0.1% point versus the second estimate.


Equities Trading UP

Direct Digital Holdings, Inc. DRCT shares shot up 105% to $5.30 after the company reported a year over year increase in Q4 sales results and issued Q1 sales guidance above analyst estimates.

Shares of Adagio Therapeutics, Inc. ADGI got a boost, shooting 44% to $5.53 after the company announced ADG20 is the first monoclonal antibody to meet primary endpoints with statistical significance across pre- and post-exposure prophylaxis and treatment for COVID-19 and plans to seek US Emergency Use Authorization.

Vir Biotechnology, Inc. VIR shares were also up, gaining 20% to $26.99 after it was announced the company will join the S&P Smallcap 600.

Equities Trading DOWN

Revelation Biosciences, Inc. REVB shares tumbled 37% to $1.34 after the company reported results from interim statistical analysis for Phase 2b viral challenge study (RVL-VRL01) of intranasal REVTx-99a for the preventive treatment of H3N2 influenza (influenza A) in healthy humans. Efficacy data demonstrated that REVTx-99a did not meet its primary endpoint, the area under the curve (AUC) of viral load by quantitative RT-PCR from nasopharyngeal swabs.

Shares of Calithera Biosciences, Inc. CALA were down 30% to $0.4157 as the company priced its $10.0 million underwritten public offering of common stock and warrants to purchase common stock.

Stronghold Digital Mining, Inc.. SDIG was down, falling 32% to $6.92 after the company reported worse-than-expected Q4 sales results.

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In commodity news, oil traded up 3.4% to $107.77, while gold traded up 1.1% to $1,939.00.

Silver traded up 1.7% Wednesday to $25.155 while copper rose 0.5% to $4.7525.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.41%, London’s FTSE 100 rose 0.55%, while Spain’s IBEX 35 Index fell 0.74%. The German DAX dropped 1.45%, French CAC 40 fell 0.74% and Italy’s FTSE MIB Index fell 0.03%.




Private businesses in the US hired 455,000 workers in March.

The US economy grew an annualized 6.9% on quarter during the last three months of 2021.

Corporate profits increased 0.2% to a new record high of $2.53 trillion in the final quarter of 2021.

US crude oil inventories dropped by 3.449 million barrels in the week ended March 25th, the Energy Information Administration said.

Kansas City Fed President Esther George will speak at 1:00 p.m. ET.

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 81,686,620 cases with around 1,005,050 deaths. India confirmed a total of at least 43,023,210 cases and 521,130 deaths, while Brazil reported over 29,882,390 COVID-19 cases with 659,290 deaths. In total, there were at least 485,724,930 cases of COVID-19 worldwide with more than 6,158,100 deaths.

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