Nasdaq Surges 100 Points; Crude Oil Rises 2%

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 100 points on Wednesday.

The Dow traded up 0.52% to 31,266.37 while the NASDAQ rose 0.89% to 11,736.86. The S&P 500 also rose, gaining, 0.71% to 3,960.61.

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Leading and Lagging Sectors

Energy shares climbed 3.5% on Wednesday. Meanwhile, top gainers in the sector included Evolution Petroleum Corporation EPM, up 18% and NACCO Industries, Inc. NC up 14%.

In trading on Wednesday, real estate shares fell by 0.9%.

Top Headline

The Producer Price Index for final demand declined 0.1% month-over-month in August, compared to a 0.4% decline in July.

Equities Trading UP

bioAffinity Technologies, Inc. BIAF shares shot up 36% to $5.63 after the company announced publication of its research in high-throughput flow cytometry analysis of sputum in PLOS ONE.

Shares of SciSparc Ltd. SPRC got a boost, shooting 66% to $1.30 after the company announced it entered into an agreement to acquire Wellution for $20 million.

Evolution Petroleum Corporation EPM shares were also up, gaining 18% to $8.02 after the company posted upbeat Q4 results and reported a $25 million share repurchase program.

Equities Trading DOWN

Vintage Wine Estates, Inc. VWE shares tumbled 43% to $3.16 after the company reported Q4 EPS results were lower year over year and issued FY23 sales guidance below estimates. Telsey Advisory Group and Canaccord Genuity downgraded the stock.

Shares of Altimmune, Inc. ALT were down 24% to $15.46 after topline results from its 12-week Phase 1b study of pemvidutide in subjects with non-alcoholic fatty liver disease (NAFLD).

Kaspien Holdings Inc. KSPN was down, falling 24% to $2.17 following Q2 results. Kaspien Holdings posted a Q2 loss of $1.69 per share.

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Commodities

In commodity news, oil traded up 1.9% to $89.00, while gold traded down 0.1% at $ 1,715.70.

Silver traded up 0.7% to $19.63 on Wednesday while copper fell 1.1% to $3.5165.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.83%, London’s FTSE 100 fell 1.37%, while Spain’s IBEX 35 Index fell 0.07%. The German DAX declined 1.33%, French CAC 40 fell 0.36% and Italy’s FTSE MIB Index gained 0.23%.

Industrial production in the Eurozone dropped 2.3% month-over-month in July following a revised 1.1% increase in the previous month. Annual inflation rate in the UK fell to 9.9% in August from 10.1% in July.

Economics

The Producer Price Index for final demand declined 0.1% month-over-month in August, compared to a 0.4% decline in July.

US crude oil inventories climbed by 2.442 million barrels in the week ended September 9th, the Energy Information Administration said.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 97,200,700 cases with around 1,076,340 deaths. India confirmed a total of at least 44,510,050 cases and 528,210 deaths, while France reported over 34,764,560 COVID-19 cases with 154,570 deaths. In total, there were at least 615,021,030 cases of COVID-19 worldwide with more than 6,521,020 deaths.