Crude Oil Down Over 2%; Outset Medical Shares Spike Higher

U.S. stocks traded lower midway through trading as investors focused on the outcome of the midterm elections.

The Dow traded down 0.64% to 32,950.16 while the NASDAQ fell 0.76% to 10,535.77. The S&P 500 also fell, dropping, 0.59% to 3,805.51.

Also check this: Ethereum Dips Below $1,200; FTX Token, Solana Among Biggest Losers

Leading and Lagging Sectors

Real estate shares gained 0.7% on Wednesday. Leading the sector was strength from Forestar Group Inc. FOR and American Realty Investors, Inc. ARL.

In trading on Wednesday, energy shares dipped by 2.5%.

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US crude oil inventories increased by 3.925 million barrels in the week ended November 4th, versus market estimates of a 1.360-million-barrel rise, the Energy Information Administration said.


Equities Trading UP


  • Merrimack Pharmaceuticals, Inc. MACK shares shot up 198% to $11.93 after partner Ipsen reported Onivyde met its primary and key secondary endpoint. Merrimack is eligible for up to $450 million in milestone payments for the pancreatic cancer treatment.
  • Shares of Outset Medical, Inc. OM got a boost, shooting 35% to $15.50 after the company reported better-than-expected Q3 results.
  • OptimizeRx Corporation OPRX shares were also up, gaining 28% to $18.65 after reporting upbeat Q3 results.


Equities Trading DOWN

  • Telos Corporation TLS shares tumbled 66% to $3.79 after the company reported downbeat Q3 earnings and lowered FY22 sales guidance.
  • Shares of Clovis Oncology, Inc. CLVS were down 76% to $0.2349 after the company warned of a possible bankruptcy amid liquidity concerns. The company also reported Q3 earnings results.
  • Athersys, Inc. ATHX was down, falling 55% to $0.5790 after the company announced pricing of a $5.5 million public offering.

Also check out: Investor Optimism Improves Further Ahead Of US Midterm Elections


In commodity news, oil traded down 2.3% to $86.87 while gold traded up 0.1% at $1,716.70.

Silver traded down 0.5% to $21.40 on Wednesday while copper rose 0.5% to $3.70.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.28%, London’s FTSE 100 fell 0.21% while Spain’s IBEX 35 Index rose 0.6%. The German DAX dropped 0.12%, French CAC 40 fell 0.15% and Italy’s FTSE MIB Index gained 0.44%.


Asia Pacific Markets

Asian markets closed lower on Wednesday, with the Japan’s Nikkei dropping 0.56% and Hong Kong’s Hang Seng Index dropping 1.2%. China’s Shanghai Composite Index dropped 0.53%.

Japanese current account surplus dropped to JPY 909.3 billion in September from JPY 1,653.2 billion in the same month a year ago. Chinese producer prices declined 1.3% year-over-year in October, while annual inflation fell to 2.1% year-over-year during the month. Private house approvals in Australia declined 7.8% month-over-month to 9,628 units during September, while building permits dropped 5.8% to 16,455 units.



  • Wholesale inventories in the US rose by 0.6% from a month ago to $918.5 billion in September.
  • US crude oil inventories increased by 3.925 million barrels in the week ended November 4th, versus market estimates of a 1.360-million-barrel rise, the Energy Information Administration said.

Check out this: Volatility In Markets Increases Amid US Midterm Elections

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,697,920 cases with around 1,098,520 deaths. India confirmed a total of at least 44,662,950 cases and 530,510 deaths, while France reported over 37,012,310 COVID-19 cases with 157,540 deaths. In total, there were at least 638,580,760 cases of COVID-19 worldwide with more than 6,608,370 deaths.

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