Crude Oil Down 1.5%; Campbell Soup Posts Upbeat Earnings

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping around 150 points on Wednesday.

The Dow traded down 0.55% to 32,676.14 while the NASDAQ fell 0.10% to 11,518.35. The S&P 500 also fell, dropping, 0.29% to 3,974.62.

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Leading and Lagging Sectors

  • Real estate shares rose by 1.5% on Wednesday. Meanwhile, top gainers in the sector included Empire State Realty OP, L.P. ESBA, up 7%, and Diversified Healthcare Trust DHC, up 5%.
  • In trading on Wednesday, energy shares dipped by 1.6%.


Top Headline

Campbell Soup Co CPB reported better-than-expected Q2 results and raised FY23 guidance.

Campbell reported quarterly sales growth of 12% year-on-year to $2.48 billion, beating the consensus of $2.44 billion. Adjusted EPS of $0.80 beat the analyst consensus of $0.74.

The company raised its FY23 sales growth outlook from 7%-9% to 8.5%-10%.


Equities Trading UP

  • Kimball International, Inc. KBAL shares shot up 83% to $12.30 after HNI Corporation announced it will acquire the company for $485 million.
  • Shares of Diversey Holdings, Ltd. DSEY got a boost, shooting 37% to $8.18 after the company announced it will be acquired by Solenis for $4.6 billion.
  • Arlo Technologies, Inc. ARLO shares were also up, gaining 47% to $5.26 after the company reported better-than-expected Q4 adjusted EPS and sales results and issued FY23 adjusted EPS guidance above estimates.


Equities Trading DOWN

  • Intelligent Bio Solutions Inc. INBS shares tumbled 46% to $3.2287 after the company announced pricing of a $2.2 million public offering.
  • Shares of Miromatrix Medical Inc. MIRO were down 39% to $1.5150 after the company announced pricing of a $10 million public offering of common stock.
  • United Natural Foods, Inc. UNFI was down, falling 27% to $30.00 after the company reported worse-than-expected Q2 EPS and cut FY23 EPS guidance.

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In commodity news, oil traded down 1.5% to $76.44 while gold traded up 0.1% at $1,821.80.

Silver traded down 0.3% to $20.13 on Wednesday while copper rose 1.7% to $4.0455.


Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.08 %, London’s FTSE 100 rose 0.13% while Spain’s IBEX 35 Index rose 0.58%. The German DAX gained 0.46% French CAC 40 fell 0.20% and Italy’s FTSE MIB Index rose 0.54%.

The Eurozone economy stalled in the final quarter of 2022, versus preliminary reading of a 0.1% growth. Retail sales in Italy rose by 1.7% from a month ago in January. Industrial production in Germany rose 3.5% month-over-month for January, while retail sales in the country slipped 0.3% month-over-month in January.


Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 0.48%, Hong Kong’s Hang Seng Index dropping 2.35% and China’s Shanghai Composite Index falling 0.06%. India’s S&P BSE Sensex gained 0.21%.

The gauge for Japan's service sector sentiment rose by 3.5 points from the previous month to a reading of 52.0 in February, while the country posted a deficit of JPY 1,976.6 billion in January compared to a surplus of JPY 33.4 billion a month ago.



  • The US trade deficit rose to a three-month high of $68.3 billion in January versus a revised $67.2 billion gap in December.
  • Private businesses in the US added 242,000 jobs in February versus a revised 119,000 gain in January and above market expectations of 200,000.
  • Mortgage applications in the US climbed 7.4% in the week ended March 3, 2023.
  • The number of job openings in the fell by 410,000 to 10.824 million in January.
  • US crude oil inventories dropped 1.7 million barrels last week, the EIA 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 105,441,940 cases with around 1,147,210 deaths. India confirmed a total of at least 44,688,690 cases and 530,770 deaths, while France reported over 39,639,110 COVID-19 cases with 165,070 deaths. In total, there were at least 680,893,430 cases of COVID-19 worldwide with more than 6,806,850 deaths.

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