Nasdaq Moves Lower; US Crude Oil Inventories Decline Less Than Projected

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite moving lower on Wednesday.

The Dow traded up 0.31% to 35,058.78 while the NASDAQ fell 0.21% to 14,323.99. The S&P 500, also rose, gaining, 0.13% to 4,560.72.

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Leading and Lagging Sectors

• Real estate shares climbed by 1.2% on Wednesday.
• In trading on Wednesday, information technology shares fell by 0.6%.

Top Headline

U.S. crude oil inventories declined by 0.708 million barrels in the week ended July 14, compared to market estimates of a 2.44 million-barrel draw.

Equities Trading UP

• Harrow Health, Inc. HROW shares shot up 18% to $21.62 after the company acquired US & Canadian rights to certain eye disease products and announced a $60 million equity offering.
• Shares of Panbela Therapeutics, Inc. PBLA got a boost, shooting 21% to $2.5003 after the company divested certain assets in its eflornithine pediatric neuroblastoma program to US WorldMeds for $9.5 million.
• Carvana Co. CVNA shares were also up, gaining 32% to $52.58 after the company reported better-than-expected second-quarter sales and guided positive adj. EBITDA for the third quarter. Carvana entered into distribution agreement with Citigroup, Moelis relating to offering of up to $1 billion of class A common stock.

Equities Trading DOWN

• Sono Group N.V. SEV shares dropped 31% to $0.2304 after the company received a notice of delisting from the Nasdaq.
• Shares of Amarin Corporation plc AMRN were down 23% to $1.1001 after the company initiated an organizational restructuring program and issued lower interim second-quarter revenues.
• Aqua Metals, Inc. AQMS was down, falling 15% to $1.4350. Aqua Metals prices $17.4 million public offering of 15.82 million shares of common stock at a price of $1.10 per share.

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Commodities

In commodity news, oil traded down 0.4% to $75.42 while gold traded up 0.1% at $1,981.00.

Silver traded up 0.5% to $25.37 on Wednesday while copper fell 0.4% to $3.8155.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.26%, London’s FTSE 100 gained 1.8% while Spain’s IBEX 35 Index fell 0.04% The German DAX slipped 0.1% French CAC 40 rose 0.11% and Italy’s FTSE MIB Index rose 0.02%.

The consumer price inflation rate in the Eurozone was confirmed at 5.5% in June, notching the lowest level since Jan. 2022. Construction output in the Eurozone increased 0.1% from the prior year in May, compared to the revised 0.4% growth in the earlier month. Passenger car registrations in the European Union jumped 17.8% year-over-year to 1 million units in June.

Consumer price inflation in the UK fell to 7.9% in June, recording the lowest level since March 2022, while producer inflation slowed to 0.1% year-over-year in June compared to a revised 2.7% in the prior month.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 gaining 1.24%, China’s Shanghai Composite Index falling 0.33% and Hong Kong’s Hang Seng Index gaining 0.03%. India’s S&P BSE Sensex, meanwhile, rose 0.45%.

The Reuters Tankan sentiment index for manufacturers in Japan declined to a reading of +3 in July versus +8 in June.

Economics

• Mortgage applications in the U.S. rose 1.1% in the week ended July 14, 2023, versus a 0.9% growth in the prior week.
• Housing starts in the U.S. fell by 8% month-over-month to an annualized rate of 1.434 million in June, compared to market estimates of 1.48 million.
• Building permits in the U.S. fell by 3.7% to an annual rate of 1.44 million in June.
• U.S. crude-oil inventories fell by 0.708 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 107,400,110 cases with around 1,168,940 deaths. India confirmed a total of at least 44,994,920 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 691,724,010 cases of COVID-19 worldwide with more than 6,900,710 deaths.