Crude Oil Rises Sharply; Ardelyx Shares Spike Higher

U.S. stocks traded lower toward the end of trading, with the S&P 500 falling more than 1% on Wednesday.

The Dow traded down 0.70% to 33,760.26 while the NASDAQ fell 1.45% to 13,338.71. The S&P 500 also fell, dropping, 1.17% to 4,322.10.

Check This Out: How To Earn $500 A Month From Bank of America After Earnings Beat

Leading and Lagging Sectors

Energy shares climbed by 0.9% on Wednesday.

In trading on Wednesday, materials shares fell by 2.1%.

Top Headline

Crude oil inventories in the US declined by 4.491 million barrels in the week ending Oct. 13, following a 10.176 million-barrel increase in the prior period, the EIA said.

Equities Trading UP

Spirit AeroSystems Holdings, Inc. SPR shares shot up 24% to $21.31 after the company announced it reached an agreement with Boeing to support production stability. The company also issued guidance.

Shares of Ardelyx, Inc. ARDX got a boost, shooting 13% to $3.8850 after the company announced the FDA approved XPHOZAH.

SeaStar Medical Holding Corporation ICU shares were also up, gaining 54% to $0.6995 after the FDA granted the company’s Selective Cytopheretic Device Breakthrough Device Designation for hepatorenal syndrome.

Equities Trading DOWN

Nuvve Holding Corp. NVVE shares dropped 42% to $0.1520. Nuvve Holding reported pricing of $1 million underwritten public offering of 7,142,857 shares of common stock at a price of $0.14 per share.

Shares of NuZee, Inc. NUZE were down 44% to $2.9050 after the company priced its $1.275 million underwritten public offering of common stock.

Bridger Aerospace Group Holdings, Inc. BAER was down, falling 29% to $4.3378 as the company announced a $70 million proposed public follow-on offering to fund growth initiatives. The company sees revenue of $51 million to $55 million for the quarter ended Sept. 30.

Also Check This Out: $20M Bet On This Biotechnology Stock? Check Out These 3 Stocks Insiders Are Buying

Commodities

In commodity news, oil traded up 2% to $88.41 while gold traded up 1.5% at $1,965.30.

Silver traded up 0.2% to $23.065 on Wednesday while copper rose 0.3% to $3.5895.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 1.05%, London’s FTSE 100 fell 1.14% while Spain’s IBEX 35 Index fell 0.92% The German DAX fell 1.03% French CAC 40 declined 0.91%, while Italy’s FTSE MIB Index slipped 0.82%.

The inflation rate in the Eurozone eased to 4.3% year-over-year in September from 5.2% in August, while construction output declined by 0.1% year-over-year in August.

UK’s producer prices fell 0.1% year-over-year in September versus a revised 0.5% decline in August, while inflation rate came in at 6.7% in September versus market estimates of 6.6%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 gaining 0.01%, China’s Shanghai Composite Index falling 0.80% and Hong Kong’s Hang Seng Index falling 0.23%. India’s S&P BSE Sensex, meanwhile, dipped 0.8%.

China's industrial production growth came in unchanged at 4.5% for September, while the country’s economy grew by 4.9% year-over-year in the third quarter. China's retail sales rose by 5.5% year-over-year in September.

Economics

Housing starts in the U.S. increased by 7% month-over-month to an annualized rate of 1.36 million in September.

Building permits fell by 4.4% to an annual rate of 1.473 million in September.

Crude oil inventories in the US declined by 4.491 million barrels in the week ending Oct. 13, following a 10.176 million-barrel increase in the prior period, the EIA said.

Now Read This: Check Out 3 Real Estate Stocks With Over 3% Dividend Yields From Wall Street's Most Accurate Analysts