Crude Oil Falls 2%; TJX Issues Weak Earnings Outlook

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 150 points on Wednesday.

The Dow traded up 0.46% to 34,989.30 while the NASDAQ rose 0.16% to 14,116.28. The S&P 500 also rose, gaining, 0.26% to 4,507.40.

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Leading and Lagging Sectors

Materials shares surged by 0.7% on Wednesday.

In trading on Wednesday, utilities shares fell by 0.4%.

Top Headline

Shares of TJX Companies Inc TJX fell on Wednesday after the company issued weak profit forecast for the fourth quarter.

TJX reported third-quarter FY24 sales growth of 9% year-on-year to $13.3 billion, beating the analyst consensus estimate of $13.08 billion. EPS of $1.03 beat the consensus estimate of $0.99.

For the fourth quarter, TJX said it now sees adjusted EPS between 97 cents and $1, down from its earlier forecast of between $1 and $1.03.

Equities Trading UP

AST SpaceMobile, Inc. ASTS shares shot up 27% to $4.7750 following third-quarter results

Shares of Heron Therapeutics, Inc. HRTX got a boost, shooting 61% to $0.8711 after the company reported mixed third-quarter financial results and issued guidance.

Chemomab Therapeutics Ltd. CMMB shares were also up, gaining 32% to $0.8050 after the FDA granted CM-101 Fast Track designation for adult patients of primary sclerosing cholangitis (PSC), a fibrotic liver disease.

Equities Trading DOWN

Sadot Group Inc. SDOT shares dropped 33% to $0.4821 after posting a wider third-quarter loss.

Shares of Electriq Power Holdings, Inc. ELIQ were down 27% to $0.6013 following third-quarter results.

Global-e Online Ltd. GLBE was down, falling 26% to $29.01 as the company reported third-quarter FY23 sales growth of 27% year-over-year, to $133.605 million, missing the consensus of $140.97 million.

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Commodities

In commodity news, oil traded down 2.1% to $76.65 while gold traded down 0.1% at $1,966.30.

Silver traded up 1.8% to $23.545 on Wednesday while copper rose 1% to $3.7195.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.42%, London’s FTSE 100 rose 0.62% while Spain’s IBEX 35 Index rose 0.18% The German DAX rose 0.86% French CAC 40 rose 0.33%, while Italy’s FTSE MIB Index climbed 0.42%.

Industrial production in the Eurozone fell by 1.1% month-over-month in September versus a 0.6% increase in the prior period. The Eurozone recorded a trade surplus of EUR 10 billion in September versus a EUR 29.8 billion gap in the year-ago month.

The annual inflation rate in Italy fell to 1.7% in October from 5.3% a month ago, while French consumer price inflation was confirmed at 4% year-over-year for the month. UK’s producer prices declined 0.6% year-over-year in October, while inflation rate in the UK fell to 4.6% in October. German wholesale prices declined by 4.2% year-over-year in October.

Asia Pacific Markets

Asian markets closed higher on Wednesday, with Japan’s Nikkei 225 rising 2.52%, Hong Kong’s Hang Seng Index jumping 3.92% and China’s Shanghai Composite Index gaining 0.55%. India’s S&P BSE Sensex, meanwhile, surged 1.14%.

India’s trade deficit increased to a record high of $31.5 billion in October versus a $26.3 billion gap in the year-ago period. Japan’s industrial production growth was revised higher to 0.5% month-over-month in September versus a preliminary reading of 0.2%, while Japanese economy shrank 2.1% on an annualized basis in the third quarter.

China's retail sales jumped by 7.6% year-over-year in October, while industrial production rose by 4.6% year-over-year in October.

Economics

Producer prices in the U.S. declined 0.5% month-over-month in October, the most since April 2020 and compared to market estimates of a 0.1% rise.

The NY Empire State Manufacturing Index climbed 14 points to a reading of 9.1 in November, recording the highest reading since April and versus market estimates of -2.8.

Total business inventories in the U.S. increased by 0.4% month-over-month for September.

Crude oil inventories in the U.S. climbed by 3.592 million barrels in the week ending Nov. 10, , compared to a 13.869 million increase in the prior period.

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