Crude Oil Rises 1%; Rover Group Shares Spike Higher

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 50 points on Wednesday.

The Dow traded up 0.17% to 35,476.23 while the NASDAQ rose 0.35% to 14,331.13. The S&P 500 also rose, gaining, 0.30% to 4,568.63.

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Leading and Lagging Sectors

Real estate shares rose by 1.1% on Wednesday.

In trading on Wednesday, communication services shares fell by 1%.

Top Headline

The EIA said crude oil inventories in the U.S. increased by 1.609 million barrels in the week ending Nov. 24, compared to a 8.701 million increase in the prior period, and versus market estimates of a 0.933 million decline.

Equities Trading UP

Vivos Therapeutics, Inc. VVOS shares shot up 215% to $13.88. Vivos Therapeutics received FDA 510(k) clearance for treating severe obstructive sleep apnea (OSA) in adults using the Vivos' removable CARE (Complete Airway Repositioning and/or Expansion) oral appliances.

Shares of Rover Group, Inc. ROVR got a boost, shooting 28% to $10.92 after the company announced it agreed to be acquired by Blackstone in a $2.3 billion transaction.

Fluence Energy, Inc. FLNC shares were also up, gaining 26% to $25.46 after the company reported fourth-quarter financial results and initiated FY24 revenue guidance.

Equities Trading DOWN

BioVie Inc. BIVI shares dropped 62% to $1.9201 after the company announced topline efficacy data from its Phase 3 trial of NE3107 for mild to moderate Alzheimer's disease.

Shares of Seelos Therapeutics, Inc. SEEL were down 40% to $1.4350 after the company reported pricing of $5.55 million public offering.

Farfetch Limited FTCH was down, falling 46% to $1.1390. Farfetch said it will not announce its third quarter financial results and will not hold its related conference call earlier scheduled for Nov. 29, 2023.

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Commodities

In commodity news, oil traded up 1.2% to $77.29 while gold traded up 0.1% at $2,061.30.

Silver traded up 0.6% to $25.44 on Wednesday while copper fell 0.1% to $3.8380.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.35%, London’s FTSE 100 fell 0.44% while Spain’s IBEX 35 Index rose 0.78% The German DAX rose 1.03% French CAC 40 rose 0.20%, while Italy’s FTSE MIB Index rose 0.93%.

The industry confidence indicator in the Eurozone declined to -9.5 in November versus a revised reading of -9.2 in the prior month, while economic sentiment indicator rose to 93.8 in November versus the revised reading of 93.5.

Consumer credit in the UK increased by £1.289 billion in October versus a revised £1.370 billion in the earlier month. The manufacturing confidence index in Italy rose to 96.6 in November versus 96.1 a month ago, while consumer confidence index in Italy climbed to 103.6 in November from 101.6 in the prior period. Retail sales in Spain surged by 5% year-over-year in October versus a revised 6.3% increase in the previous month, while consumer price inflation rate fell to 3.2% year-over-year in November.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 falling 0.26%, Hong Kong’s Hang Seng Index falling 2.08% and China’s Shanghai Composite Index falling 0.56%. India’s S&P BSE Sensex, meanwhile, climbed 1.1%.

The Domestic Supply Price Index in Singapore fell 2.2% year-over-year in October compared to a revised 0.5% decline in the earlier month.

Economics

The US economy grew an annualized 5.2% in the third quarter, compared to 4.9% in the preliminary estimate, and higher than market estimates of 5%.

Corporate profits in the U.S. jumped by 4.1% from the prior quarter to $2.709 trillion during the third quarter.

The U.S. trade deficit in goods increased to $89.8 billion in October versus a revised $86.8 billion in the prior month.

Wholesale inventories in the U.S. declined by 0.2% month-over-month in October, compared to a revised 0.1% increase in the previous month.

The EIA said crude oil inventories in the U.S. increased by 1.609 million barrels in the week ending Nov. 24, compared to a 8.701 million increase in the prior period, and versus market estimates of a 0.933 million decline.

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