Crude Oil Gains 1.5%; Blackboxstocks Shares Plummet

U.S. stocks traded higher midway through trading, following the release of PPI data on Wednesday.

The Dow traded up 0.06% to 36,598.24 while the NASDAQ rose 0.23% to 14,566.43. The S&P 500 also rose, gaining, 0.20% to 4,653.07.

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Leading and Lagging Sectors

Real estate shares rose by 1% on Wednesday.

In trading on Wednesday, materials shares fell by 0.6%.

Top Headline

Crude oil inventories in the U.S. declined by 4.259 million barrels in the week ending Dec. 8, versus a 4.632 million decline from the prior week.

Equities Trading UP

C4 Therapeutics, Inc. CCCC shares shot up 71% to $3.99 after the company announced data from the CFT7455 Phase 1 trial in relapsed/refractory multiple myeloma. Following the update, Stifel analyst Bradley Canino upgraded C4 Therapeutics from Hold to Buy and raised the price target from $2 to $12.

Shares of Shattuck Labs, Inc. STTK got a boost, surging 91% to $4.0299 after the company announced initial topline dose-expansion data from its ongoing Phase 1A/B clinical trial of SL-172154 in combination with AZA in frontline HR-MDS and TP53m AML patients.

ReShape Lifesciences Inc. RSLS shares were also up, gaining 75% to $0.4401 after the company announced it received FDA PMA supplement approval for its next-generation Lap-Band 2.0 FLEX.

Equities Trading DOWN

Loop Media, Inc. LPTV shares dropped 28% to $0.9307 following fourth-quarter results.

Shares of Blackboxstocks Inc. BLBX were down 26% to $2.8534 after the company acquired Evtec Aluminium Limited, a supplier to the EV and luxury automotive markets.

Processa Pharmaceuticals, Inc. PCSA was down, falling 25% to $0.61 after the company said it recently had a meeting with the FDA about their Next Generation Capecitabine (NGC-Cap) for cancer patients.

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Commodities

In commodity news, oil traded up 1.5% to $69.67 while gold traded up 0.2% at $1,997.00.

Silver traded down 0.6% to $22.89 on Wednesday while copper fell 0.2% to $3.78.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.17%, London’s FTSE 100 rose 0.32% while Spain’s IBEX 35 Index fell 0.06% The German DAX rose 0.03% French CAC 40 fell 0.01%, while Italy’s FTSE MIB Index fell 0.01%.

Industrial production in the Eurozone fell by 0.7% month-over-month in October versus a 1.0% decline in the prior period. German current account surplus increased to EUR 21.4 billion in October from EUR 9.6 billion in the year-ago month.

Industrial production in the U.K. fell by 0.8% month-over-month in October, while UK's trade deficit increased to £4.480 billion in October. The British economy contracted by 0.3% in October versus September.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 0.25%, Hong Kong’s Hang Seng Index falling 0.89% and China’s Shanghai Composite Index falling 1.15%. India’s S&P BSE Sensex, meanwhile, rose 0.05%.

Total passenger vehicle sales in India rose by 4.3% year-over-year to 288,062 in November. The Bank of Japan's index for big manufacturers' sentiment rose to 12 in the fourth quarter versus a reading of 9 in the prior quarter.

Economics

Mortgage applications in the U.S. rose by 7.4% in the week ending Dec. 8.

U.S. producer prices came in steady for November from October, versus a revised 0.4% decline in the prior period, and versus market estimates of a 0.1% rise.

Crude oil inventories in the U.S. declined by 4.259 million barrels in the week ending Dec. 8, versus a 4.632 million decline from the prior week.

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