Crude Oil Down 2%; ISM Services PMI Falls In January

Benzinga
06 Feb

U.S. stocks traded mixed midway through trading, with the Dow Jones index gaining around 50 points on Wednesday.

The Dow traded up 0.13% to 44,612.83 while the NASDAQ fell 0.36% to 19,584.07. The S&P 500 also fell, dropping, 0.09% to 6,032.63.

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Leading and Lagging SectorsReal estate shares surged by 1.2% on Wednesday.

In trading on Wednesday, communication services shares fell by 3.5%.

Top Headline

The ISM services PMI fell to 52.8 in January versus a revised reading of 54 in December, and down from estimates of 54.3.

Equities Trading UP                       

  • Criteo S.A. (NASDAQ:CRTO) shares shot up 19% to $45.85 following better-than-expected fourth-quarter reported financial results and an increase in its share buyback authorization program.
  • Shares of Pasithea Therapeutics Corp (NASDAQ:KTTA)got a boost, surging 44% to $3.07 after a Safety Review Committee recommended proceeding to Cohort 5 in its Phase 1 trial of PAS-004 without modification.
  • Aurora Cannabis Inc (NASDAQ:ACB) shares were also up, gaining 46% to $5.38 after the company reported a 37% year-over-year increase in third-quarter total net revenue.

Equities Trading DOWN

  • Volcon Inc (NASDAQ:VLCN) shares dropped 42% to $1.8498 after the company announced the pricing of $12.0 million underwritten public offering.
  • Shares of FMC Corp (NYSE:FMC) were down 34% to $35.81 following weak guidance.
  • RXO, Inc. (NYSE:RXO) was down, falling 13% to $21.90 following fourth-quarter results.

CommoditiesIn commodity news, oil traded down 2.1% to $71.19 while gold traded up 0.4% at $2,887.10.

Silver traded down 0.4% to $32.885 on Wednesday, while copper rose 0.8% to $4.39.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.28%, Germany's DAX 40 gained 0.15% and France's CAC 40 fell 0.37%. Spain's IBEX 35 Index rose 1.13%, while London's FTSE 100 rose 0.41%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 gaining 0.09%, China's Shanghai Composite Index falling 0.65%, Hong Kong's Hang Seng Index falling 0.93% and India's BSE Sensex falling 0.40%.

Economics

  • The U.S. trade deficit increased to $98.4 billion in December versus a revised $78.9 billion gap in the previous month and compared to market estimates of a $96.6 billion gap.
  • U.S. private businesses added 183,000 workers to their payrolls in January, compared to a revised 176,000 gain in December and above expectations of 150,000.
  • The S&P Global composite PMI came in at 52.7 for January, versus the preliminary reading of 52.4 and compared to December's level of 55.4.
  • The ISM services PMI fell to 52.8 in January versus a revised reading of 54 in December, and down from estimates of 54.3.
  • The Energy Information Administration said crude inventories increased by 3.463 million barrels in the recent week, exceeding market estimates of a 3.2 million-barrel gain.

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