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Crude Oil Falls Sharply; RVL Pharmaceuticals Shares Plummet

Published 16/08/2023, 19:41
© Reuters.  Crude Oil Falls Sharply; RVL Pharmaceuticals Shares Plummet
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Benzinga - by Lisa Levin, Benzinga Editor. U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite falling around 50 points on Wednesday.

The Dow traded up 0.07% to 34,970.67 while the NASDAQ fell 0.31% to 13,588.34. The S&P 500, also fell, dropping, 0.03% to 4,436.32.

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Leading and Lagging Sectors

Utilities shares rose by 0.9% on Wednesday.

In trading on Wednesday, communication services shares fell by 0.6%.

Top Headline

U.S. crude oil inventories declined by 5.96 million barrels in the week to Aug. 11, 2023, compared to market expectations for a 2.32 million barrel decline, the EIA said.

Equities Trading UP

Novo Integrated Sciences, Inc. (NASDAQ: NVOS) shares shot up 72% to $0.20. Novo Integrated Sciences issued an update on certain current actions and events. The company recently reported a year-over-year increase in third-quarter EPS results.

Shares of DLocal Limited (NASDAQ: DLO) got a boost, shooting 34% to $20.72 after the company reported better-than-expected financial results for its second quarter and reaffirmed FY23 revenue guidance.

Tivic Health Systems, Inc. (NASDAQ: TIVC) shares were also up, gaining 65% to $0.0615 after the company announced its funded study started enrollment for its non-invasive bioelectronic device approach to vagus nerve stimulation.

Equities Trading DOWN

RVL Pharmaceuticals plc (NASDAQ: RVLP) shares dropped 45% to $0.2320. RVL Pharmaceuticals announced a $5 million registered direct offering of 11,870,846 shares priced at $0.4212/share.

Shares of Sacks Parente Golf, Inc. (NASDAQ: SPGC) were down 83% to $4.7975 after jumping 624% on Tuesday. Sacks Parente Golf announced pricing of $12.8 million initial public offering of 3.2 million common shares at $4 per share.

Coherent Corp. (NYSE: COHR) was down, falling 31% to $32.53 after the company posted fourth-quarter results.

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Commodities

In commodity news, oil traded down 1.8% to $79.52 while gold traded down 0.3% at $1,929.20.

Silver traded down 0.3% to $22.58 on Wednesday while copper fell 0.1% to $3.6630.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 fell 0.06%, London’s FTSE 100 fell 0.44% while Spain’s IBEX 35 Index rose 0.03% The German DAX rose 0.14% French CAC 40 fell 0.10%, while Italy’s FTSE MIB Index fell 0.93%.

The Eurozone economy expanded by 0.3% during the second quarter, while the number of employed persons increased by 0.2% from the prior quarter to 166.7 thousand during the three months leading to June. Industrial production in the Eurozone increased by 0.5% month-over-month in June.

Consumer price inflation in the UK fell to 6.8% in July from 7.9% in the prior month, while producer prices fell by 0.8% year-over-year in July following a 0.3% increase in the prior month.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 falling 1.46%, China’s Shanghai Composite Index falling 0.82% and Hong Kong’s Hang Seng Index falling 1.36%. India’s S&P BSE Sensex, meanwhile, rose 0.22%.

Average new home prices in China declined 0.1% year-over-year in July following a flat reading in the previous month. The Westpac-Melbourne Institute Leading Economic Index in Australia came in almost flat versus the earlier month in July versus a 0.1% increase in the previous month. The Reuters Tankan sentiment index for manufacturers in Japan rose to +12 in August from +3 in the prior month.

Economics

Mortgage applications in the U.S. fell 0.8% in the week ending Aug. 11, 2023.

Housing starts in the U.S. increased by 3.9% month-over-month to an annualized rate of 1.452 million in July.

Building permits in the U.S. rose 0.1% to an annual rate of 1.442 million in July.

Industrial production in the U.S. increased 1% from a month ago in July, above market estimates of a 0.3% growth.

U.S. crude oil inventories declined by 5.96 million barrels in the week to Aug. 11, 2023, compared to market expectations for a 2.32 million barrel decline, the EIA said.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,740,740 cases with around 1,172,140 deaths. India confirmed a total of at least 44,996,330 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,599,040 cases of COVID-19 worldwide with more than 6,908,150 deaths.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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