Crude Oil Gains 1%; AT&T Shares Rise After Q2 Earnings

U.S. stocks traded lower toward the end of trading, with the S&P 500 falling around 100 points on Wednesday.

The Dow traded down 0.82% to 40,025.48 while the NASDAQ fell 2.92% to 17,472.06. The S&P 500 also fell, dropping, 1.84% to 5,453.67.

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Leading and Lagging Sectors

Utilities shares jumped by 0.8% on Wednesday.

In trading on Wednesday, consumer discretionary shares fell by 3%.

Top Headline

Shares of AT&T Inc. (NYSE:T) rose around 5% during Wednesday’s session following second-quarter earnings.

AT&T reported fiscal second-quarter 2024 operating revenues of $29.8 billion, down 0.4% year over year and missing the analyst consensus estimate of $29.9 billion. Adjusted EPS of 57 cents is in line with the analyst consensus estimate, according to data from Benzinga Pro.

Equities Trading UP
                       

• Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS) shares shot up 78% to $14.15 after the company announced that the company entered into a definitive merger agreement with Palvella Therapeutics.
• Shares of Sangamo Therapeutics, Inc. (NASDAQ:SGMO) got a boost, surging 47% to $0.5914 after licensing partner Pfizer’s Phase 3 AFFINE trial evaluating giroctocogene fitelparvovec met its primary endpoint.
• PROG Holdings, Inc. (NYSE:PRG) shares were also up, gaining 21% to $42.02 after the company reported better-than-expected second-quarter financial results. Also, the company raised its FY24 guidance above estimates.

Equities Trading DOWN

• Azitra, Inc. (NYSE:AZTR) shares dropped 76% to $1.1899 after the company announced the pricing of a $10 million public offering of 6,665,000 common shares and Class A warrants at $1.50 per share.
• Shares of Nuwellis, Inc. (NASDAQ:NUWE) were down 40% to $2.49 after the company announced the pricing of a $2 million public offering of 469,340 common shares at $4.24 a share.
• Lamb Weston Holdings, Inc. (NYSE:LW) was down, falling 28% to $56.37 after the company reported worse-than-expected quarterly financial results. Also, the company issued its FY25 EPS guidance below estimates.

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Commodities

In commodity news, oil traded up 1% to $77.72 while gold traded up 0.4% at $2,417.40.

Silver traded up 0.1% to $29.35 on Wednesday, while copper fell 1.2% to $4.1110.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 0.61%, Germany's DAX fell 0.92% and France's CAC 40 fell 1.12%. Spain's IBEX 35 Index fell 0.02%, while London's FTSE 100 fell 0.17%.

The HCOB Eurozone manufacturing PMI declined to 45.6 in July from 45.8 in June, while services PMI slipped to 51.9 from 52.8. The HCOB France composite PMI climbed to 49.5 in July from 48.8 in the prior month, while German composite PMI declined to 48.7 from 50.4.

The S&P Global Flash UK manufacturing PMI rose to 51.8 in July from 50.9 in June, while services PMI rose to 52.4 in July from 52.1 in the previous month.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan's Nikkei 225 falling 1.11%, Hong Kong's Hang Seng Index falling 0.91%, China's Shanghai Composite Index declining 0.46% and India's S&P BSE Sensex declining 0.35%.

The HSBC India Manufacturing PMI climbed to 58.5 in July from 58.3 the prior month, while services PMI rose to 61.1 in July from 60.5. The au Jibun Bank Flash Japan composite PMI rose to 52.6 in July versus a final reading of 49.7 in June.

Economics

• U.S. mortgage applications declined by 2.2% in the latest week, compared to a 3.9% gain in the prior period.
• The S&P Global flash manufacturing PMI fell to 49.5 in July from 51.6 in June and compared to market estimates of 51.7.
• The S&P Global composite PMI climbed to 55.0 in July from 54.8 in the prior month.
• The U.S. trade deficit in goods shrank to $96.84 billion in June versus a $99.37 billion gap in the earlier month.
• Building permits increased by 3.9% to an annual rate of 1.454 million in June.
• U.S. new home sales declined 0.6% month-over-month to an annualized rate of 617,000 in June.
• The EIA said crude oil inventories in the U.S. declined by 3.741 million barrels in the week ended July 19, compared to market estimates of a 2.05 million decline.

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