U.S. stocks traded mixed midway through trading, with the Dow Jones jumping more than 100 points on Wednesday.
The Dow traded up 0.41% to 32,293.49 while the NASDAQ fell 0.79% to 11,645.10. The S&P also rose, gaining, 0.19% to 4,008.47.
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Leading and Lagging Sectors
Energy shares jumped by 4.1% on Wednesday. Meanwhile, top gainers in the sector included Borr Drilling Limited (NYSE:BORR), up 14% and TORM plc (NASDAQ:TRMD) up 16%.
In trading on Wednesday, information technology shares rose by just 0.05%.
Top Headline
Annual inflation rate in the US eased to 8.3% in April compared to a 41-year high level of 8.5% in the previous month. However, analysts were expecting a reading of 8.1%.
Equities Trading UP
Trecora Resources (NYSE:TREC) shares shot up 26% to $7.45 as the company agreed to be acquired by an affiliate of Balmoral Funds at $9.81 per share in cash or an enterprise value of $247 million.
Shares of Ferroglobe PLC (NASDAQ:GSM) got a boost, shooting 17% to $7.45 after the company reported better-than-expected Q1 EPS results.
Endeavour Silver Corp. (NYSE:EXK) shares were also up, gaining 20% to $3.7050 after the company reported better-than-expected Q1 results.
Equities Trading DOWN
Kornit Digital Ltd. (NASDAQ:KRNT) shares tumbled 32% to $38.38 after the company reported downbeat Q1 sales.
Shares of View, Inc. (NASDAQ:VIEW) were down 59% to $0.5601 after the company in a 10-Q filing said it does not currently have adequate financial resources to fund its forecasted operating costs and will look to raise capital.
IT Tech Packaging, Inc. (NYSE:ITP) was down, falling 40% to $0.1933 after the company said Q1 sales results were lower year over year.
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Commodities
In commodity news, oil traded up 6.1% to $105.81, while gold traded up 0.5% to $1,849.20.
Silver traded up 1.8% to $21.80 on Wednesday while copper rose 1.9% to $4.2325.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 1.46%, London’s FTSE 100 rose 1.15% and Spain’s IBEX 35 Index rose 2.01%. The German DAX climbed 1.72%, French CAC 40 jumped 1.95% and Italy’s FTSE MIB Index climbed 2.4%.
The annual inflation rate in Germany increased to 7.4% in April from 7.3% in the prior month..
Economics
Annual inflation rate in the US eased to 8.3% in April compared to a 41-year high level of 8.5% in the previous month. However, analysts were expecting a reading of 8.1%.
US crude oil inventories increased by 8.487 million barrels in the week ended May 6, following a 1.302 million barrel gain in the prior week, the Energy Information Administration said.
The Treasury will auction 10-year notes at 1:00 p.m. ET.
The U.S. Treasury budget statement for April will be released at 2:00 p.m. ET.
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 83,778,760 cases with around 1,025,100 deaths. India confirmed a total of at least 43,110,580 cases and 524,150 deaths, while Brazil reported over 30,594,380 COVID-19 cases with 664,440 deaths. In total, there were at least 518,581,060 cases of COVID-19 worldwide with more than 6,280,530 deaths.
