Crude Oil Moves Higher; US Factory Orders Rise In July - Credo Technology Group (NASDAQ:CRDO), Purple Bio

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U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 300 points on Wednesday.

The Dow traded up 0.58% to 53,072.12 while the NASDAQ gained 0.54% to 26,239.57. The S&P 500 also rose, gaining, 0.62% to 7,679.07.

Leading and Lagging Sectors

Materials shares jumped by 1.7% on Wednesday.

In trading on Wednesday, real estate stocks fell by 1%.

Top Headline

U.S. factory orders rose 0.9% month-over-month in July, compared to market estimates of a 0.7% gain.

Equities Trading UP
           

Linkhome Holdings Inc (NASDAQ: LHAI ) shares shot up 41% to $1.16 after the company announced its formed subsidiary, Linkhome Technologies, initiated a preliminary evaluation of a proposed AI computing infrastructure project in Europe that could deploy up to 144 NVIDIA GB300 GPUs. Shares of Purple Biotech Ltd – ADR (NASDAQ: PPBT ) got a boost, surging 39% to $2.32 after the company announced the U.S. PTO issued a Notice of Allowance for a patent application covering tri-specific antibody constructs and methods of use. Gitlab Inc (NASDAQ: GTLB ) shares were also up, gaining 14% to $51.42 after the company reported better-than-expected second-quarter financial results and issued third-quarter guidance above estimates. Trending

Equities Trading DOWN

Tscan Therapeutics Inc (NASDAQ: TCRX ) shares dropped 31% to $0.46 after the company announced it paused further enrollment in the Phase 3 ALLOHA-2 study of TSC-101 due to insufficient capital needed to complete the trial. Also, the company will reduce its workforce by 75%. Shares of CDT Equity Inc (NASDAQ: CDT ) were down 21% to $1.17 after the company disclosed two Form 8-K filings covering a recent share issuance, Nasdaq listing status and changes to its executive leadership. Credo Technology Group Holding Ltd (NASDAQ: CRDO ) was down, falling 18% to $169.10 after the company reported first-quarter financial results.

Commodities

In commodity news, oil traded up 0.5% to $90.69 while gold traded up 0.5% at $4,419.80.

Silver traded up 0.8% to $65.890 on Wednesday, while copper rose 0.5% to $6.6310.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 0.3%, while Spain’s IBEX 35 Index fell 0.1%, London’s FTSE 100 fell 0.3%, Germany’s DAX dipped 0.5%, while France’s CAC 40 fell 0.2%.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 falling 2.85%, Hong Kong’s Hang Seng index declining 0.07%, China’s Shanghai Composite declining 0.97% and India’s BSE Sensex falling 0.02%.

Economics

U.S. private businesses added 38,000 jobs in August, compared to a revised 46,000 gain in July and down from market estimates of 47,000. The volume of mortgage applications rose by 0.8% during the last week of August. U.S. factory orders rose 0.9% month-over-month in July, compared to market estimates of a 0.7% gain. U.S stocks of crude oil fell by 4.45 million barrels in the last week of August, compared to a 0.095 million-barrel gain in the previous period and versus market estimates of a 1.1 million draw.

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Posted In: Markets Intraday Update News Commodities Eurozone Mid-Day Market Update