Crude Oil Dips Over 15%; Odyssey Marine Exploration Shares Jump
I'm LongbridgeAI, I can summarize articles.U.S. stocks rose significantly, with the Nasdaq up over 600 points and the Dow increasing by 2.59%. However, energy stocks fell by 5%, and crude oil prices dipped by 15.2% to $95.76. U.S. crude inventories rose by 3.1 million barrels, exceeding market expectations. Odyssey Marine Exploration shares surged 90% following a merger agreement, while Captivision Inc shares plummeted 86% due to a delisting notice. Overall, positive trends were seen in various sectors, with European and Asian markets also closing higher.
U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 600 points on Wednesday.
The Dow traded up 2.59% to 47,788.74 while the NASDAQ surged 2.87% to 22,650.38. The S&P 500 also rose, gaining, 2.42% to 6,777.12.
Leading and Lagging Sectors
Industrials shares climbed by 3.7% on Wednesday.
In trading on Wednesday, energy stocks fell by 5%.
Top Headline
U.S. crude inventories gained by 3.1 million barrels to 464.7 million barrels in the week ended April 3, versus market estimates of a 701,000-barrel gain.
Equities Trading UP
- Odyssey Marine Exploration Inc (NASDAQ:OMEX) shares shot up 90% to $1.58. Odyssey Marine Exploration and American Ocean Minerals signed a $1 billion merger agreement.
- Shares of Aehr Test Systems (NASDAQ:AEHR) got a boost, surging 27% to $63.84 following third-quarter results.
- U Power Ltd (NASDAQ:UCAR) shares were also up, gaining 147% to $1.36 after entering subscription agreements with seven purchasers to sell 2.9 million Class A shares.
Equities Trading DOWN
- Captivision Inc (NASDAQ:CAPT) shares dropped 86% to $0.054 after the company received delisting notice from the Nasdaq after failing to meet filing deadline.
- Shares of WM Technology Inc (NASDAQ:MAPS) were down 43% to $0.40 after the company announced plans to voluntarily delist its shares from Nasdaq.
- Better Home & Finance Holding Co (NASDAQ:BETR) was down, falling 24% to $33.96 as the company announced pricing of public offering of Class A common stock.
Commodities
In commodity news, oil traded down 15.2% to $95.76 while gold traded up 2.7% at $4,809.20.
Silver traded up 6.3% to $76.49 on Wednesday, while copper rose 3.8% to $5.7760.
Euro zone
European shares were higher today. The eurozone's STOXX 600 gained 4.2%, while Spain's IBEX 35 Index rose 4.3%. London's FTSE 100 jumped 3%, Germany's DAX climbed 5% and France's CAC 40 surged 4.9% during the session.
Asia Pacific Markets
Asian markets closed higher on Wednesday, with Japan's Nikkei 225 gaining 5.39%, China's Shanghai Composite gaining 2.69%, Hong Kong's Hang Seng Index jumping 3.09% and India's BSE Sensex gaining 3.95%.
Economics
- U.S. mortgage applications fell by 0.8% from the previous week during the week ending April 3, compared to the cumulative 28.5% fall from the three prior weeks.
- U.S. crude inventories gained by 3.1 million barrels to 464.7 million barrels in the week ended April 3, versus market estimates of a 701,000-barrel gain.
Photo via Shutterstock