Crude Oil Rises Sharply; US Trade Deficit Widens In March

Benzinga
05-07

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling around 400 points on Tuesday.

The Dow traded down 0.97% to 40,818.82 while the NASDAQ fell 0.94% to 17,676.58. The S&P 500 also fell, dropping, 0.80% to 5,605.36.

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Leading and Lagging SectorsUtilities shares rose by 0.8% on Tuesday.

In trading on Tuesday, health care stocks dipped by 1.8%.

Top Headline

The US trade deficit increased to $140.5 billion in March versus market estimates of a $137 billion gap. Imports surged 4.4% to an all-time high of $419 billion last month, while exports rose by 0.2%.

Equities Trading UP                       

  • FOXO Technologies Inc. (NYSE:FOXO) shares shot up 117% to $1.38 after the company announced that its Myrtle recovery centers subsidiary has seen over 400 patients since August 2023.
  • Shares of Diversified Healthcare Trust (NASDAQ:DHC) got a boost, surging 36% to $2.9550 after the company reported first-quarter financial results and beat its FFO and sales estimates.
  • EVgo, Inc. (NASDAQ:EVGO) shares were also up, gaining 33% to $3.6895 after the company reported better-than-expected first-quarter sales results and issued FY25 sales guidance with its midpoint above estimates.

Equities Trading DOWN

  • NuCana plc (NASDAQ:NCNA) shares dropped 65% to $0.3829 after the company announced a registered direct offering with approximately $7 million gross proceeds.
  • Shares of bioAffinity Technologies, Inc. (NASDAQ:BIAF) were down 54% to $0.1766 after the company announced the pricing of $3.25 million offering.
  • Tactile Systems Technology, Inc. (NASDAQ:TCMD) was down, falling 30% to $9.73 after the company reported worse-than-expected first-quarter sales results and lowered its FY25 sales guidance below estimates.

CommoditiesIn commodity news, oil traded up 3.9% to $59.33 while gold traded up 2.4% at $3,401.70.

Silver traded up 2.7% to $33.36 on Tuesday, while copper rose 1.5% to $4.767.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.45%, while Spain's IBEX 35 Index fell 0.01%. Germany's DAX 40 fell 0.84% and France's CAC 40 fell 0.62% during the session.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Hong Kong's Hang Seng Index gaining 0.70%, China's Shanghai Composite Index rising 1.13% and India's BSE Sensex falling 0.19%.

Economics

The US trade deficit increased to $140.5 billion in March versus market estimates of a $137 billion gap.

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Photo via Shutterstock

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