Crude Oil Rises Sharply; US Trade Deficit Widens In March

Benzinga
07 May

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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