Crude Oil Gains Over 2%; Chewy Shares Plunge After Q1 Results

U.S. stocks traded mostly higher midway through trading, with the Dow Jones index gaining more than 100 points on Wednesday.

The Dow traded up 0.28% to 42,986.17 while the NASDAQ gained 0.09% to 19,731.97. The S&P 500 also rose, gaining, 0.06% to 6,042.25.

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Leading and Lagging Sectors

Information technology shares jumped by 0.6% on Wednesday.

In trading on Wednesday, materials stocks fell by 0.6%.

Top Headline

U.S. crude oil inventories declined by 3.644 million barrels in the week ended June 6, compared to market estimates of a 2.5 million barrel fall.

Equities Trading UP
           

• SailPoint, Inc. (NASDAQ:SAIL) shares shot up 18% to $23.22 after the company reported better-than-expected first-quarter adjusted EPS results and raised its FY26 guidance above estimates.
• Shares of Helius Medical Technologies, Inc. (NASDAQ:HSDT) got a boost, surging 85% to $1.56 after the company announced authorized claim for payment for PoNS Device from Aetna Healthcare.
• Ouster, Inc. (NASDAQ:OUST) shares were also up, gaining 24% to $19.94 after the company announced that its OS1 digital lidar has been vetted and approved by the Department of Defense for use in unmanned aerial systems.

Equities Trading DOWN

• LeddarTech Holdings Inc. (NASDAQ:LDTC) shares dropped 40% to $0.2226 after the company announced it laid off most of its employees and may file for bankruptcy.
• Shares of Chewy, Inc. (NYSE:CHWY) were down 12% to $40.44 after the company reported first-quarter financial results and issued FY25 sales guidance below estimates.
• Draganfly Inc. (NASDAQ:DPRO) was down, falling 41% to $2.1950 as the company announced the pricing of 5.5 million unit public offering at $2.50 per unit.

Commodities

In commodity news, oil traded up 2.3% to $66.50 while gold traded up 0.3% at $3,353.70.

Silver traded down 0.8% to $36.355 on Wednesday, while copper fell 1.6% to $4.8220.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 fell 0.10%, while Spain's IBEX 35 Index fell 0.49%. London's FTSE 100 gained 0.26%, Germany's DAX 40 rose 0.07% and France's CAC 40 fell 0.20% during the session.

Asia Pacific Markets

Asian markets closed higher on Wednesday, with Japan's Nikkei gaining 0.55%, Hong Kong's Hang Seng Index gaining 0.84%, China's Shanghai Composite rising 0.52% and India's BSE Sensex gaining 0.15%.

Economics

• The annual inflation rate increased to 2.4% in May from 2.3% in the previous month, but came in below market estimates of 2.5%.
• U.S. crude oil inventories declined by 3.644 million barrels in the week ended June 6, compared to market estimates of a 2.5 million barrel fall.

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