Crude Oil Jumps Over 6%; OncoSec Medical Shares Plummet

Author: Lisa Levin | April 03, 2023 11:24am

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite dropping more than 100 points on Monday.

The Dow traded up 0.58% to 33,468.38 while the NASDAQ fell 0.96% to 12,104.67. The S&P 500, also fell, dropping, 0.10% to 4,105.19.

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Leading and Lagging Sectors

• Energy shares jumped by 4.6% on Friday. Meanwhile, top gainers in the sector included Hammerhead Energy Inc. (NASDAQ:HHRS), up 20%, and BP Prudhoe Bay Royalty Trust (NYSE:BPT), up 18%.
• In trading on Friday, consumer discretionary fell by 1.2%.

 

Top Headline

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, trimmed oil production by 1.16 million barrels per day beginning May, in a surprising move.

 

Equities Trading UP

• VirTra, Inc. (NASDAQ:VTSI) shares shot up 18% to $4.76 after reporting a profit for the fourth quarter
• Shares of Heska Corporation (NASDAQ:HSKA) got a boost, shooting 21% to $117.77 after Mars announced it would acquire the company for $120/share.
• InterCure Ltd. (NASDAQ:INCR) shares were also up, gaining 19% to $2.4276 after the company reported record fiscal year 2022 revenue of $150 million.

 

Equities Trading DOWN

• OncoSec Medical Incorporated (NASDAQ:ONCS) shares dropped 50% to $1.2791 after the company announced the primary endpoint of the overall response rate from the Phase 2 KEYNOTE-695 clinical trial was not met.
• Shares of Palisade Bio, Inc. (NASDAQ:PALI) were down 33% to $2.3430 after the company announced a $6 million registered direct offering and concurrent private placement priced above the market under Nasdaq rules.
• Ascendis Pharma A/S (NASDAQ:ASND) was down, falling 32% to $73.45 after the FDA identified deficiencies in the company's New Drug Application for Transcon PTH.

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Commodities

In commodity news, oil traded up 6.3% to $80.42 while gold traded up 1% at $2,006.30.

Silver traded up 0.1% to $24.17 on Thursday while copper fell 1% to $4.0555.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, trimmed oil production by 1.16 million barrels per day beginning May, in a surprising move.

 

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.14%, London’s FTSE 100 rose 0.46% while Spain’s IBEX 35 Index fell 0.95%. The German DAX fell 0.46%, French CAC 40 rose 0.18% and Italy’s FTSE MIB Index gained 0.18%.

The S&P Global Eurozone manufacturing PMI rose to 47.3 in March from a preliminary reading of 47.1. The S&P Global/CIPS UK manufacturing PMI rose to 47.9 in March versus the flash estimate of 48.0.

German manufacturing PMI was revised higher to 44.7 in March versus a preliminary level of 44.4, while French manufacturing PMI fell to 47.3 in March from a preliminary estimate of 47.7.

 

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 0.52%, Hong Kong’s Hang Seng Index climbing 0.04% and China’s Shanghai Composite Index gaining 0.72%. India’s S&P BSE Sensex gained 0.2%.

The S&P Global India manufacturing PMI climbed to a three-month high of 56.4 in March. Retail sales in Australia rose by 0.2% month-over-month to AUD 35.14 billion for February. The au Jibun Bank Japan manufacturing PMI rose to 49.2 in March versus February’s reading of 47.7.

 

Economics

• The S&P Global manufacturing PMI slipped to 49.2 in March compared to the flash reading of 49.3.
• The ISM manufacturing PMI fell to 46.3 in March versus a reading of 47.7 in February, missing market estimates of 47.5.
• Construction spending fell by 0.1% month-over-month to an annual rate of $1.844 trillion in February.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,249,740 cases with around 1,155,320 deaths. India confirmed a total of at least 44,722,600 cases and 530,880 deaths, while France reported over 39,806,280 COVID-19 cases with 165,670 deaths. In total, there were at least 684,104,570 cases of COVID-19 worldwide with more than 6,832,410 deaths.

Posted In: ASND BPT HHRS HSKA INCR ONCS PALI VTSI