Crude Oil Edges Higher; ConAgra Posts Downbeat Earnings

Author: Avi Kapoor | October 02, 2024 01:24pm

U.S. stocks traded slightly higher toward the end of trading, with the Nasdaq Composite gaining around 0.2% on Wednesday.

The Dow traded up 0.07% to 42,186.44 while the NASDAQ gained 0.24% to 17,952.61. The S&P 500 also rose, gaining, 0.03% to 5,710.22.

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Leading and Lagging Sectors

Information technology shares jumped by 0.6% on Wednesday.

In trading on Wednesday, consumer staples shares dipped by 1%.

Top Headline

ConAgra Brands, Inc. (NYSE:CAG) reported weaker-than-expected first-quarter results.

ConAgra reported quarterly adjusted earnings per share of 53 cents, missing the analyst consensus of 60 cents. Net sales of $2.79 billion (down 3.8%) missed the street view of $2.84 billion.

Equities Trading UP

Joby Aviation, Inc. (NYSE:JOBY) shares shot up 25% to $6.02 after the company announced that Toyota will invest an additional $500 million to support the certification and commercial production of the electric air taxi.
Shares of RPM International Inc. (NYSE:RPM) got a boost, surging 7% to $128.37 after the company reported better-than-expected first-quarter adjusted EPS results.
MMTec, Inc. (NASDAQ:MTC) shares were also up, gaining 46% to $0.6818. Shares of US-listed Chinese stocks traded higher on continued strength following recent stimulus measures and the start of the National Day Golden Week.

Equities Trading DOWN

Humana Inc. (NYSE:HUM) shares dropped 13% to $242.64 after the company provided update on decline in Stars performance for 2025 and how it will impact quality bonus payments in 2026.
Shares of Eagle Pharmaceuticals, Inc. (NASDAQ:EGRX) were down 34% to $2.35 after the company announced it will be delisted from the Nasdaq.
Aditxt Inc (NASDAQ:ADTX) was down, falling 30% to $3.1318. Aditxt recently announced a 1-for-40 reverse stock split.

Commodities

In commodity news, oil traded up 0.4% to $70.08 while gold traded down 0.7% at $2,672.80.

Silver traded up 0.8% to $31.980 on Wednesday, while copper rose 1.3% to $4.65.

Euro zone

European shares closed mixed today. The eurozone's STOXX 600 rose 0.05%, Germany's DAX fell 0.25% and France's CAC 40 rose 0.05%. Spain's IBEX 35 Index fell 0.55%, while London's FTSE 100 gained 0.17%.

The unemployment rate in the Eurozone came in unchanged from the previous month at 6.4% in August.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 dipping 2.18% and Hong Kong's Hang Seng Index jumping 6.20%.

Economics

Private businesses in the U.S. added 143,000 workers to their payrolls during the month of September compared to a revised 103,000 gain in August and higher than market estimates of 124,000, the ADP said.
The EIA said crude oil inventories in the U.S. climbed by 3.889 million barrels for the week ended Sept. 27, versus market estimates of a 1.3 million decline.

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