Crude Oil Gains 1%; Macy's Reports Strong Q3 Results

U.S. stocks traded higher midway through trading, with the Dow Jones gaining more than 250 points on Wednesday.

The Dow traded up 0.61% to 47,765.87 while the NASDAQ rose 0.07% to 23,430.56. The S&P 500 also rose, gaining, 0.22% to 6,844.57.

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Leading and Lagging SectorsEnergy shares jumped by 1.2% on Wednesday.

In trading on Wednesday, information technology stocks fell by 0.6%.

Top Headline

Macy's Inc (NYSE:M) posted better-than-expected sales and profit for the third quarter.

The firm reported quarterly sales of $4.713 billion (down 0.6% year over year), beating the Street view of $4.621 billion. The company reported third-quarter adjusted earnings per share of 9 cents.

Equities Trading UP           

• Capricor Therapeutics, Inc. (NASDAQ:CAPR) shares shot up 291% to $24.87. The company announced topline results from its Phase 3 HOPE-3 Trial evaluating deramiocel cell therapy for Duchenne Muscular Dystrophy met its primary endpoint and secondary cardiac endpoint.
• Shares of Virax Biolabs Group Limited (NASDAQ:VRAX) got a boost, surging 71% to $0.6709 after the company announced clinical progress and intends to report clinical data from its UK PAIS trial in 2026.
• Aeva Technologies, Inc. (NASDAQ:AEVA) shares were also up, gaining 16% to $12.58 after the company announced it was selected by a Top European Passenger OEM as its exclusive LiDAR supplier for its global series-production vehicle platform to enable Level 3 automated driving.

Equities Trading DOWN

• CIMG Inc. (NASDAQ:IMG) shares dropped 35% to $0.1200 after the company announced a 20-for-1 reverse stock split.
• Shares of ADC Therapeutics SA (NYSE:ADCT) were down 29% to $3.2499 after the company reported updated data from its LOTIS-7 trial evaluating Zynlonta in combination with Glofitamab in relapsed/refractory DLBCL patients.
• Pure Storage, Inc. (NYSE:PSTG) was down, falling 26% to $69.99 following third-quarter results.

CommoditiesIn commodity news, oil traded up 1% to $59.21 while gold traded up 0.6% at $4,246.90.

Silver traded up 0.4% to $58.935 on Wednesday, while copper rose 3% to $5.4000.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.16%, while Spain's IBEX 35 Index rose 1.55%. London's FTSE 100 fell 0.02%, Germany's DAX 40 gained 0.08% and France's CAC 40 rose 0.09% during the session.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei gaining 1.14%, Hong Kong's Hang Seng falling 1.28%, China's Shanghai Composite falling 0.51% and India's BSE Sensex falling 0.04%.

Economics

• The S&P Global services PMI declined to 54.1 in November from 54.8 in the prior month, and revised lower from the preliminary reading of 55.
• The S&P Global composite PMI fell to 54.2 in November from 54.6 in the previous month and down from the preliminary level of 54.8.
• U.S. industrial production increased 0.1% month-over-month in September compared to a revised 0.3% decline in August.
• Private businesses in the U.S. lowered 32,000 jobs in November compared to a revised 47,000 gain in the previous month.
• U.S. crude oil inventories rose by 0.574 million barrels in the week ending Nov. 28, compared to a 2.774 million barrel gain in the previous week.

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