Crude Oil Gains 3%; Core & Main Earnings Top Views

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling over 1% on Wednesday.

The Dow traded down 1.13% to 50,299.68 while the NASDAQ fell 1.16% to 25,381.36. The S&P 500 also fell, dropping, 0.86% to 7,322.92.

Leading and Lagging Sectors

Energy shares jumped by 2.4% on Wednesday.

In trading on Wednesday, industrials stocks fell by 2.4%.

Top Headline

Core & Main Inc (NYSE:CNM) reported upbeat earnings for the first quarter on Wednesday.

The company posted quarterly earnings of 72 cents per share which beat the analyst consensus estimate of 67 cents per share. The company reported quarterly sales of $1.910 billion which beat the analyst consensus estimate of $1.905 billion.

Equities Trading UP
           

• Cracker Barrel Old Country Store Inc (NASDAQ:CBRL) shares shot up 32% to $47.79 after the company reported better-than-expected third-quarter financial results and raised its FY26 sales guidance above estimates.
• Shares of Yuanbao Inc (NASDAQ:YB) got a boost, surging 15% to $16.77 following first-quarter results.
• Caseys General Stores Inc (NASDAQ:CASY) shares were also up, gaining 15% to $872.10 following strong quarterly earnings.

Equities Trading DOWN

• Super Micro Computer Inc (NASDAQ:SMCI) shares dropped 12% to $35.58 after the company announced a $7 billion financing package that includes $5 billion concurrent underwritten offerings of common stock and depositary shares and a $2 billion at-the-market offering.
• Shares of Global Mofy AI Ltd (NASDAQ:GMM) were down 43% to $0.062. Global Mofy AI announced a 1-for-50 reverse stock split, effective June 11.
• Aduro Clean Technologies Inc (NASDAQ:ADUR) was down, falling 9% to $15.41 after the company announced pricing of $15.64 million underwritten public offering and concurrent private placement of up to $7.17 million.

Commodities

In commodity news, oil traded up 3.2% to $91.03 while gold traded down 3.1% at $4,151.90.

Silver traded down 0.2% to $65.12 on Wednesday, while copper fell 0.5% to $6.2910.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.2%, while Spain's IBEX 35 Index rose 0.3%. London's FTSE 100 rose 0.1%, Germany's DAX declined 0.4%, while France's CAC 40 rose 0.1%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 falling 1.89%, Hong Kong's Hang Seng Index declining 0.64%, China's Shanghai Composite dipping 0.42% and India's BSE Sensex rising 0.09%.

Economics

• U.S. mortgage applications rose by 10.8% during the first week of June, following a 2.5% decline in the prior period.
• The annual inflation rate in the U.S. accelerated to 4.2% in May, recording its highest level since April 2023, compared to 3.8% in the previous month, and in line with market estimates.
• U.S. crude inventories declined by 7.228 million barrels in the week ended June 5, compared to market estimates of a 4 million barrel draw.

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