Crude Oil Gains 2%; Macy's Lowers Earnings Forecast

U.S. stocks traded lower midway through trading, with the Dow Jones index falling around 100 points on Wednesday.

The Dow traded down 0.25% to 42,237.69 while the NASDAQ fell 0.07% to 19,186.35. The S&P 500 also fell, dropping, 0.18% to 5,911.13.

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Leading and Lagging Sectors

Communication services shares jumped by 0.5% on Wednesday.

In trading on Wednesday, materials stocks fell by 0.5%.

Top Headline

Macy's Inc. (NYSE:M) on Wednesday revised its annual outlook on initial and current tariffs, some moderation in consumer discretionary spending, and a heightened competitive promotional landscape.

Macy's lowered fiscal 2025 adjusted earnings per share from $2.05-$2.25 to $1.60-$2.00 compared to the consensus of $1.93. Still, the retail giant affirmed its 2025 sales guidance of $21 billion-$21.4 billion versus the consensus of $21.31 billion.

The retailer reported net sales of $4.6 billion for the first quarter of 2025, down 5.1% year over year, beating the consensus of $4.50 billion.

Equities Trading UP
           

• Signing Day Sports, Inc. (NYSE:SGN) shares shot up 270% to $3.0705 after announcing a business combination agreement with BlockchAIn to acquire 100% of the company and form a crypto mining, AI, and high-performance computing data hosting company.
• Shares of Spero Therapeutics, Inc. (NASDAQ:SPRO) got a boost, surging 205% to $2.0834 after the company and GSK announced the Phase 3 study of tebipenem HBr met its primary endpoint and will stop early for efficacy.
• Monro, Inc. (NASDAQ:MNRO) shares were also up, gaining 35% to $17.23 after the company reported a fourth-quarter revenue beat and approved a first-quarter cash dividend of $0.28 per share. Additionally, the company announced it has conducted a store portfolio review and has identified 145 underperforming locations for closure.

Equities Trading DOWN

• InflaRx N.V. (NASDAQ:IFRX) shares dropped 59% to $0.7382 after the company halted Vilobelimab Phase 3 trial in pyoderma Gangrenosum after futility finding in interim analysis.
• Shares of Cemtrex, Inc. (NASDAQ:CETX) were down 47% to $0.8901 after the company announced a $1.25 million public offering.
• Tempus AI, Inc. (NASDAQ:TEM) was down, falling 16% to $55.28 after Spruce Point issued a ‘Strong Sell’ opinion on the stock.

Commodities

In commodity news, oil traded up 2.1% to $62.14 while gold traded up 0.1% at $3,303.10.

Silver traded down 0.1% to $33.275 on Wednesday, while copper fell 1.1% to $4.6880.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.38%, while Spain's IBEX 35 Index fell 0.87%. London's FTSE 100 fell 0.28%, Germany's DAX 40 fell 0.43% and France's CAC 40 slipped 0.15% during the session.

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan's Nikkei falling 0.005%, Hong Kong's Hang Seng Index dipping 0.53%, China's Shanghai Composite Index falling 0.02% and India's BSE Sensex falling 0.29%.

Economics

• The volume of mortgage applications in the US declined by 1.2% from the previous week during the week ending May 23.
• The composite manufacturing index in the US Fifth District rose to -9 in May compared to -13 in April.

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