Benzinga
Published May 24, 2023 19:42
Updated May 24, 2023 21:10
Crude Oil Rises 2%; Kohl's Reports Surprise Q1 Profit
Benzinga - U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping over 250 points on Wednesday.
The Dow traded down 0.73% to 32,813.21 while the NASDAQ fell 0.77% to 12,463.32. The S&P 500, also fell, dropping, 0.76% to 4,114.27.
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Leading and Lagging Sectors
Top Headline Kohl's Corp (NYSE: KSS) reported better-than-expected first-quarter results and reaffirmed FY23 outlook.
Kohl's reported a first-quarter FY23 sales decline of 4% year-on-year to $3.57 billion, beating the consensus of $3.34 billion. Its comparable sales decreased 4.3% versus last year. EPS of $0.13 beat the consensus of $(0.42).
Equities Trading UP
Equities Trading DOWN
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Commodities
In commodity news, oil traded up 2% to $74.38 while gold traded down 0.6% at $1,961.80.
Silver traded down 1.7% to $23.23 on Wednesday while copper fell 2.5% to $3.5650.
Stocks of crude oil in the US dropped by 6.799 million barrels in the week ended May 19, recording the biggest drop in six months, the API said Tuesday.
Euro zone
European shares closed lower today. The eurozone’s STOXX 600 fell 1.81%, London’s FTSE 100 fell 1.75% while Spain’s IBEX 35 Index fell 1.12% The German DAX declined 1.92%, French CAC 40 fell 1.70% and Italy’s FTSE MIB Index fell 2.39%.
The Ifo Business Climate indicator for Germany fell by 1.7 points from a month ago to 91.7 in May. The consumer price inflation in the UK eased to 8.7% year-over-year in April 2023, recording the lowest level since March 2022, while factory gate prices of goods produced by UK manufacturers fell to 5.4% year-over-year in April versus a revised 8.5% level in the prior month.
Asia Pacific Markets
Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 dropping 0.89%, Hong Kong’s Hang Seng Index falling 1.62% and China’s Shanghai Composite Index dropping 1.28%. India’s S&P BSE Sensex fell 0.2%.
The Reuters Tankan sentiment index for manufacturers in Japan rose to a reading of +6 in May compared to -3 in the prior month. The Westpac-Melbourne Institute Leading Economic Index in Australia came in flat versus the earlier month for April.
Economics
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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 107,056,690 cases with around 1,164,560 deaths. India confirmed a total of at least 44,987,330 cases and 531,840 deaths, while France reported over 40,061,440 COVID-19 cases with 167,200 deaths. In total, there were at least 689,124,030 cases of COVID-19 worldwide with more than 6,881,400 deaths.
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