Crude Oil Falls Over 1%; ISM Services PMI Tumbles In May – AnaptysBio (NASDAQ:ANAB), Asana (NYSE:ASAN)

U.S. stocks traded mostly higher midway through trading, with the Nasdaq Composite gaining more than 50 points on Wednesday.

The Dow traded up 0.09% to 42,558.84 while the NASDAQ rose 0.31% to 19,459.23. The S&P 500 also rose, gaining, 0.19% to 5,981.93.

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Leading and Lagging Sectors

Communication services shares jumped by 1.1% on Wednesday.

In trading on Wednesday, energy stocks fell by 1.7%.

Top Headline

The ISM services PMI dipped to 49.9 in May versus 51.6 in the previous month and also missing market estimates of 52.

Equities Trading UP
           

Yext, Inc. YEXT shares shot up 33% to $9.08 after the company raised its FY26 adjusted EPS guidance above estimates. Also, Needham reiterated a Buy rating on the stock.

Shares of K Wave Media Ltd. KWM got a boost, surging 115% to $4.1303 after the company announced it signed a $500 million securities purchase agreement to advance a bitcoin-focused treasury strategy.

Cellectar Biosciences, Inc. CLRB shares were also up, gaining 61% to $0.4466 after the company announced it was granted FDA Breakthrough Therapy Designation status for Iopofosine I-131.

Equities Trading DOWN

Asana, Inc. ASAN shares dropped 17% to $15.78 following first-quarter results.

Shares of AnaptysBio, Inc. ANAB were down 10% to $21.19 after the company announced Rosnilimab data from its six-month Phase 2b trial for rheumatoid arthritis (RA).

Dollar Tree, Inc. DLTR was down, falling 8% to $89.00 after the company posted first-quarter results.

Commodities

In commodity news, oil traded down 1.2% to $62.64 while gold traded up 0.7% at $3,398.90.

Silver traded down 0.2% to $34.56 on Wednesday, while copper rose 0.8% to $4.8710.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.55%, while Spain’s IBEX 35 Index fell 0.14%. London’s FTSE 100 rose 0.20%, Germany’s DAX 40 gained 0.76% and France’s CAC 40 rose 0.64% during the session.

Asia Pacific Markets

Asian markets closed higher on Wednesday, with Japan’s Nikkei gaining 0.80%, Hong Kong’s Hang Seng Index jumping 0.60%, China’s Shanghai Composite gaining 0.42% and India’s BSE Sensex gaining 0.32%.

Economics

The EIA said crude oil inventories in the U.S. declined by 4.304 million barrels in the week ended May 30, compared to market estimates of a 0.9 million barrel fall.

The ISM services PMI dipped to 49.9 in May versus 51.6 in the previous month and also missing market estimates of 52.

The S&P Global composite PMI was revised higher to 53.0 in May compared to a preliminary reading of 52.1 and versus April’s reading of 50.6.

U.S. private business added 37K workers to their payrolls during May versus a revised 60K gain in the previous month.

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