Crude Oil Surges as Exelon Beats Estimates | Market Report Crude Oil Surges as Exelon Beats Estimates | Market Report

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By Ronald Tech

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling around 0.5% on Wednesday.

The Dow traded down 0.16% to 38,503.94 while the NASDAQ fell 0.47% to 15,557.94. The S&P 500 also fell, dropping, 0.11% to 4,969.94.

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Market Overview

Energy shares surged 1.5% on Wednesday, buoyed by a dramatic jump in crude oil prices.

Meanwhile, information technology stocks took a hit, dropping by 1% in Wednesday’s trading session.

Exelon Excels, Propels Energy Sector

Exelon Corp reported a stellar fourth quarter, surpassing analyst expectations and raising its quarterly dividend as a cherry on top.

The energy giant saw a robust year-over-year operating revenue growth of 15% to $5.37 billion for Q4, sailing past the projected $4.17 billion. Adjusted EPS also dazzled, climbing to 60 cents from 43 cents in 2022, trumping the estimated 58 cents.

Winners and Losers on Wall Street

MediaAlpha, Inc. witnessed an 18% surge to $18.71 after delivering a standout Q4 performance. Similarly, Gentherm Incorporated and Motus GI Holdings, Inc. also enjoyed significant boosts, climbing 23% and 58% respectively, on the back of strong financial results.

However, Palo Alto Networks, Inc., U Power Limited, and Community Health Systems, Inc. experienced declines, dropping 27%, 30%, and 26% respectively, due to a variety of factors, including disappointing guidance and a Nasdaq delisting notice.

Energy Markets and Beyond

In commodity news, crude oil surged 0.6% to hit $77.52, driving energy shares higher, while gold dipped 0.3% to $2,034.40. Elsewhere, silver faced a 1.1% decline, landing at $22.88, and copper inched up 0.1% to $3.8730.

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Global Market Recap

European shares showed a mixed bag, with some indices rising and others falling, while Asian markets closed with varied results, emphasizing the complex interplay of global economic forces.

Macroeconomic Indicators

The U.S. saw a 10.6% decline in mortgage applications, signaling a potential shift in the housing market.