Crude Oil Surges 7%; General Dynamics Posts Upbeat Earnings

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 800 points on Wednesday.

The Dow traded down 1.58% to 51,915.42 while the NASDAQ declined 1.19% to 24,580.72.

The S&P 500 also fell, dropping, 0.89% to 7,362.68.

Leading and Lagging Sectors Energy shares jumped by 2.6% on Wednesday.

In trading on Tuesday, industrials stocks fell by 1.9%.

Top Headline General Dynamics Corp (NYSE: GD ) posted better-than-expected second-quarter earnings.

The company posted earnings of $4.24 per share, beating market estimates of $3.96 per share.

The company’s sales came in at $14.094 billion versus expectations of $13.535 billion.

Equities Trading UP Verra Mobility Corp (NASDAQ: VRRM ) shares shot up 30 to $5.42 as the company reached a framework agreement with Avis Budget Group.

Shares of Huron Consulting Group Inc (NASDAQ: HURN ) got a boost, surging 27% to $153.55 following upbeat second-quarter earnings.

Manhattan Associates Inc ( NASDAQ: MANH ) shares were also up, gaining 25% to $210.22 after the company reported better-than-expected quarterly financial results and raised its FY26 guidance.

Equities Trading DOWN Bandwidth Inc ( NASDAQ: BAND ) shares dropped 27% to $38.15 after the company reported second-quarter financial results and cut its FY26 adjusted EPS guidance below estimates.

Shares of Processa Pharmaceuticals Inc ( NASDAQ: PCSA ) were down 35% to $1.98 after the company announced a $200 million private placement and acquisition of Vidya Therapeutics BTK Inhibitor VT-7208.

Parsons Corp (NYSE: PSN ) was down, falling 41% to $36.51 after the company reported worse-than-expected second-quarter sales results and cut its FY26 sales guidance below estimates.

Commodities In commodity news, oil traded up 7.1% to $84.89 while gold traded down 0.8% at $4,006.60.

Silver traded down 0.7% to $57.105 on Wednesday, while copper fell 0.8% to $6.3070.

Euro zone European shares were mixed today.

The eurozone’s STOXX 600 fell 0.1%, while Spain’s IBEX 35 Index fell 1.3% London’s FTSE 100 rose 0.4%, Germany’s DAX gained 0.2%, while France’s CAC 40 fell 0.6%.

Asia Pacific Markets Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 dipping 1.49%, Hong Kong’s Hang Seng index surging 1.96%, China’s Shanghai Composite rising 0.40% and India’s BSE Sensex gaining 1.2%.

Economics The volume of mortgage applications declined by 6.4% from the previous week in the week ending July 24.

U.S. crude inventories dipped by 7.167 million barrels in the week ended July 24, versus market estimates of a 1.3 million-barrel draw.

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