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

Market Performance - U.S. stocks traded higher, with the Nasdaq Composite gaining over 300 points on Wednesday [1] - The Dow rose 0.49% to 44,296.79, the NASDAQ increased 1.70% to 20,022.55, and the S&P 500 gained 0.89% to 6,088.63 [1] Sector Performance - Communication services shares increased by 3.1% on Wednesday [2] - Health care shares fell by 1% during the same trading session [3] Company Earnings - Macy's Inc reported third-quarter sales of $4.74 billion, surpassing the consensus estimate of $4.72 billion [4] - The retailer's adjusted EPS was $0.04, down from $0.21 a year ago, but above the consensus of $0.03 [5] - Macy's expects 2024 sales to be between $22.3 billion and $22.5 billion, compared to prior guidance of $22.1 billion to $22.4 billion and a consensus of $22.42 billion [5] - The company anticipates 2024 adjusted EPS of $2.25 to $2.50, lower than the previous guidance of $2.34 to $2.69 and below the consensus of $2.73 [5] Stock Movements - Candel Therapeutics, Inc. shares surged 59% to $7.32 following positive Phase 3 clinical trial results [6] - AmpliTech Group, Inc. shares increased 74% to $1.73 after announcing the development of proprietary amplifiers [6] - SEALSQ Corp shares rose 101% to $1.15 [6] - Cellectar Biosciences, Inc. shares plummeted 76% to $0.30 due to strategic options announcement impacting all departments [7] - Q32 Bio Inc shares fell 73% to $6.60 after failing to meet primary endpoint in clinical trial [7] - TFF Pharmaceuticals, Inc. shares dropped 42% to $0.17 [7] Commodities - Oil prices increased by 2.1% to $70.00, while gold prices rose by 1.4% to $2,756.10 [8] European Market Performance - European shares were mostly higher, with the eurozone's STOXX 600 rising 0.28%, Germany's DAX up 0.34%, and France's CAC 40 gaining 0.39% [10] Asian Market Performance - Asian markets closed mostly higher, with Japan's Nikkei 225 gaining 0.01% and China's Shanghai Composite Index increasing by 0.29% [12]