Mid-Morning Market Update: Markets Mostly Lower; Deere Tops Q4 Views

Following the market opening Wednesday, the Dow traded up 0.01 percent to 19,025.45 while the NASDAQ declined 0.51 percent to 5,359.03. The S&P also fell, dropping 0.30 percent to 2,196.41.

Leading and Lagging Sectors

Wednesday morning, industrial shares gained by 0.11 percent. Meanwhile, top gainers in the sector included Deere & Company DE, and Kratos Defense & Security Solutions, Inc KTOS.

In trading on Wednesday, basic materials shares fell by 1.07 percent. Meanwhile, top losers in the sector included DRDGOLD Ltd. (ADR) DRD, down 7 percent, and Gold Resource Corporation GORO, down 7 percent.

Top Headline

Deere & Company DE reported better-than-expected fourth-quarter results.

Deere posted Q4 earnings of $0.90 per share, versus analysts’ estimates of $0.40 per share. Its revenue came in at $5.65 billion, versus expectations of $5.38 billion.

Equities Trading UP

Euroseas Ltd. ESEA shares shot up 97 percent to $3.81 after the company reported the purchase of drybulk vessel M/V Capetan Tassos for $4.4 million. The company also announced a deal with a company affiliated with its CEO to draw a $2 million loan to finance working capital needs.

Shares of Medigus Ltd. MDGS got a boost, shooting up 34 percent to $1.36 after the company reported a distribution agreement with INNOVAMEDICA S.p.A. in Italy.

Deere & Company DE shares were also up, gaining 9 percent to $100.50 after the company reported stronger-than-expected profit for its fourth quarter on Wednesday.

Equities Trading DOWN

Cellectar Biosciences Inc CLRB shares dropped 31 percent to $1.49 after the company reported the pricing of its $8,000,000 public offering.

Shares of Juno Therapeutics Inc JUNO were down 31 percent to $20.64 as the company disclosed that it has placed JCAR015 Phase II ROCKET trial on clinical hold after 2 patients suffered cerebral edema earlier this week.

Eli Lilly and Co LLY was down, falling around 12 percent to $66.65 after the company’s drug solanezumab failed to meet primary endpoint for the treatment of mild dementia due to Alzheimer's disease in a late-stage study.

Commodities

In commodity news, oil traded down 0.77 percent to $47.66 while gold traded down 1.50 percent to $1,195.90.

Silver traded down 2.03 percent Wednesday to $16.40, while copper fell 0.43 percent to $2.55.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.47 percent, the Spanish Ibex Index fell 0.35 percent, while Italy’s FTSE MIB Index fell 1.38 percent. Meanwhile the German DAX dropped 0.73 percent, and the French CAC 40 fell 0.61 percent while U.K. shares fell 0.40 percent.

Economics

The MBA’s index of mortgage application activity rose 5.50 percent for the latest week.

U.S. durable goods orders rose 4.80 percent for October, versus analysts’ expectations for a 1.50 percent growth.

Initial jobless claims rose 18,000 to 251,000 in the latest week. Economists were expecting claims to increase to 248,000 in the week.

The Markit manufacturing PMI rose to 53.90 for November, versus a prior reading of 53.40. Economists were expecting a reading of 53.40.

New-home sales declined 1.9 percent to annual rate of 563,000 in October. Economists were expecting a 593,000 pace.

The University of Michigan's consumer sentiment index increased to a final reading of 93.8 in November.

The Energy Information Administration’s weekly report on petroleum inventories will be released at 10:30 a.m. ET.

The EIA’s weekly report on natural gas stocks is schedule for release at 12:00 p.m. ET.

The Treasury will also auction 7-year notes at 1:00 p.m. ET.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.