Market Overview

Mid-Day Market Update: Dow Rises Over 200 Points; Ovid Therapeutics Shares Plunge

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Midway through trading Friday, the Dow traded up 0.85% to 26424.61 while the NASDAQ rose 0.91% to 7,944.17. The S&P also rose, gaining 0.87% to 2,935.92.

Leading and Lagging Sectors

Information technology shares rose 1.3% on Friday. Meanwhile, top gainers in the sector included Avaya Holdings Corp (NYSE: AVYA), up 25%, and RingCentral, Inc. (NYSE: RNG), up 24%.

In trading on Friday, energy shares fell 0.3%.

Top Headline

On Thursday, Costco Wholesale Corporation (NASDAQ: COST) reported upbeat earnings for its fourth quarter, while sales missed views.

Adjusted earnings came in at $2.69, beating estimates by 15 cents. Sales came in at $46.45 billion, missing estimates by $1.16 billion.

Equities Trading UP

Exela Technologies Inc (NASDAQ: XELA) shares shot up 24% to $1.36 after the company announced that the company along with General Dynamics was selected for a $2 billion program by the U.S. Department of Veterans Affairs.

Shares of RingCentral Inc (NYSE: RNG) surged 26% to $159.95 after the company would become an exclusive provider of UCaaS Solutions to Avaya in a strategic partnership.

Avaya Holdings Corp (NYSE: AVYA) was up, rising 25% to $12.69 after the company announced a partnership with RingCentral, an enterprise cloud communications contact center. The partnership will introduce "Avaya Cloud Office by RingCentral," which is a communications as a service (UCaaS) solution.

Equities Trading DOWN

Ovid Therapeutics Inc. (NASDAQ: OVID) shares tumbled 27% to $2.38 after the company announced a proposed concurrent public offering of common stock and preferred stock.

Shares of Arcimoto, Inc. (NASDAQ: FUV) were down 15% to $2.39. Arcimoto priced 1.04 million share common stock offering at $2.25 per share.

Avnet, Inc. (NASDAQ: AVT) was down, falling 11% to $39.17 after Texas Instruments ended its distribution relationship with the company. Texas Instruments products made up approximately 10% of the company's sales in FY19.

Commodities

In commodity news, oil traded up 0.7% to $52.79, while gold traded down 0.3% to $1,508.90.

Silver traded down 0.8% Friday to $17.54, while copper fell 0.1% to $2.551.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.73%, the Spanish Ibex Index rose 0.67%, while Italy’s FTSE MIB Index gained 0.75%. Meanwhile, the German DAX climbed 0.73%, and the French CAC 40 rose 0.91% while UK shares rose 1.1%.

Economics

The U.S. economy added 136,000 new jobs in September. However, economists were expecting a gain of 140,000 jobs. U.S. unemployment rate fell to 3.5% last month.

The U.S. trade deficit increased 1.6% to $54.9 billion in August, the Commerce Department reported. However, economists were expecting a deficit of 54.5 billion.

Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Minneapolis, Minnesota at 12:45 p.m. ET.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

Federal Reserve Chairman Jerome Powell is set to speak in Washington, D.C. at 2:00 p.m. ET.

Federal Reserve Member of the Board of Governors Lael Brainard will speak in Washington, D.C. at 2:10 p.m. ET.

Federal Reserve Board Vice-Chairman for Supervision Randal Quarles is set to speak in Washington, D.C. at 4:00 p.m. ET.

Posted-In: Mid-Day Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

 

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