Market Overview

Mid-Afternoon Market Update: US Markets Down, Dow Loses More Than 200 Points

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Toward the end of trading Thursday, the Dow traded down 0.8% to 26,960.48, while the NASDAQ fell 0.4% to 8,268.50. The S&P also traded down, losing 0.6% to 3,029.24.

Leading and Lagging Sectors

Communication Services shares rose 0.1% on Thursday. Meanwhile, top gainers in the sector included Consolidated Communications Holdings Inc (NASDAQ: CNSL), up 13.3%, and Boston Omaha Corp (NASDAQ: BOMN), up 7.4%.

In trading on Thursday, Industrials shares fell 1.4%.

Top Headline

Bristol-Myers Squibb Co (NYSE: BMY) reported higher-than-expected revenue and earnings for its third quarter.

Bristol-Myers Squibb reported earnings of $1.17 per share, beating estimates of $1.07 per share. The company reported sales of $6.01 billion, versus expectations of $5.89 billion.

Equities Trading UP

  • Bonanza Creek Energy Inc (NYSE: BCEI) shares spiked 33.8% to $23.82, after KeyCorp analysts cut their Q3 earnings estimates for the company.
  • Shares of Can-Fite Biopharma (NYSE: CANF) jumped 31.5% to $2.84, after the company announced that the FDA had agreed with its proposed pivotal Phase III trial design to support NDA submission and approval of Namodenoson in the treatment of liver cancer.
  • Aldeyra Therapeutics Inc (NASDAQ: ALDX) rose 23.5% to $6.98, after the company shared expanded results from its allergen chamber trials, while announcing that it had reached an agreement with the FDA on the design of its Phase 3 INVIGORATE trial, expected to be initiated in the first half of 2020.

Equities Trading DOWN

  • Merit Medical Systems, Inc. (NASDAQ: MMSI) shares slid 32.0% to $19.79, after the company’s third-quarter earnings and revenue missed Street expectations.
  • Shares of Pretium Resources, Inc. (NYSE: PVG) declined 23.6% to $9.35, after the company reported earnings for its third quarter.
  • Shares of Newpark Resources Inc (NYSE: NR) plummeted 19.0% to $5.70, after the company missed revenue expectations and reported a loss for its third quarter.

Commodities

In commodity news, oil traded down 1.8% to $54.14, while gold traded up 1.3% to $1,515.30.

Silver traded up 1.3% Tuesday to $18.10, while copper fell 2.0% to $2.632.

Euro zone

European shares were mostly down today. The eurozone’s STOXX 600 fell 0.5%, the Spanish Ibex Index was down 0.3%, while Italy’s FTSE MIB Index rose 0.2%. Meanwhile, the German DAX was down 0.3%, and the French CAC 40 declined 0.6% while UK shares fell 1.1%.

Economics

The Energy Information Administration’s (EIA) Weekly Natural Gas Storage report showed a net increase in the week ending October 25 of 89 billion cubic feet, or 2.5% versus the previous week.

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

 

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