Market Overview

Mid-Day Market Update: Crude Oil Jumps 32%; Fresh Del Monte Produce Shares Plummet After Q1 Results

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Midway through trading Wednesday, the Dow traded up 2.09% to 24604.69 while the NASDAQ rose 3.01% to 8866.78. The S&P also rose, gaining 2.36% to 2,930.95.

The U.S. is the new epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. U.S. reported a total of 1,012,580 coronavirus cases with around 58,350 deaths. Spain confirmed a total of over 232,120 coronavirus cases with 23,820 deaths, while Italy reported a total of at least 201,500 confirmed cases and 27,350 deaths. In total, there were at least 3,127,510 cases of COVID-19 worldwide with over 217,560 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Communication services shares climbed 4.7% on Wednesday. Meanwhile, top gainers in the sector included AMC Entertainment Holdings, Inc. (NYSE: AMC), up 25%, and Emerald Holding, Inc. (NYSE: EEX), up 24%.

In trading on Wednesday, consumer staples shares fell 0.5%.

Top Headline

General Electric Company (NYSE: GE) reported weaker-than-expected earnings for its first quarter, while sales exceeded views.

GE reported quarterly earnings of $0.05 per share, beating analysts’ estimates of $0.08 per share. The company’s sales came in at $20.524 billion, exceeding the consensus view of $20.21 billion.

GE continued to evaluate strategic options to accelerate further reduction in the size of GE Capital.

Equities Trading UP

Capricor Therapeutics, Inc. (NASDAQ: CAPR) shares shot up 173% to $6.59 after the company reported that its new data from study of 6 critically-ill coronavirus patients showed 100% survival following treatment with its CAP-1002.

Shares of R. R. Donnelley & Sons Company (NYSE: RRD) got a boost, shooting 47% to $1.8355 after the company reported upbeat results.

Chimerix, Inc. (NASDAQ: CMRX) shares were also up, gaining 48% to $2.2289 after the company announced it has initiated its Phase 2/3 study of DSTAT in acute lung injury for patients with severe coronavirus.

Equities Trading DOWN

Creative Realities, Inc. (NASDAQ: CREX) shares tumbled 24% to $3.10. Creative Realities unveiled non-contact and AI-enabled temperature detection solution to assist businesses in safely reopening.

Shares of Blue Apron Holdings, Inc. (NYSE: APRN) were down 20% to $10.06 after the company reported worse-than-expected Q1 results. Blue Apron also filed for $75 million mixed shelf offering.

Fresh Del Monte Produce Inc. (NYSE: FDP) was down, falling 16% to $29.59 after the company reported downbeat Q1 results.

Commodities

In commodity news, oil traded up 32.2% to $16.32, while gold traded down 0.5% to $1,713.50.

Silver traded up 0.7% Wednesday to $15.435, while copper rose 1.6% to $2.3825.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.58%, the Spanish Ibex Index rose 2.88%, while Italy’s FTSE MIB Index climbed 1.9%. Meanwhile, the German DAX gained 2.54%, and the French CAC 40 climbed 2.09% while UK shares rose 2.77%.

Economics

The US economy contracted by an annual pace of 4.8% in the first, versus economists’ estimates for a 4.0% decline.

The pending home sales index fell 16.3% year-over-year in March 2020, versus a revised 9.3% rise in the prior month.

U.S. crude inventories climbed 9 million barrels for the week ended April 24, the Energy Information Administration reported. However, analysts expected a gain of 9.8 million barrels. Gasoline supplies dropped 3.7 million barrels, while distillate stockpiles rose 5.1 million barrels last week.

The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET.

The Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.

 

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