Market Overview

Mid-Afternoon Market Update: Dow Rises 300 Points; Euroseas Shares Spike Higher

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Toward the end of trading Wednesday, the Dow traded up 1.21% to 25298.15 while the NASDAQ rose 0.04% to 9344.38. The S&P also rose, gaining 0.71% to 3012.91.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 1,681,410 cases with around 98,920 deaths. Brazil confirmed a total of over 391,220 COVID-19 cases with 24,510 deaths, while Russia reported a total of at least 370,680 confirmed cases and 3,960 deaths. In total, there were at least 5,609,070 cases of COVID-19 worldwide with over 350,870 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares climbed 3.1% on Wednesday. Meanwhile, top gainers in the sector included Greenhill & Co., Inc. (NYSE: GHL), up 14%, and Weidai Ltd. (NYSE: WEI), up 19%.

In trading on Wednesday, information technology shares fell 0.7%.

Top Headline

Ralph Lauren Corp (NYSE: RL) reported weaker-than-expected earnings for its fourth quarter.

Ralph Lauren reported adjusted loss of 68 cents per share on Wednesday, which missed the analyst consensus estimate for earnings of 1 cent per share. The company reported quarterly sales of $1.27 billion, versus the analyst consensus estimate of $1.29 billion.

Equities Trading UP

Euroseas Ltd. (NASDAQ: ESEA) shares shot up 31% to $3.1750 after the company reported better-than-expected Q1 sales.

Shares of Hertz Global Holdings, Inc. (NYSE: HTZ) got a boost, shooting 82% to $1.01. Hertz Global shares dipped over 80% on Tuesday after the company filed for Chapter 11 bankruptcy protection.

Mersana Therapeutics, Inc. (NASDAQ: MRSN) shares were also up, gaining 49% to $16.02 after the company reported interim safety, tolerability and efficacy data from the ongoing expansion portion of its Phase 1 study evaluating XMT-1536.

Equities Trading DOWN

TransMedics Group, Inc. (NASDAQ: TMDX) shares tumbled 13% to $13.82 after the company priced 5 million shares common stock offering at $14 per share.

Shares of Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS) were down 12% to $3.25 after reporting Q3 results.

Zomedica Pharmaceuticals Corp. (NYSE: ZOM) was down, falling 26% to $0.1551 after the company reported a $20 million public offering.

Commodities

In commodity news, oil traded down 3.9% to $33.02, while gold traded up 0.3% to $1,710.90.

Silver traded up 0.8% Wednesday to $17.735, while copper fell 1.4% to $2.384.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 surged 0.24%, the Spanish Ibex Index rose 2.44%, while Italy's FTSE MIB Index rose 0.28%. Meanwhile, the German DAX gained 1.33%, and the French CAC 40 climbed 1.79% while UK shares rose 1.26%.

Economics

The Johnson Redbook Retail Sales Index fell 1.5% during the first three weeks of May versus April.

The Richmond Fed's manufacturing index climbed to -27 in May, versus a reading of -53 in April.

The Federal Open Market Committee released its latest Beige Book report.

 

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Posted-In: Earnings News Penny Stocks Eurozone Commodities Global Intraday Update Markets