Market Overview

Mid-Morning Market Update: Markets Mostly Lower; United Natural Foods Earnings Beat Views

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Following the market opening Wednesday, the Dow traded down 1.09% to 26976.32 while the NASDAQ rose 0.35% to 9988.45. The S&P also fell, dropping 0.52% to 3,190.37.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 1,979,890 cases with around 112,000 deaths. Brazil confirmed a total of over 739,500 COVID-19 cases with 38,400 deaths, while Russia reported a total of at least 493,020 confirmed cases and 6,350 deaths. In total, there were at least 7,257,510 cases of COVID-19 worldwide with over 411,680 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares rose by 1% on Wednesday. Meanwhile, top gainers in the sector included Ideanomics, Inc. (NASDAQ: IDEX), up 11%, and Priority Technology Holdings, Inc. (NASDAQ: PRTH), up 11%.

In trading on Wednesday, energy shares tumbled 4.5%.

Top Headline

United Natural Foods Inc (NYSE: UNFI) reported better-than-expected earnings for its third quarter.

United Natural Foods posted Q3 earnings of $1.40 per share, beating analysts’ estimates of $1.14 per share. The company posted sales of $6.67 billion, in-line with analysts’ expectations.

United Natural Foods said it expects FY20 adjusted earnings of $2.60 to $2.80 per share, versus expectations of $2.16 per share. The company projects sales of $25.2 billion to $25.4 billion, versus analysts’ estimates of $25.16 billion.

Equities Trading UP

Jiayin Group Inc. (NASDAQ: JFIN) shares shot up 346% to $13.16 after gaining 21% on Tuesday. Jiayin Group is expected to release quarterly earnings on June 11.

Shares of American Virtual Cloud Technologies, Inc. (NASDAQ: AVCT) got a boost, shooting 122% to $4.8337.

Curis, Inc. (NASDAQ: CRIS) shares were also up, gaining 119% to $2.6723 after the company announced that the FDA gave clearance for its IND application for CI-8993 monoclonal anti-VISTA antibody.

Equities Trading DOWN

RigNet, Inc. (NASDAQ: RNET) shares tumbled 38% to $2.1646 after rising 22% on Tuesday.

Shares of Immuron Limited (NASDAQ: IMRN) were down 37% to $12.65 as the stock continues to experience volatility. The company said it is not aware of any information that could explain recent trading activity.

Hertz Global Holdings, Inc. (NYSE: HTZ) was down, falling 35% to $2.72 after declining over 24% on Thursday.

Commodities

In commodity news, oil traded down 2.5% to $37.96, while gold traded up 0.2% to $1,725.80.

Silver traded up 0.2% Wednesday to $17.83, while copper rose 1% to $2.624.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.2%, the Spanish Ibex Index fell 0.4%, while Italy’s FTSE MIB Index dropped 0.7%. Meanwhile, the German DAX 30 slipped 0.5%, French CAC 40 fell 0.3% and UK shares fell 0.2%.

Economics

The Consumer Price Index fell 0.1% for May, versus economists’ expectations for a 0.1% decline.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

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

The U.S. Treasury budget report for May will be released 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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