Market Overview

Mid-Afternoon Market Update: Dow Turns Higher; Fed Keeps Rates Unchanged


Toward the end of trading Wednesday, the Dow traded up 0.24% to 27338.53 while the NASDAQ rose 1.28% to 10081.60. The S&P also rose, gaining 0.47% to 3222.16.

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 2.2% on Wednesday. Meanwhile, top gainers in the sector included Ideanomics, Inc. (NASDAQ: IDEX), up 16%, and Sequans Communications S.A. (NYSE: SQNS), up 16%.

In trading on Wednesday, energy shares tumbled 2.1%.

Top Headline

US Federal Reserve left interest rates unchanged and announced plans to maintain the current pace of bond buying at $80 billion per month.

Fed also projects no rate increases through 2022.

Equities Trading UP

Jiayin Group Inc. (NASDAQ: JFIN) shares shot up 647% to $22.04 after gaining 21% on Tuesday. Jiayin Group is expected to release quarterly earnings on June 11.

Shares of Lakeland Industries, Inc. (NASDAQ: LAKE) got a boost, shooting 21% to $19.31 after the company reported better-than-expected Q1 results.

Curis, Inc. (NASDAQ: CRIS) shares were also up, gaining 100% to $2.44 after the company announced that the FDA gave clearance for its IND application for CI-8993 monoclonal anti-VISTA antibody.

Equities Trading DOWN

Electrameccanica Vehicles Corp. (NASDAQ: SOLO) shares tumbled 27% to $1.8501. ElectraMeccanica priced its 10 million share offering at $2 per share.

Shares of Immuron Limited (NASDAQ: IMRN) were down 41% to $11.80 as the stock continues to experience volatility. The company said it is not aware of any information that could explain recent trading activity.

Fangdd Network Group Ltd. (NASDAQ: DUO) was down, falling 63% to $17.53 after the company reported Q1 earnings results and issued Q2 sales guidance..


In commodity news, oil traded up 1% to $39.32, while gold traded down 0.2% to $1,718.30.

Silver traded down 0.2% Wednesday to $17.765, while copper rose 2.4% to $2.6615.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.38%, the Spanish Ibex Index fell 1.14%, while Italy’s FTSE MIB Index dropped 0.86%. Meanwhile, the German DAX 30 slipped 0.7%, French CAC 40 fell 0.82% and UK shares fell 0.1%.


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

U.S. crude inventories gained 5.7 million barrels for the week ended June 5, the Energy Information Administration reported. However, analysts expected a drop of 3.2 million barrels. Gasoline supply increased 900,000 barrels last week, while distillate stockpiles rose 1.6 million barrels.

The U.S. government’s budget deficit increased 92% year-over-year to $399 billion in May.


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