Market Overview

Mid-Day Market Update: Dow Falls Over 100 Points; Energous Shares Spike Higher

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Midway through trading Wednesday, the Dow traded down 0.41% to 26182.96 while the NASDAQ rose 0.28% to 9,923.93. The S&P also fell, dropping 0.21% to 3,118.22.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,137,730 cases with around 116,960 deaths. Brazil confirmed a total of over 923,180 COVID-19 cases with 45,240 deaths, while Russia reported a total of at least 552,540 confirmed cases and 7,460 deaths. In total, there were at least 8,199,830 cases of COVID-19 worldwide with over 444,360 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares climbed 0.6% on Wednesday. Meanwhile, top gainers in the sector included Molecular Data Inc. (NASDAQ: MKD), up 26%, and Nautilus, Inc. (NYSE: NLS), up 13%.

In trading on Wednesday, energy shares fell 2.2%.

Top Headline

Oracle Corporation (NYSE: ORCL) reported weaker-than-expected sales for its fourth quarter, while profit surpassed estimates.

Oracle reported quarterly earnings of $1.20 per share on Tuesday, which beat the analyst consensus estimate of $1.16. The company reported quarterly sales of $10.40 billion, which missed the analyst consensus estimate of $10.67 billion.

Equities Trading UP

Energous Corporation (NASDAQ: WATT) shares shot up 35% to $2.9862 after the company announced a partnership with Grepow Battery.

Shares of The Alkaline Water Company Inc. (NASDAQ: WTER) got a boost, shooting 17% to $1.5690 after the company reported a 51% year-over-year rise Q4 sales.

InnerWorkings, Inc. (NASDAQ: INWK) shares were also up, gaining 21% to $1.9450 after the company reported better-than-expected Q1 earnings.

Equities Trading DOWN

Chembio Diagnostics, Inc. (NASDAQ: CEMI) shares tumbled 61% to $3.8950 after the company announced the FDA has revoked the emergency use authorization for its antibody test.

Shares of BioCardia, Inc. (NASDAQ: BCDA) were down 25% to $2.17. BioCardia priced its 4.762 million share common stock offering at $2.10 per share.

InflaRx N.V. (NASDAQ: IFRX) was down, falling 23% to $5.57 after the company reported topline results from exploratory Phase II part of adaptive randomized phase II/III trial of IFX-1 in COVID-19.

Commodities

In commodity news, oil traded down 0.2% to $38.30, while gold traded down 0.2% to $1,733.00.

Silver traded up 0.4% Wednesday to $17.715, while copper rose 0.8% to $2.5845.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.94%, the Spanish Ibex Index rose 0.05%, while Italy’s FTSE MIB Index rose 0.04%. Meanwhile, the German DAX 30 climbed 0.77%, French CAC 40 rose 1.16% and UK shares rose 0.37%.

Economics

U.S. housing starts rose 4.3% to an annualized rate of 974,000 in May, while building permits climbed 14.4% to an annual rate of 1.220 million.

U.S. crude inventories climbed 1.2 million barrels for the week ended June 12, the Energy Information Administration reported. However, analysts expected a drop of 3.5 million barrels. Crude stocks at the Cushing, Oklahoma, hub declined around 2.6 million barrels for the week. Gasoline supply dropped 1.7 million barrels, with distillate stockpiles falling 1.4 million barrels last week.

The Treasury will auction 20-year bonds at 1:00 p.m. ET.

Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 4:00 p.m. ET.

 

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