Market Overview

Mid-Morning Market Update: Markets Open Lower; Winnebago Industries Beats Q3 Views

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Following the market opening Wednesday, the Dow traded down 1.50% to 25764.57 while the NASDAQ fell 0.95% to 10035.41. The S&P also fell, dropping 1.31% to 3,090.42.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,347,100 cases with around 121,220 deaths. Brazil confirmed a total of over 1,145,900 COVID-19 cases with 52,640 deaths, while Russia reported a total of at least 606,040 confirmed cases and 8,500 deaths. In total, there were at least 9,273,770 cases of COVID-19 worldwide with over 477,800 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares fell by just 0.4% on Wednesday. Meanwhile, top gainers in the sector included Ellomay Capital Ltd. (NYSE: ELLO), up 5%, and Star Group, L.P. (NYSE: SGU), up 2%.

In trading on Wednesday, energy shares fell 2.3%.

Top Headline

Winnebago Industries, Inc. (NYSE: WGO) reported better-than-expected results for its third quarter.

Winnebago posted a Q3 loss of $0.26 per share, beating analysts’ estimates for a loss of $0.44 per share. The company reported quarterly sales of $402.50 million, surpassing expectations of $346.10 million.

Equities Trading UP

Wins Finance Holdings Inc. (NASDAQ: WINS) shares shot up 107% to $40.65.

Shares of Color Star Technology Co., Ltd. (NASDAQ: HHT) got a boost, shooting 36% to $0.9271 after the company announced a strategic deal with Mixx Lifestyle to set up its first offline site in New York City. The company also established its offline entertainment and education network.

Novavax, Inc. (NASDAQ: NVAX) shares were also up, gaining 13% to $78.48. the rise might be potentially related to investor speculation surrounding the company's coronavirus vaccine candidate amid an increase in cases in some US states.

Equities Trading DOWN

BioSig Technologies, Inc. (NASDAQ: BSGM) shares tumbled 26% to $7.21 after the company priced its 2.188 million share offering at $8 per share.

Shares of Renewable Energy Group, Inc. (NASDAQ: REGI) were down 14% to $24.47 after the company cut Q2 adjusted EBITDA guidance.

Castor Maritime Inc. (NASDAQ: CTRM) was down, falling 39% to $0.3850 after the company priced an upsized underwritten public offering of 51,400,000 units at $0.35 per unit.

Commodities

In commodity news, oil traded down 1.8% to $39.63, while gold traded up 0.7% to $1,795.00.

Silver traded down 0.1% Wednesday to $18.05, while copper fell 0.6% to $2.643.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.6%, the Spanish Ibex Index fell 1.4%, while Italy’s FTSE MIB Index declined 1.4%. Meanwhile, the German DAX 30 dropped 2.1%, French CAC 40 declined 1.6% and UK shares fell 2.3%.

Economics

The FHFA house price index rose 0.2% in April, after increasing 0.1% in March.

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 business uncertainty index and business expectations index for June will be released at 11:00 a.m. ET.

Chicago Federal Reserve chief Charles Evans is set to speak at 12:30 p.m. ET.

The Treasury is set to auction 5-year notes at 1:00 p.m. ET.

Federal Reserve Bank of St. Louis President James Bullard will speak at 2:00 p.m. ET.

 

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