Market Overview

Mid-Day Market Update: Crude Oil Down Over 5%; Color Star Technology Shares Surge


Midway through trading Wednesday, the Dow traded down 2.39% to 25,531.81 while the NASDAQ fell 2.02% to 9,926.52. The S&P also fell, dropping 2.32% to 3,058.77.

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

Consumer staples shares fell by just 1.4% on Wednesday. Meanwhile, top gainers in the sector included NuZee, Inc. (NASDAQ: NUZE), up 5%, and Veru Inc. (NASDAQ: VERU), up 5%.

In trading on Wednesday, energy shares fell 4.7%.

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 94% to $38.22.

Shares of Color Star Technology Co., Ltd. (NASDAQ: HHT) got a boost, shooting 16% to $0.7931 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.

Plug Power Inc. (NASDAQ: PLUG) shares were also up, gaining 17% to $7.54 after HC Wainwright & Co. maintained a Buy rating on the company's stock and raised its price target from $6 to $14. Canaccord Genuity also raised the price target from $7 to $8.5. Plug Power shares climbed 15% on Tuesday after the company completed the acquisitions of United Hydrogen Group Inc and Giner ELX, and updated its 2024 financial targets.

Equities Trading DOWN

BioSig Technologies, Inc. (NASDAQ: BSGM) shares tumbled 20% to $7.74 after the company priced its 2.188 million share offering at $8 per share.

Shares of Avinger, Inc. (NASDAQ: AVGR) were down 27% to $0.2849 as the company priced its $5.4 million underwritten public offering of common stock.

Castor Maritime Inc. (NASDAQ: CTRM) was down, falling 38% to $0.3928 after the company priced an upsized underwritten public offering of 51,400,000 units at $0.35 per unit.


In commodity news, oil traded down 5.4% to $38.21, while gold traded up 0.4% to $1,789.10.

Silver traded down 0.9% Wednesday to $17.895, while copper fell 0.2% to $2.6535.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 2.19%, the Spanish Ibex Index fell 2.56%, while Italy’s FTSE MIB Index declined 2.73%. Meanwhile, the German DAX 30 dropped 2.7%, French CAC 40 declined 2.28% and UK shares fell 2.44%.


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

U.S. crude inventories climbed 1.4 million barrels for the week ended June 19, the Energy Information Administration reported. However, analysts projected a drop of 100,000 barrels. Crude stocks at the Cushing, Oklahoma, hub declined around 1 million barrels. Gasoline supply fell 1.7 million barrels last week, while distillate stockpiles gained 249,000 barrels.

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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