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. NUZE, up 5%, and Veru Inc. VERU, up 5%.

In trading on Wednesday, energy shares fell 4.7%.

Top Headline

Winnebago Industries, Inc. 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. WINS shares shot up 94% to $38.22.

Shares of Color Star Technology Co., Ltd. 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. 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. 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. AVGR were down 27% to $0.2849 as the company priced its $5.4 million underwritten public offering of common stock.

Castor Maritime Inc. 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.

Commodities


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%.


Economics

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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Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Day Market Update
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