Mid-Afternoon Market Update: Dow Plunges 700 Points; BioSig Technologies Shares Drop

Toward the end of trading Wednesday, the Dow traded down 2.68% to 25454.59 while the NASDAQ fell 2.18% to 9910.47. The S&P also fell, dropping 2.55% to 3051.36.

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 1.1% on Wednesday. Meanwhile, top gainers in the sector included Ellomay Capital Ltd. ELLO, up 2%, and Avista Corporation AVA, up 2%.

In trading on Wednesday, energy shares fell 4.8%.

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 126% to $44.40.

Shares of Translate Bio, Inc. TBIO got a boost, shooting 13% to $27.02. Jefferies lifted Translate Bio price target from $17 to $29 to reflect Sanofi collaboration.

Plug Power Inc. PLUG shares were also up, gaining 18% to $7.61 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 21% to $7.66 after the company priced its 2.188 million share offering at $8 per share.

Shares of Avinger, Inc. AVGR were down 27% to $0.2847 as the company priced its $5.4 million underwritten public offering of common stock.

Castor Maritime Inc. CTRM was down, falling 32% to $0.4275 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 5.7% to $38.09, while gold traded down 0.3% to $1,777.30.

Silver traded down 2% Wednesday to $17.70, while copper fell 0.6% to $2.6435.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 2.78%, the Spanish Ibex Index fell 3.27%, while Italy’s FTSE MIB Index declined 3.42%. Meanwhile, the German DAX 30 dropped 3.43%, French CAC 40 declined 2.92% and UK shares fell 3.11%.

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.