Market Overview

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. (NYSE: ELLO), up 2%, and Avista Corporation (NYSE: AVA), up 2%.

In trading on Wednesday, energy shares fell 4.8%.

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 126% to $44.40.

Shares of Translate Bio, Inc. (NASDAQ: 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. (NASDAQ: 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. (NASDAQ: 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. (NASDAQ: AVGR) were down 27% to $0.2847 as the company priced its $5.4 million underwritten public offering of common stock.

Castor Maritime Inc. (NASDAQ: 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.


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%.


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.


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