Mid-Afternoon Market Update: Dow Jumps Over 300 Points; Standard AVB Financial Shares Climb

Toward the end of trading Friday, the Dow traded up 1.25% to 27149.76 while the NASDAQ rose 2.16% to 10,902.51. The S&P also rose, gaining 1.53% to 3,296.22.


The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 6,979,930 cases with around 202,820 deaths. India confirmed a total of at least 5,818,570 confirmed cases and 92,290 deaths, while Brazil reported over 4,657,700 COVID-19 cases with 139,800 deaths. In total, there were at least 32,261,670 cases of COVID-19 worldwide with over 983,490 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Information technology shares rose 2.3% on Friday. Meanwhile, top gainers in the sector included MobileIron, Inc. MOBL, up 17%, and Ideanomics, Inc. IDEX, up 16%.

In trading on Friday, energy shares rose by just 0.1%.


Top Headline


Costco Wholesale Corporation COST reported weaker-than-expected results for its fourth quarter.

Costco reported quarterly earnings of $3.13 per share, exceeding analysts’ estimates of $2.83 per share. The company reported sales of $52.28 billion, surpassing expectations of $52.08 billion.

Costco’s quarterly comparable sales surged 11.4% year over year, while e-commerce sales jumped 90.6%.


Equities Trading UP


Standard AVB Financial Corp. STND shares shot up 72% to $32.30 after the company announced it would get acquired by Dollar Mutual for $158 million in cash.

Shares of Prelude Therapeutics Incorporated PRLD got a boost, shooting 45% to $27.48 after pricing its IPO at $19 per share.


SG Blocks, Inc. SGBX shares were also up, gaining 38% to $2.10 after the company and Grimshaw announced plans to build modular coronavirus testing centers for Los Angeles International Airport.

 

Equities Trading DOWN

Sunworks, Inc. SUNW shares tumbled 47% to $2.0748 after jumping 239% on Thursday.

Shares of Siyata Mobile Inc. SYTA were down 27% to $4.36 after the company priced its IPO at $6 per share.

SPI Energy Co., Ltd. SPI was down, falling 26% to $9.68, selling off from heavy momentum in recent days after the company announced a new electric vehicle subsidiary.

Commodities


In commodity news, oil traded down 0.3% to $40.18, while gold traded down 0.5% to $1,867.90.

Silver traded down 0.2% Friday to $23.145 while copper rose 0.2% to $2.9740.


Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 declined 0.10%, the Spanish Ibex Index fell 0.23%, while Italy’s FTSE MIB Index dropped 1.1%. Meanwhile, the German DAX 30 declined 1.09%, French CAC 40 fell 0.69% and London’s FTSE 100 gained 0.34%.

Consumer sentiment in the U.K. rose slightly to minus 25 in September, versus minus 27 in August.


Economics

U.S. durable goods orders increased 0.4% in August, versus a revised 11.7% surge in July.

The total number of active U.S. oil rigs rose by 4 to 183 rigs this week, Baker Hughes Inc reported.

Federal Reserve Bank of New York President John Williams will speak at 3:10 p.m. ET.

Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Afternoon Market Update
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...