Mid-Morning Market Update: Markets Open Higher; Procter & Gamble Beats Q1 Views

Following the market opening Tuesday, the Dow traded up 0.82% to 28425.94 while the NASDAQ rose 0.84% to 11575.60. The S&P also rose, gaining 0.90% to 3,457.87.


The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 8,215,570 cases with around 220,130 deaths. India confirmed a total of at least 7,597,060 confirmed cases and 115,190 deaths, while Brazil reported over 5,250,720 COVID-19 cases with 154,170 deaths. In total, there were at least 40,433,850 cases of COVID-19 worldwide with over 1,118,680 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors


Financial shares climbed 1.3% on Tuesday. Meanwhile, top gainers in the sector included X Financial XYF, up 13%, and Sierra Bancorp BSRR, up 8%.

In trading on Tuesday, energy shares rose by just 0.2%.


Top Headline


Procter & Gamble Co PG reported better-than-expected results for its first quarter and raised its FY21 guidance.

Procter & Gamble reported quarterly earnings of $1.63 per share, beating analysts’ estimates of $1.41 per share. The company posted sales of $19.32 billion, surpassing expectations of $18.35 billion.


Equities Trading UP


Cleveland BioLabs, Inc. CBLI shares shot up 140% to $5.22 after the company announced a definitive merger agreement to combine its business with Cytocom in an all-stock transaction.

Shares of Aptinyx Inc. APTX got a boost, shooting 56% to $5.72 after the company announced positive results from the first Phase 2 study of its novel NMDA receptor modulator, NYX-783, in 153 patients with post-traumatic stress disorder.

Aurora Mobile Limited JG shares were also up, gaining 32% to $2.88. Aurora Mobile last week said it will receive RMB17.24 million in special support funding from Shenzhen Municipality DRC as a part of strategic emerging industries development program.

 


Equities Trading DOWN

Baudax Bio, Inc. BXRX shares tumbled 34% to $1.74 after the company issued commercial and corporate update.

Shares of Code Chain New Continent Limited CCNC were down 29% to $1.62 after surging over 108% on Monday.

Greenland Technologies Holding Corporation GTEC was down, falling 20% to $2.8350 after surging 42% on Monday.


Commodities


In commodity news, oil traded up 0.3% to $40.96, while gold traded down 0.2% to $1,908.70.


Silver traded up 0.1% Tuesday to $24.730 while copper rose 1% to $3.1175.


Euro zone


European shares were mostly higher today. The eurozone’s STOXX 600 slipped 0.1%, the Spanish Ibex Index rose 1%, while Italy’s FTSE MIB Index gained 0.5%. Meanwhile, the German DAX 30 slipped 0.3%, French CAC 40 rose 0.2% and London’s FTSE 100 rose 0.3%.

Eurozone current Account data for August showed a surplus of €19.9 billion. German Producer Price Index rose 0.4% month-over-month in September.


Economics

US Housing starts increased 1.9% to an annual rate of 1.415 million units in September, while building permits increased 5.2% to an annual rate of 1.553 million.

The Johnson Redbook Retail Sales Index rose 1% during the first two weeks of October versus September.

Federal Reserve Vice Chairman for Supervision Randal Quarles is set to speak at 10:50 a.m. ET.

Federal Reserve Bank of Chicago President Charles Evans will speak at 1:00 p.m. ET.

Federal Reserve Governor Lael Brainard is set to speak at 3:00 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 5:00 p.m. ET.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Morning Market Update
Benzinga simplifies 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!