Market Overview

Mid-Afternoon Market Update: Crude Oil Rises 3%; Scholar Rock Shares Spike Higher

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Toward the end of trading Tuesday, the Dow traded down 0.24% to 27619.44 while the NASDAQ rose 0.74% to 11,443.67. The S&P also rose, gaining 0.12% to 3,405.03.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 8,705,120 cases with around 225,730 deaths. India confirmed a total of at least 7,946,420 confirmed cases and 119,500 deaths, while Brazil reported over 5,409,850 COVID-19 cases with 157,390 deaths. In total, there were at least 43,571,750 cases of COVID-19 worldwide with over 1,160,420 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares climbed 0.7% on Tuesday. Meanwhile, top gainers in the sector included Harley-Davidson, Inc. (NYSE: HOG), up 24%, and Unifi, Inc. (NYSE: UFI), up 20%.

In trading on Tuesday, financial shares fell 1.1%.

Top Headline

3M Co (NYSE: MMM) reported better-than-expected results for its third quarter.

3M reported quarterly earnings of $2.43 per share, beating analysts’ estimates of $2.26 per share. The company posted sales of $8.40 billion, missing expectations of $8.29 billion.

 

Equities Trading UP

1847 Goedeker Inc. (NASDAQ: GOED) shares shot up 37% to $9.49. 1847 Goedeker reported the purchase of Appliances Connection for $210 million.

Shares of Scholar Rock Holding Corporation (NASDAQ: SRRK) got a boost, shooting 123% to $30.65 after the company reported proof-of-concept data from TOPAZ Phase 2 trial interim analysis of SRK-015 in patients with Type 2 and Type 3 spinal muscular strophy.

Harley-Davidson, Inc. (NYSE: HOG) shares were also up, gaining 24% to $35.94 after the company reported strong Q3 results. Harley-Davidson and Hero Motocorp reported distribution agreements for India market.

 

 

 

Equities Trading DOWN

Catabasis Pharmaceuticals, Inc. (NASDAQ: CATB) shares tumbled 70% to $1.6150 as the company said the Phase 3 PolarisDMD trial of edasalonexent in Duchenne muscular dystrophy did not meet the primary endpoint, which was a change from baseline in the North Star Ambulatory Assessment over one year.

Shares of Amkor Technology, Inc. (NASDAQ: AMKR) were down 15% to $11.34 despite reporting upbeat quarterly results.

Comfort Systems USA, Inc. (NYSE: FIX) was down, falling 13% to $47.53 after reporting downbeat quarterly sales.

 

 

Commodities

In commodity news, oil traded up 3% to $39.73, while gold traded up 0.4% to $1,912.80.

Silver traded up 0.7% Tuesday to $24.58 while copper rose 0.1% to $3.0925.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.95%, the Spanish Ibex Index fell 2.14%, while Italy’s FTSE MIB Index declined 1.53%. Meanwhile, the German DAX 30 declined 0.93%, French CAC 40 fell 1.77% and London’s FTSE 100 fell 1.09%.

French producer prices rose 0.2% in September, while Spain's unemployment rate increased to 16.26% in the third quarter.

 

Economics

U.S. durable goods orders rose 1.9% for September.

The S&P CoreLogic Case-Shiller home price index increased 5.2% year-over-year in August.

The FHFA house price index rose 1.5% in August.

The Conference Board’s consumer confidence index fell to 100.900 in October from prior reading of 101.800.

The Richmond Fed's manufacturing index climbed to 29.000 for October from previous reading of 21.000.

 

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