Mid-Afternoon Market Update: Dow Tumbles Over 800 Points; Community Health Systems Shares Gain

Toward the end of trading Wednesday, the Dow traded down 3.02% to 26,632.47 while the NASDAQ fell 3.08% to 11,078.05. The S&P also fell, dropping 2.99% to 3,289.29.


The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 8,779,990 cases with around 226,730 deaths. India confirmed a total of at least 7,990,320 confirmed cases and 120,010 deaths, while Brazil reported over 5,439,640 COVID-19 cases with 157,940 deaths. In total, there were at least 44,067,580 cases of COVID-19 worldwide with over 1,168,690 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors


Financial shares slipped by just 2.3% on Wednesday. Meanwhile, top gainers in the sector included Equitable Holdings, Inc. EQH, up 7%, and BGC Partners, Inc. BGCP, up 6%.


In trading on Wednesday, communication services shares tumbled 3.5%.


Top Headline


General Electric Company GE reported better-than-expected results for its third quarter.


General Electric reported quarterly earnings of $0.06 per share, beating analysts’ estimates for a loss of $0.04 per share. The company posted sales of $19.40 billion, surpassing expectations of $18.72 billion.

 

Equities Trading UP


Applied UV, Inc. AUVI shares shot up 21% to $7.70 as the company reported an exclusive license and joint development agreement with Axis Lighting, Inc to commercialize LED-based technologies in UV-C devices to inactivate pathogens on surfaces in hospital market.


Shares of Community Health Systems, Inc. CYH got a boost, shooting 30% to $5.70 after the company reported strong Q3 results.


Tupperware Brands Corporation TUP shares were also up, gaining 33% to $28.44 after the company reported upbeat Q3 results.

 

 


Equities Trading DOWN

Akerna Corp. KERN shares tumbled 20% to $2.3550 as the company priced its 5 million share common stock offering at $2.40 per share.


Shares of Callaway Golf Company ELY were down 21% to $15.31 after the company reported a deal to buy Topgolf in an all-stock deal, valued at $2 billion.


Neovasc Inc. NVCN was down, falling 43% to $1.04 after the company said FDA's Circulatory System Devices Advisory Panel voted 14 to 4 in favor that the Neovasc Reducer is safe when used as intended, and voted 1 to 17 against on the issue of a reasonable assurance of effectiveness. The third vote was 13 to 3 against on whether the relative benefits outweighed the relative risks.

 

 


Commodities


In commodity news, oil traded down 5.6% to $37.34, while gold traded down 1.7% to $1,878.80.


Silver traded down 4.8% Wednesday to $23.40 while copper fell 0.9% to $3.0655.


Euro zone


European shares closed lower today. The eurozone’s STOXX 600 fell 2.95%, the Spanish Ibex Index fell 2.66%, while Italy’s FTSE MIB Index declined 4.06%. Meanwhile, the German DAX 30 declined 4.17%, French CAC 40 fell 3.37% and London’s FTSE 100 fell 2.55%.

Spain's retail sales dropped 3.3% year-over-year in September, while French consumer confidence declined to 94 in October from 95 in September.

 

Economics

The goods gap in the US shrank to $79.37 billion in September versus $83.1 billion in August.

Wholesale inventories dropped 0.1% in September.

U.S. crude inventories increased 4.3 million barrels for the week ended October 23, the EIA reported. However, analysts expected a gain of 200,000 barrels.

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Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Afternoon Market Update
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