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Market Overview

Mid-Morning Market Update: Markets Open Lower; Walmart Beats Q3 Views

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Following the market opening Tuesday, the Dow traded down 1.04% to 29,638.70 while the NASDAQ fell 0.27% to 11,892.15. The S&P also fell, dropping 0.73% to 3,600.40.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 11,214,230 cases with around 247,350 deaths. India confirmed a total of at least 8,874,290 confirmed cases and 130,510 deaths, while Brazil reported over 5,876,460 COVID-19 cases with 166,010 deaths. In total, there were at least 55,192,400 cases of COVID-19 worldwide with over 1,330,200 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares slipped by just 4% on Tuesday. Meanwhile, top gainers in the sector included Kirkland's, Inc. (NASDAQ: KIRK), up 9%, and Tesla, Inc. (NASDAQ: TSLA), up 10%.

In trading on Monday, energy shares dipped 1.7%.

Top Headline

Walmart Inc. (NYSE: WMT) reported better-than-expected results for its third quarter.

Walmart posted quarterly earnings of $1.34 per share, beating analysts’ estimates of $1.18 per share. The company posted quarterly sales of $134.70 billion, surpassing expectations of $132.23 billion.

 

Equities Trading UP

Sequential Brands Group, Inc. (NASDAQ: SQBG) shares shot up 38% to $9.76 after the company swung to a profit in the third quarter.

Shares of Golden Bull Limited (NASDAQ: BTBT) got a boost, shooting 23% to $6.65.

Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) shares were also up, gaining 24% to $3.2527 after the company said it completed the closing of the subscription agreement with Hong Kong Duoku Limited, an affiliate of Baidu Yi Xin Network Technology (Beijing) Co., Ltd. at a purchase price of $10.31 per share.

 

Equities Trading DOWN

Brainstorm Cell Therapeutics Inc. (NASDAQ: BCLI) shares tumbled 66% to $4.00 after the company reported topline results from NurOwn Phase 3 amyotrophic lateral sclerosis study. The study did not meet statistical significance in primary endpoint.

Shares of CBAK Energy Technology, Inc. (NASDAQ: CBAT) were down 22% to $8.76 after climbing 84% on Monday.

Alterity Therapeutics Limited (NASDAQ: ATHE) was down, falling 20% to $2.2501. Alterity Therapeutics shares jumped 146% on Monday as the company announced approval of US Patent for next generation compounds to treat neurodegenerative diseases.

 

Commodities

In commodity news, oil traded down 0.5% to $41.12, while gold traded down 0.1% to $1,886.70.

Silver traded down 0.8% Tuesday to $24.605 while copper fell 0.8% to $3.1975.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.7%, the Spanish Ibex Index fell 1.5%, while Italy’s FTSE MIB Index gained 0.2%. Meanwhile, the German DAX 30 declined 0.6%, French CAC 40 fell 0.4% and London’s FTSE 100 fell 1.6%.

Economics

Retail sales rose 0.3% in October, versus a revised 1.6% increase in September.

Export prices rose 0.2% in October versus a 0.6% rise in September. Import prices declined 0.1% in October.

Industrial production increased 1.1% in October.

US business inventories increased 0.7% for September.

The NAHB housing market index rose to 90 in November versus 85 in the prior month.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 1:00 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 1:25 p.m. ET.

Federal Reserve Bank of New York John Williams is set to speak at 2:00 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 2:35 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 2:35 p.m. ET.

Federal Reserve Bank of Boston President Eric Rosengren will speak at 2:35 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly is set to speak at 2:50 p.m. ET.

Federal Reserve Bank of Boston President Eric Rosengren will speak at 2:50 p.m. ET.

Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 3:00 p.m. ET.

The Treasury International Capital for September is scheduled for release at 4:00 p.m. ET.

 

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