Mid-Morning Market Update: Markets Open Lower; Deere Beats Q4 Views

Following the market opening Wednesday, the Dow traded down 0.57% to 29,874.99 while the NASDAQ fell 0.06% to 12,029.95. The S&P also fell, dropping 0.39% to 3,621.15.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 12,597,500 cases with around 259,970 deaths. India confirmed a total of at least 9,222,210 confirmed cases and 134,690 deaths, while Brazil reported over 6,118,700 COVID-19 cases with 170,110 deaths. In total, there were at least 59,850,910 cases of COVID-19 worldwide with over 1,411,210 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors


Consumer discretionary shares rose 0.3% on Wednesday. Meanwhile, top gainers in the sector included Tuniu Corporation TOUR, up 51%, and Nordstrom, Inc. JWN, up 14%.


In trading on Wednesday, energy shares fell 2.3%.


Top Headline

Deere & Company DE reported stronger-than-expected results for its fourth quarter.

Deere posted quarterly earnings of $2.39 per share, surpassing analysts’ estimates of $1.49 per share. The company reported sales of $9.73 billion, exceeding expectations of $8.6
billion.

Deere said it sees FY21 net income of $3.6 billion to $4.0 billion.

 

 

Equities Trading UP


AnPac Bio-Medical Science Co., Ltd. ANPC shares shot up 86% to $6.50 after the company issued strong sales forecast for FY20.


Shares of Newborn Acquisition Corp. NBAC got a boost, shooting 47% to $17.57 after gaining around 8%on Tuesday.


Tuniu Corporation TOUR shares were also up, gaining 34% to $3.81 after jumping 21% on Tuesday. The company is set to report Q3 earnings on December 1.

 


Equities Trading DOWN

ENGlobal Corporation ENG shares tumbled 30% to $1.99 after jumping 38% on Tuesday.

Shares of Hepion Pharmaceuticals, Inc. HEPA were down 29% to $1.54 after the company priced 20 million share public offering at $1.50 per share.


ECMOHO Limited MOHO was down, falling 28% to $2.6050 after gaining around 151% on Tuesday.

 

Commodities


In commodity news, oil traded up 1% to $45.37, while gold traded up 0.1% to $1,805.10.


Silver traded up 0.3% Wednesday to $23.38 while copper fell 0.5% to $3.2820.


Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.4%, the Spanish Ibex Index fell 0.6%, while Italy’s FTSE MIB Index rose 0.1%. Meanwhile, the German DAX 30 declined 0.4%, French CAC 40 fell 0.1% and London’s FTSE 100 fell 0.5%.

Producer prices in Spain fell 4.1% year-over-year in October versus a 3.3% decline in the prior month.


Economics


US durable goods orders rose 1.3% month-over-month in October.


The US economy expanded by an annualized rate of 33.1% in the third quarter.


The US goods trade deficit increased to $80.29 billion in October from $79.36 billion in the earlier month.


US initial jobless claims rose 778,000 in the week ended November 21, versus a revised level of 748,000 in the previous week.


Wholesale inventories rose 0.9% in October.


The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.


The EIA’s weekly data on natural gas stocks in underground storage is scheduled for release at 12:00 p.m. ET.


The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.


The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

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