Market Overview

Mid-Day Market Update: Gap Falls on Earnings Miss; AnPac Bio-Medical Science Shares Climb

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Midway through trading Wednesday, the Dow traded down 0.66% to 29,848.06 while the NASDAQ rose 0.26% to 12,068.05. The S&P also fell, dropping 0.28% to 3,625.38.

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 (NASDAQ: TOUR), up 33%, and Jumia Technologies AG - ADR (NYSE: JMIA), up 20%.

In trading on Wednesday, energy shares fell 2%.

Top Headline

Deere & Company (NYSE: 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. (NASDAQ: ANPC) shares shot up 102% to $7.06 after the company issued strong sales forecast for FY20.

Shares of Newborn Acquisition Corp. (NASDAQ: NBAC) got a boost, shooting 44% to $17.22 after gaining around 8%on Tuesday.

Tuniu Corporation (NASDAQ: TOUR) shares were also up, gaining 34% to $3.7989 after jumping 21% on Tuesday. The company is set to report Q3 earnings on December 1.

 

Equities Trading DOWN

The Gap, Inc. (NYSE: GPS) shares tumbled 19% to $21.80 after the comonay reported downbeat quarterly earnings.

Shares of Hepion Pharmaceuticals, Inc. (NASDAQ: HEPA) were down 27% to $1.59 after the company priced 20 million share public offering at $1.50 per share.

ECMOHO Limited (NASDAQ: MOHO) was down, falling 22% to $2.8023 after gaining around 151% on Tuesday.

 

Commodities

In commodity news, oil traded up 1.5% to $45.59, while gold traded up 0.3% to $1,809.20.

Silver traded up 0.5% Wednesday to $23.405 while copper rose 0.2% to $3.3070.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.08%, the Spanish Ibex Index rose 0.26%, while Italy’s FTSE MIB Index rose 0.72%. Meanwhile, the German DAX 30 declined 0.02%, French CAC 40 rose 0.23% and London’s FTSE 100 fell 0.64%.

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 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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