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Mid-Morning Market Update: Markets Open Lower; JPMorgan Beats Q4 Estimates

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Following the market opening Friday, the Dow traded down 0.96% to 30,693.81 while the NASDAQ fell 0.72% to 13,018.85. The S&P also fell, dropping 0.86% to 3,762.80.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 23,314,230 cases with around 388,700 deaths. India confirmed a total of at least 10,527,680 confirmed cases and 151,910 deaths, while Brazil reported over 8,324,290 COVID-19 cases with 207,090 deaths. In total, there were at least 93,201,360 cases of COVID-19 worldwide with over 1,996,250 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares gained by 0.3% on Friday. Meanwhile, top gainers in the sector included Atlantic Power Corp (NYSE: AT), up 43%, and PG&E Corporation (NYSE: PCG), up 4%.

In trading on Friday, energy shares fell 4.1%.

Top Headline

JPMorgan Chase & Co. (NYSE: JPM) reported stronger-than-expected results for its fourth quarter.

JPMorgan reported quarterly earnings of $3.79 per share, versus analysts’ expectations of $2.62 per share. The company posted managed revenue of $30.20 billion, versus estimates of $28.70 billion.

 

Equities Trading UP

Charah Solutions, Inc. (NASDAQ: CHRA) shares shot up 51% to $4.09 after the company announced it has been awarded a 12-year ash marketing contract by Dominion Energy for beneficial use of 8.1 million tons of reclaimed ponded coal ash.

Shares of Polar Power, Inc. (NASDAQ: POLA) got a boost, shooting 52% to $13.37.

ObsEva SA (NASDAQ: OBSV) shares were also up, gaining 42% to $3.59 after jumping over 19% on Thursday. ObsEva recently provided updates on Yselty clinical development program.

Check out these big movers of the day

Equities Trading DOWN

Dogness (International) Corporation (NASDAQ: DOGZ) shares tumbled 20% to $2.15 after jumping 23% on Thursday. Dogness recently said it experienced strong holiday sales.

Shares of Cardiff Oncology, Inc. (NASDAQ: CRDF) were down 18% to $16.00. The company presented data that continues to demonstrate the clinical benefit of Onvansertib in KRAS-mutated mCRC and initial findings from expanded access program.

SOS Limited (NYSE: SOS) was down, falling 18% to $2.27 after the company reported exercise of warrants for $26.6 million gross proceeds.

Commodities

In commodity news, oil traded down 1.4% to $52.81, while gold traded down 0.1% to $1,850.80.

Silver traded down 1.5% Friday to $25.42 while copper fell 1% to $3.6280.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.7%, the Spanish Ibex Index fell 0.9% and the German DAX 30 dropped 0.7%. Meanwhile, the French CAC 40 fell 1%, London’s FTSE 100 dropped 0.9% and Italy’s FTSE MIB fell 0.1%.

Britain's economy contracted by 8.9% year-over-year in November, while trade deficit increased to GBP 5 billion in November. The country’s construction output fell 1.4% year-over-year, while manufacturing production dropped 3.8% year-on-year in November. Spain's consumer prices declined 0.5% year-over-year in December.

Economics

The Producer Price Index rose 0.3% in December.

US retail sales dropped 0.7% in December versus a revised 1.4% decline in November.

The New York Empire State Manufacturing Index declined to 3.5 in January of versus 4.9 in December.

US industrial production rose 1.6% in December.

US business inventories increased 0.5% in November.

The University of Michigan's consumer sentiment index declined to79.2 in January from the previous month's reading of 80.7.

Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 11:30 a.m. ET.

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

Check out the full economic calendar here

 

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