Skip to main content

Market Overview

Mid-Morning Market Update: Markets Open Lower; Schlumberger Tops Q4 Estimates

Share:

Following the market opening Friday, the Dow traded down 0.55% to 31,004.75 while the NASDAQ fell 0.08% to 13,519.54. The S&P also fell, dropping 0.32% to 3,840.55.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 24,632,460 cases with around 410,370 deaths. India confirmed a total of at least 10,625,420 confirmed cases and 153,030 deaths, while Brazil reported over 8,697,360 COVID-19 cases with 214,140 deaths. In total, there were at least 97,607,100 cases of COVID-19 worldwide with over 2,093,600 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Communication services shares gained by 0.4% on Friday. Meanwhile, top gainers in the sector included So-Young International Inc. (NASDAQ: SY), up 13%, and IZEA Worldwide, Inc. (NASDAQ: IZEA), up 11%.

In trading on Friday, energy shares fell 1.8%.

Top Headline

Schlumberger NV (NYSE: SLB) reported stronger-than-expected results for its fourth quarter.

Schlumberger reported quarterly earnings of $0.22 per share, beating analysts’ expectations of $0.17 per share. The company posted revenue of $5.50 billion, versus estimates of $5.25 billion.

 

Equities Trading UP

Climate Change Crisis Real Impact I Acquisition Corporation (NYSE: CLII) shares shot up 60% to $21.38 after the company, and EVgo Services, announced a definitive agreement for a business combination that would result in EVgo becoming a publicly listed company.

Shares of Montauk Renewables, Inc. (NASDAQ: MNTK) got a boost, shooting 52% to $12.89 after the company prices its IPO at $8.50 per share.

Obalon Therapeutics, Inc. (NASDAQ: OBLN) shares were also up, gaining 33% to $6.90 after declining around 37%on Thursday. Obalon Therapeutics, on Wednesday, announced a merger agreement with ReShape Lifesciences.

Check out these big movers of the day

Equities Trading DOWN

Qutoutiao Inc. (NASDAQ: QTT) shares tumbled 19% to $3.5289 after climbing 61% on Thursday.

Shares of Broadwind, Inc. (NASDAQ: BWEN) were down 16% to $8.84 as the company issued weak Q4 sales forecast.

ViewRay, Inc. (NASDAQ: VRAY) was down, falling 14% to $4.5494.

Commodities

In commodity news, oil traded down 2.3% to $51.91, while gold traded down 0.9% to $1,848.50.

Silver traded down 1.9% Friday to $25.355 while copper fell 2% to $3.5745.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.1%, the Spanish Ibex Index fell 1.6% and the German DAX 30 dropped 0.9%. Meanwhile, the French CAC 40 fell 1.3%, London’s FTSE 100 fell 0.8% and Italy’s FTSE MIB dipped 1.9%.

The Eurozone services PMI declined to 45 in January versus 46.4 in the earlier month, while manufacturing activity contracted to 54.7. French services PMI dropped to 46.5 in January from 49.1 in the prior month, while manufacturing PMI increased to 51.5 in from 51.1. Germany’s manufacturing PMI fell to 57 in January, while services PMI slipped to 46.8. Retail sales in the UK rose 0.3% in December, versus a revised 4.1% decline in November. UK services PMI dipped to 38.8 in January from 49.4 in the prior month.

Economics

The IHS Markit services PMI climbed to 57.5 in January from 54.8 in the previous month, while manufacturing PMI surged to 59.1 from 58.3.

Sales of previously owned houses in the US rose 0.7% to 6.76 million units in December o.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

The Energy Information Administration’s weekly report on petroleum inventories will be released at 11:00 a.m. ET.

The Baker Hughes North American rig count report for the recent week is scheduled for release at 1:00 p.m. ET.

Check out the full economic calendar here

 

Related Articles (BWEN + CLII)

View Comments and Join the Discussion!

Posted-In: Earnings News Penny Stocks Eurozone Commodities Small Cap Global Intraday Update

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com