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Market Overview

Mid-Morning Market Update: Markets Open Lower; Caterpillar Earnings Top Expectations


Following the market opening Friday, the Dow traded down 0.71% to 30,385.40 while the NASDAQ fell 0.49% to 13,271.22. The S&P also fell, dropping 0.58% to 3,765.55.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 25,767,160 cases with around 433,200 deaths. India confirmed a total of at least 10,720,040 confirmed cases and 154,010 deaths, while Brazil reported over 9,058,680 COVID-19 cases with 221,540 deaths. In total, there were at least 101,536,120 cases of COVID-19 worldwide with over 2,192,910 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health care shares climbed 0.2% on Friday. Meanwhile, top gainers in the sector included Novavax, Inc. (NASDAQ: NVAX), up 56%, and Curis, Inc. (NASDAQ: CRIS), up 20%.

In trading on Friday, communication services shares fell 1.2%.

Top Headline

Caterpillar Inc. (NYSE: CAT) reported better-than-expected earnings for its fourth quarter.

Caterpillar reported quarterly earnings of $2.12 per share, missing analysts’ expectations of $1.49 per share. The company posted revenue of $11.20 billion, versus estimates of $11.25 billion.


Equities Trading UP

Siebert Financial Corp. (NASDAQ: SIEB) shares shot up 318% to $15.50 on heavy volume.

Shares of Catabasis Pharmaceuticals, Inc. (NASDAQ: CATB) got a boost, shooting 111% to $5.13 after the company announced the acquisition of Quellis Biosciences.

Universal Security Instruments, Inc (NYSE: UUU) shares were also up, gaining 88% to $14.30. Ault Global Holdings reported it has sold 229,000 shares of common stock of Universal Security Instruments at $10 per share in open market.

Check out these big movers of the day

Equities Trading DOWN

New Concept Energy, Inc. (NYSE: GBR) shares tumbled 52% to $11.99 after jumping 959% on Thursday.

Shares of Barnwell Industries, Inc. (NYSE: BRN) were down 41% to $3.3846 after climbing 206% on Thursday. The company reached an agreement with MRMP Stockholders to end potential proxy contest.

Tengasco, Inc. (NYSE: TGC) was down, falling 40% to $2.4599 after jumping around 166% on Thursday.


In commodity news, oil traded up 0.2% to $52.45, while gold traded up 1% to $1,856.10.

Silver traded up 4.8% Friday to $27.175 while copper fell 0.5% to $3.5610.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 1%, the Spanish Ibex Index fell 1.3% and the German DAX 30 dipped 1%. Meanwhile, the French CAC 40 fell 1%, London’s FTSE 100 fell 1% and Italy’s FTSE MIB dropped 1.1%.

The German economy increased 0.1% on quarter during the final three months of 2020, while unemployment rate rose to 4.6% in December. Spain's GDP expanded by 0.4% on quarter. French industrial producer prices rose 0.8% in December, while GDP contracted 1.3% quarter-on-quarter.


The employment cost index rose 0.7% on quarter in the three months to December.

Personal spending declined 0.2% in December.

The Chicago PMI climbed to 63.8 in January from 58.7 in December.

The University of Michigan's consumer sentiment index was revised lower to 79 in January versus a preliminary reading of 79.2.

The pending home sales index surged 21.4% year-over-year in December.

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

Federal Reserve Bank of Dallas President Robert Kaplan is set to speak at 1:00 p.m. ET.

Data on farm prices for December will be released at 3:00 p.m. ET.

Federal Reserve Bank of Dallas President Robert Kaplan will speak again at 4:00 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly is set to speak at 4:25 p.m. ET.

Check out the full economic calendar here


Related Articles (BRN + CAT)

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