Skip to main content

Market Overview

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

Share:

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.

Commodities

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.

Economics

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)

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