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Market Overview

Mid-Morning Market Update: Markets Open Higher; Deere Beats Q4 Expectations

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Following the market opening Friday, the Dow traded up 0.29% to 31,584.36 while the NASDAQ rose 0.43% to 13,925.13. The S&P also rose, gaining 0.24% to 3,923.44.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 27,896,700 cases with around 493,110 deaths. India confirmed a total of at least 10,963,390 confirmed cases and 156,110 deaths, while Brazil reported over 10,030,620 COVID-19 cases with 243,450 deaths. In total, there were at least 110,394,360 cases of COVID-19 worldwide with over 2,443,540 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Industrials shares rose 1.7% on Friday. Meanwhile, top gainers in the sector included Energous Corporation (NASDAQ: WATT), up 46%, and AgEagle Aerial Systems, Inc. (NYSE: UAVS), up 24%.

In trading on Friday, health care shares fell by 0.7%.

Top Headline

Deere & Company (NYSE: DE) reported better-than-expected earnings for its fourth quarter.

Deere reported quarterly earnings of $3.87 per share, beating analysts’ estimates of $2.16 per share. The company’s quarterly sales came in at $9.11 billion, versus expectations of $7.21 billion.

 

Equities Trading UP

Vaccinex, Inc. (NASDAQ: VCNX) shares shot up 183% to $8.12 in reaction to multi-project deals signed with two undisclosed prominent pharmaceutical companies, utilizing Vaccinex's ActivMAb, antibody discovery, and novel viral display platform for antibody discovery against complex antigens such as GPCRs and ion channels.

Shares of Evolus, Inc. (NASDAQ: EOLS) got a boost, shooting 92% to $13.76. AbbVie, Evolus, and Medytox reported resolution of intellectual property litigation.

Taoping Inc. (NASDAQ: TAOP) shares were also up, gaining 41% to $8.11 after the company engaged with Great Bay Capital investments as a consultant blockchain deployment.

Check out these big movers of the day

Equities Trading DOWN

Puhui Wealth Investment Management Co., Ltd. (NASDAQ: PHCF) shares tumbled 16% to $5.27 after climbing 20% on Thursday.

Shares of Greenland Technologies Holding Corporation (NASDAQ: GTEC) were down 15% to $12.60. Greenland Technologies shares surged over 95% on Thursday following news of a deal with South China Heavy Machinery Manufacture Co. for US production of electric industrial vehicles.

Motus GI Holdings, Inc. (NASDAQ: MOTS) was down, falling 15% to $2.09 after surging 38% on Thursday.

Commodities

In commodity news, oil traded down 2.2% to $59.20, while gold traded down 0.5% to $1,767.10.

Silver traded down 0.2% Friday to $27.035 while copper rose 1.7% to $3.9675.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.2%, the Spanish Ibex Index rose 0.5% and the German DAX 30 gained 0.4%. Meanwhile, the French CAC 40 rose 0.5%, London’s FTSE 100 rose 0.1% and Italy’s FTSE MIB rose 0.2%.

The Eurozone manufacturing PMI climbed to 57.7 in February from 54.8 in January, while services PMI fell to 44.7 from 45.4. Eurozone’s current account surplus increased to EUR 51.9 billion in December from EUR 33.4 billion in the year-ago month.

The annual inflation rate in France rose to 0.6% in January, while German producer prices rose 0.9% year-on-year in January. Retail sales in the UK tumbled 8.2% in January.

 

Economics

The IHS Markit manufacturing PMI declined to 58.5 in February from 59.2 in January, while services PMI climbed to 58.9 in February from 58.3 in the prior month.

US existing home sales rose 0.6% to 6.69 million units in January.

Federal Reserve Bank of Boston President Eric Rosengren will speak at 11:00 a.m.

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

Check out the full economic calendar here

 

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