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Mid-Morning Market Update: Markets Mixed; Big Lots Earnings Top Views

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Following the market opening Friday, the Dow traded up 0.32% to 31,024.11 while the NASDAQ fell 0.5% to 12,659.24. The S&P also rose, gaining 0.09% to 3,771.85.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 28,827,140 cases with around 520,350 deaths. India confirmed a total of at least 11,173,760 confirmed cases and 157,540 deaths, while Brazil reported over 10,793,730 COVID-19 cases with 260,970 deaths. In total, there were at least 115,618,080 cases of COVID-19 worldwide with over 2,569,420 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 3% on Friday. Meanwhile, top gainers in the sector included W&T Offshore, Inc. (NYSE: WTI), up 22%, and SM Energy Company. (NYSE: SM), up 9%.

In trading on Friday, consumer discretionary shares fell 0.9%.

Top Headline

Big Lots, Inc. (NYSE: BIG) reported better-than-expected earnings for its fourth quarter.

Big Lots posted quarterly adjusted earnings of $2.59 per share, beating analysts’ estimates of $2.50 per share. The company reported sales of $1.74 billion, versus expectations of $1.74 billion.

 

Equities Trading UP

XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB) shares shot up 68% to $4.86 after dropping more than 10% on Thursday.

Shares of W&T Offshore, Inc. (NYSE: WTI) got a boost, shooting 21% to $4.60 following an OPEC+ agreement to extent output cuts into April.

Alset EHome International Inc. (NASDAQ: AEI) shares were also up, gaining 18% to $12.58. Alset EHome International reported Singapore subsidiary FY20 net profit of $45 million and also announces plans for its sustainable living community.

Check out these big movers of the day

Equities Trading DOWN

Evofem Biosciences, Inc. (NASDAQ: EVFM) shares tumbled 33% to $2.195 after the company reported worse-than-expected Q4 EPS results.

Shares of Super League Gaming, Inc. (NASDAQ: SLGG) were down 28% to $6.32 after climbing 69% on Thursday.

Washington Prime Group Inc. (NYSE: WPG) was down, falling 20% to $2.01. Washington Prime Group shares dropped 60% to close at $2.51 on Thursday following reports indicating the company is preparing a potential bankruptcy filing.

Commodities

In commodity news, oil traded up 2.6% to $65.47, while gold traded down 0.5% to $1,692.50

Silver traded down 0.4% Friday to $25.355 while copper rose 2.5% to $4.0795.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 dropped 0.2%, the Spanish Ibex Index fell 0.1% and the German DAX 30 dropped 0.6%. Meanwhile, the French CAC 40 fell 0.3%, London’s FTSE 100 rose 0.4% and Italy’s FTSE MIB rose 0.1%.

The UK’s Halifax house price index increased 5.2% year-over-year in February. French current account gap increased to EUR 1.6 billion in January from EUR 1.1 billion in December, while trade gap widened to EUR 3.95 billion from EUR 3.57 billion. Factory orders in Germany rose 1.4% in January.

Economics

The US economy added 379,000 jobs in February, while unemployment rate declined to 6.2% in February.

The trade deficit widened to $68.2 billion in January from a revised $67 billion in the prior month.

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

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 3:00 p.m. ET.

Data on consumer credit for January will be released at 3:00 p.m. ET. Consumer credit is likely to rise $13.0 billion in January from a $9.7 billion increase in December.

Check out the full economic calendar here

 

Related Articles (BIG + AEI)

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