Skip to main content

Market Overview

Mid-Day Market Update: Dow Tumbles Over 100 Points; Sify Technologies Shares Spike Higher

Share:

Midway through trading Friday, the Dow traded down 0.37% to 30,808.38 while the NASDAQ fell 1.75% to 12,500.69. The S&P also fell, dropping 0.71% to 3,741.87.

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 1.6% on Friday. Meanwhile, top gainers in the sector included W&T Offshore, Inc. (NYSE: WTI), up 20%, and Evolution Petroleum Corporation (NYSE: EPM), up 8%.

In trading on Friday, consumer discretionary shares fell 3.2%.

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

Sify Technologies Limited (NASDAQ: SIFY) shares shot up 22% to $3.30. Blackstone Group is in talks for acquiring a minority stake in India’s ICT service & solution provider Sify Technologies, Bloomberg reported.

Shares of IDT Corporation (NYSE: IDT) got a boost, shooting 10% to $17.57 after the company reported an increase in Q2 earnings and sales.

IMAX Corporation (NYSE: IMAX) shares were also up, gaining 9% to $22.61 after the company reported better-than-expected Q4 sales.

Check out these big movers of the day

Equities Trading DOWN

Evofem Biosciences, Inc. (NASDAQ: EVFM) shares tumbled 38% to $2.0250 after the company reported worse-than-expected Q4 EPS results.

Shares of Calyxt, Inc. (NASDAQ: CLXT) were down 31% to $6.16 after reporting a loss for the fourth quarter.

Senseonics Holdings, Inc. (NYSE: SENS) was down, falling 24% to $2.0413 after the company posted a wider Q4 loss. Raymond James also downgraded the stock from Market Perform to Underperform.

Commodities

In commodity news, oil traded up 2.8% to $65.61, while gold traded down 0.3% to $1,695.60.

Silver traded down 1.4% Friday to $25.095 while copper rose 2% to $4.0570.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.6%, the Spanish Ibex Index fell 0.52% and the German DAX 30 dropped 0.71%. Meanwhile, the French CAC 40 fell 0.56%, London’s FTSE 100 fell 0.03% and Italy’s FTSE MIB fell 0.41%.

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 + CLXT)

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