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Mid-Afternoon Market Update: Dow Surges 500 Points; US Budget Deficit Widens In February

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Toward the end of Wednesday, the Dow traded up 1.59% to 32,338.64 while the NASDAQ rose 0.09% to 13,085.85. The S&P also rose, gaining 0.81% to 3,907.02.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 29,096,450 cases with around 527,700 deaths. India confirmed a total of at least 11,262,700 confirmed cases and 158,060 deaths, while Brazil reported over 11,122,420 COVID-19 cases with 268,370 deaths. In total, there were at least 117,660,020 cases of COVID-19 worldwide with over 2,612,360 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 2.7% on Wednesday. Meanwhile, top gainers in the sector included Transocean Ltd. (NYSE: RIG), up 18%, and Earthstone Energy, Inc. (NYSE: ESTE), up 15%.

In trading on Wednesday, information technology shares fell by 0.2%.

Top Headline

Campbell Soup Company (NYSE: CPB) reported in-line earnings for its second quarter, while sales missed views.

Campbell posted quarterly adjusted earnings of $0.84 per share, in-line with analysts’ estimates of $0.84 per share. The company’s sales came in at $2.28 billion, versus expectations of $2.30 billion.

Campbell said it sees FY21 adjusted EPS of $3.03-$3.11, versus analysts’ estimates of $3.03.

 

Equities Trading UP

MediciNova, Inc. (NASDAQ: MNOV) shares shot up 44% to $8.19 after the biopharmaceutical company announced a partnership with the Biomedical Advanced Research and Development Authority (BARDA) to repurpose MN-166 (ibudilast) as a potential medical countermeasure against lung damage induced by chlorine gas.

Shares of Enveric Biosciences, Inc. (NASDAQ: ENVB) got a boost, shooting 70% to $4.97 in reaction to acquiring an exclusive, perpetual license for novel molecules from Diverse Biotech. It is a biopharmaceutical company focused on developing new molecules for oncology.

Roblox Corp (NYSE: RBLX) shares were also up, gaining 58% to $70.88 as the company priced its IPO at $45 per share.

Check out these big movers of the day

Equities Trading DOWN

Just Energy Group Inc. (NYSE: JE) shares tumbled 40% to $2.3899 after the company filed for Chapter 15 Bankruptcy in the US following losses from the winter storms in Texas.

Shares of INVO Bioscience, Inc. (NASDAQ: INVO) were down 35% to $6.08. The company’s stock jumped 202% on Tuesday after the company said it has amended its exclusive U.S. commercialization agreement with Ferring Pharmaceuticals.

MingZhu Logistics Holdings Limited (NASDAQ: YGMZ) was down, falling 27% to $5.41 after the company announced a $20 million registered direct offering.

 

Commodities

In commodity news, oil traded up 0.9% to $64.56, while gold traded up 0.4% to $1,723.60.

Silver traded up 0.4% Wednesday to $26.28 while copper rose 0.8% to $4.0385.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 climbed 0.4%, the Spanish Ibex Index rose 0.34% and the German DAX 30 gained 0.71%. Meanwhile, the French CAC 40 rose 1.11%, London’s FTSE 100 fell 0.07% and Italy’s FTSE MIB gained 0.46%.

Industrial production in France rose 3.3% in January, while Italy’s producer prices fell 0.3% year-over-year in January.

Economics

Annual inflation rate rose to 1.7% in February from 1.4% in January.

US crude inventories rose 13.798 million barrels last week, the Energy Information Administration reported.

The US posted a budget deficit of $311 billion in February from a $235 billion gap in the year-ago period.

Check out the full economic calendar here

 

Related Articles (CPB + ENVB)

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