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Market Overview

Mid-Afternoon Market Update: Crude Oil Down 1.5%; Greenlane Shares Spike Higher

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Toward the end of trading Wednesday, the Dow traded up 0.11% to 33,104.83 while the NASDAQ rose 1.76% to 13,275.15. The S&P also rose, gaining 0.72% to 3,987.03.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 30,394,180 cases with around 550,990 deaths. Brazil reported over 12,658,100 COVID-19 cases with 317,640 deaths, while India confirmed a total of at least 12,149,330 cases and 162,460 deaths. In total, there were at least 128,301,660 cases of COVID-19 worldwide with more than 2,805,970 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares rose 1.8% on Wednesday. Meanwhile, top gainers in the sector included Intrusion Inc. (NASDAQ: INTZ), up 22%, and Marathon Digital Holdings, Inc. (NASDAQ: MARA), up 10%.

In trading on Wednesday, energy shares fell 0.8%.

Top Headline

Walgreens Boots Alliance, Inc. (NASDAQ: WBA) reported better-than-expected earnings for its second quarter, while sales missed views.

Walgreens posted quarterly continuing operations adjusted earnings of $1.26 per share, exceeding analysts’ estimates of $1.11 per share. The company’s quarterly sales came in at $32.80 billion, versus expectations of $35.53 billion.

Walgreens raised FY21 EPS guidance to mid-to-high single digit growth.

 

Equities Trading UP

Greenlane Holdings, Inc. (NASDAQ: GNLN) shares shot up 17% to $4.80 after the company and KushCo announced a merger agreement. Greenlane also reported Q4 results.

Shares of Wah Fu Education Group Limited (NASDAQ: WAFU) got a boost, shooting 76% to $14.53 after the company swung to a profit in the first half of fiscal year 2021.

Arcadia Biosciences, Inc. (NASDAQ: RKDA) shares were also up, gaining 21% to $2.8217 after the company announced better-than-expected Q4 sales.

Check out these big movers of the day

Equities Trading DOWN

The9 Limited (NASDAQ: NCTY) shares tumbled 23% to $31.98 after the company reported pricing of 3,765,100 ADS bought deal offering at $33.20 per ADS.

Shares of Delcath Systems, Inc. (NASDAQ: DCTH) were down 25% to $12.15. Delcath Systems reported Q4 results and announced top-line preliminary results from the Phase 3 FOCUS trial of Hepzato Kit (melphalan hydrochloride for injection/hepatic delivery system) in patients with liver dominant metastatic ocular melanoma.

Romeo Power, Inc. (NYSE: RMO) was down, falling 19% to $8.38 after the company reported preliminary results for the fourth quarter.

Commodities

In commodity news, oil traded down 1.5% to $59.66, while gold traded up 1.5% to $1,710.80.

Silver traded up 1.2% Wednesday to $24.425 while copper rose 0.5% to $3.9965.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.24%, the Spanish Ibex Index fell 0.18% and the German DAX 30 dropped 0.01%. Meanwhile, the French CAC 40 fell 0.34%, London’s FTSE 100 fell 0.86% and Italy’s FTSE MIB gained 0.05%.

The Eurozone consumer price inflation rose to 1.3% year-over-year in March from 0.9% a month ago. Annual inflation rate in France rose to 1.1% in March, while industrial producer prices rose 0.8% in March. German unemployment rate dropped to 4.5% in February.

The UK GDP shrank 7.3% year-over-year in the fourth quarter, while house prices rose 5.7% year-over-year in March. The country’s current account gap increased to GBP 26.3 billion in the fourth quarter from a revised GBP 14.3 billion in the third quarter.

Economics

Private businesses in the US hired 517,000 workers in March, the ADP said.

The Chicago PMI rose 6.8 points to a reading of 66.3 in March.

The pending home sales index dropped 0.5% year-over-year in February following a revised 13.5% surge in January.

US crude-oil inventories dropped 900,000 barrels last week, the Energy Information Administration said.

Data on farm prices for February will be released at 3:00 p.m. ET.

Check out the full economic calendar here

 

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