Mid-Afternoon Market Update: Dow Drops 90 Points; Fed Leaves Rates Unchanged

Toward the end of trading Wednesday, the Dow traded down 0.26% to 33,894.93 while the NASDAQ fell 0.01% to 14,090.09. However, the S&P gained 0.13% to 4,192.05.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 32,176,050 cases with around 573,380 deaths. India confirmed a total of at least 17,997,110 cases and 201,180 deaths, while Brazil reported over 14,441,560 COVID-19 cases with 395,020 deaths. In total, there were at least 148,763,560 cases of COVID-19 worldwide with more than 3,136,870 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed by 3.3% on Wednesday. Meanwhile, top gainers in the sector included U.S. Silica Holdings, Inc. SLCA, up 11%, and TechnipFMC plc FTI, up 10%.

In trading on Wednesday, information technology shares fell 0.9%.

Top Headline

The Federal Reserve left interest rates unchanged during its latest meeting.

Equities Trading UP

Aurora Mobile Limited JG shares shot up 16% to $4.0750 after Oppenheimer initiated coverage on the stock with an Outperform rating and a price target of $6 per share.

Shares of Unitil Corporation UTL got a boost, shooting 15% to $57.50. Unitil will replace Waddell & Reed Financial in the S&P SmallCap 600 prior to the opening of trading on Monday, May 3.

Uxin Limited UXIN shares were also up, gaining 41% to $2.8720 after the company reported Q3 earnings results.

Check out these big movers of the day

Equities Trading DOWN

Protalix BioTherapeutics, Inc. PLX shares tumbled 29% to $4.15. Protalix BioTherapeutics and partner Chiesi announced that they received a complete response letter from the FDA regarding the biologics license application, seeking accelerated approval of pegunigalsidase alfa for the proposed treatment of adult patients with Fabry disease.

Shares of Urban Tea, Inc. MYT were down 39% to $2.8516 after the company reported pricing of approximately $25million registered direct offering.

Benitec Biopharma Inc. BNTC was down, falling 24% to $4.1397 after the company reported that, due to demand, the underwriter has agreed to increase the size of the previously announced offering of 3.036 million shares of common stock at a price of $4.25 per share, for raising gross proceeds of $12.9 million.


In commodity news, oil traded up 1.9% to $64.12, while gold traded down 0.3% to $1,774.20.

Silver traded down 1.2% Wednesday to $26.085 while copper rose 0.1% to $4.4885.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.02%, the Spanish Ibex Index rose 0.49% and the German DAX 30 gained 0.28%. Meanwhile, the French CAC 40 climbed 0.53% London’s FTSE 100 rose 0.27% and Italy’s FTSE MIB slipped 0.06%.

French consumer confidence came in unchanged at 94 in April. The Swiss investor sentiment index increased by 1.6 points to an all-time high of 68.3 in April.


US goods deficit widened to $90.59 billion in March from $87.1 billion in February. Exports increased 8.7% to $130.7 billion, while imports rose 6.8% to $232.6 billion.

US wholesale inventories rose 1.4% for March.

US crude oil inventories rose 100,000 barrels last week, the Energy Information Administration said.

The Federal Reserve left interest rates unchanged.


Check out the full economic calendar here

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