Skip to main content

Market Overview

Mid-Morning Market Update: Markets Open Lower; JM Smucker Posts Upbeat Q4 Profit

Share:

Following the market opening Thursday, the Dow traded down 0.28% to 34,502.44 while the NASDAQ fell 0.98% to 13,621.46. The S&P also fell, dropping 0.54% to 4,185.22.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,307,940 cases with around 595,830 deaths. India confirmed a total of at least 28,441,980 cases and 337,980 deaths, while Brazil reported over 16,720,080 COVID-19 cases with 467,700 deaths. In total, there were at least 171,711,450 cases of COVID-19 worldwide with more than 3,692,580 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 0.3% on Thursday. Meanwhile, top gainers in the sector included Smart Sand, Inc. (NASDAQ: SND), up 4%, and Geospace Technologies Corporation (NASDAQ: GEOS), up 3%.

In trading on Thursday, information technology shares fell 1.1%.

Top Headline

The J. M. Smucker Company (NYSE: AAP) reported stronger-than-expected earnings for its fourth quarter.

Smucker reported quarterly earnings of $1.89 per share, exceeding analysts’ estimates of $1.67 per share. The company’s quarterly sales came in at $1.92 billion, versus expectations of $1.88 billion.

JM Smucker said it expects FY22 adjusted earnings of $8.70 to $9.10 per share, versus analysts’ estimates of $8.60 per share. The company also projects FY22 sales down 3% to down 2%.

 

Equities Trading UP

GTT Communications, Inc. (NYSE: GTT) shares shot up 71% to $4.27 on abnormally-high volume. The company’s stock also jumped over 57% on Wednesday.

Shares of Workhorse Group Inc. (NASDAQ: WKHS) got a boost, shooting 41% to $16.25 as retail trader interest increased as a result of the stock's high short interest. Workhorse Group shares also surged around 20% on Wednesday.

Community Bankers Trust Corporation (NASDAQ: ESXB) shares were also up, gaining 30% to $11.93 after United Bankshares announced it will acquire Community Bankers Trust.

Check out these big movers of the day

Equities Trading DOWN

Bed Bath & Beyond Inc. (NASDAQ: BBBY) shares tumbled 23% to $34.06 after surging 62% on Wednesday. Bed Bath & Beyond recently announced plans to launch three new Owned Brands this quarter.

Shares of PetMed Express, Inc. (NASDAQ: PETS) were down 22% to $35.73 after climbing 58% on Wednesday.

Tian Ruixiang Holdings Ltd (NASDAQ: TIRX) was down, falling 22% to $7.85 after the company priced its 4.8 million unit follow-on offering at $7.50 per unit.

Commodities

In commodity news, oil traded down 0.3% to $68.66, while gold traded down 0.7% to $1,896.90.

Silver traded down 1.1% Thursday to $27.885 while copper fell 0.9% to $4.5520.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 0.4%, the Spanish Ibex Index fell 0.7% and the German DAX 30 dropped 0.5%. Meanwhile, the London’s FTSE 100 gained 0.39%, French CAC 40 fell 0.4% and Italy’s FTSE MIB dropped 0.5%.

The IHS Markit Eurozone services PMI was revised higher to 55.2 in May from the preliminary reading of 55.1, while composite PMI also rose to 57.1 in May versus a preliminary estimate of 56.9.

German services PMI rose to 52.8 in May from 49.9 in April, while Spanish services PMI climbed to 59.4 in May from 54.6 in the prior month. French services PMI climbed to 56.6 in May compared to 50.3 in the previous month.

Economics

US-based companies reported 24,586 job cuts for May.

US private businesses hired 978,000 workers in May compared to revised 654,000 in April, the ADP said.

US initial jobless claims fell 20,000 to 385,000 in the week ending May 29.

Nonfarm labor productivity increased by an annualized 5.4% in the first quarter, while unit labor costs rose 1.7%.

The IHS Markit services PMI increased to 70.4 in May from a preliminary reading of 70.1.

The ISM services PMI rose to 64 in May from 62.7 in April.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

The Energy Information Administration’s weekly report on petroleum inventories will be released at 11:00 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 12:30 p.m. ET.

Philadelphia Fed President Patrick Harker will speak at 1:50 p.m. ET.

Federal Reserve Governor Randal Quarles is set to speak at 3:05 p.m. ET.

Check out the full economic calendar here

 

Related Articles (BBBY + AAP)

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