Mid-Morning Market Update: Markets Mixed; Industrial Production Rises 0.4% In August

Following the market opening Wednesday, the Dow traded up 0.13% to 34,621.78 while the NASDAQ fell 0.25% to 14,999.72. The S&P also rose, gaining 0.03% to 4,444.41.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 41,367,770 cases with around 663,960 deaths. India confirmed a total of at least 33,316,750 cases and 443,490 deaths, while Brazil reported over 21,019,830 COVID-19 cases with 587,790 deaths. In total, there were at least 225,885,010 cases of COVID-19 worldwide with more than 4,650,840 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Energy shares climbed 3.1% on Wednesday. Meanwhile, top gainers in the sector included Tellurian Inc. TELL, up 10% and SM Energy Company SM up 11%.


In trading on Wednesday, communication services shares dipped by 0.6%.


Top Headline

US industrial production rose 0.4% for August, following a 0.8% increase in the previous month.

 

Equities Trading UP


Indaptus Therapeutics, Inc. INDP shares shot up 132% to $16.41 after the company announced the United States Patent and Trademark Office has issued a notice of allowance for claims related to the company's platform technology.


Shares of GreenSky, Inc. GSKY got a boost, shooting 52% to $11.78. Goldman Sachs Group Inc GS agreed to acquire specialty lender GreenSky for $2.24 billion.


G Medical Innovations Holdings Ltd GMVD shares were also up, gaining 30% to $3.6899 after the company reported financial results for the six months ended June 30, 2021. The company’s 1H sales jumped 45.5% year-over-year to $2.925 million.

Check out these big movers of the day


Equities Trading DOWN

Greenidge Generation Holdings Inc. GREE shares tumbled 16% to $46.88. Greenidge Generation closed merger with Support.com as of Tuesday.

Shares of Kaival Brands Innovations Group, Inc. KAVL were down 41% to $2.65 after the company reported Q3 earnings results.

Nuwellis, Inc. NUWE was down, falling 29% to $2.6288 after the company priced its 3,483,120 share common stock offering at $2.50 per share.


Commodities


In commodity news, oil traded up 1.4% to $71.42, while gold traded down 0.2% to $1,804.10.


Silver traded down 0.1% Wednesday to $23.855 while copper rose 0.6% to $4.3485.


Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.4%, the Spanish Ibex Index fell 0.9% and the German DAX 30 dropped 0.2%. Meanwhile, the London’s FTSE 100 rose 0.1%, French CAC 40 fell 0.6% and Italy’s FTSE MIB dropped 0.4%.

Industrial output in the Eurozone increased by 1.5% in July, while hourly labor costs fell 0.1% year-over-year in the June quarter. The annual inflation rate in France was confirmed at 1.9% in August. Annual inflation rate in the UK surged to 3.2% in August, while output prices in the UK rose 5.9% year-over-year in August.


Economics

The New York Empire State Manufacturing Index surged to 34.3 in September from 18.3 in the previous month.


The price index for US imports fell 0.3% in August, while export prices rose 0.4%.


US industrial production rose 0.4% for August.


The Energy Information Administration’s weekly report on petroleum inventories will be released at 10:30 a.m. ET.

Check out the full economic calendar here

Posted In: Mid-Morning Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets

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