Mid-Day Market Update: Crude Oil Surges 3%; Kaival Brands Shares Plunge

Midway through trading Wednesday, the Dow traded up 0.16% to 34,633.63 while the NASDAQ fell 0.02% to 15,035.07. The S&P also rose, gaining 0.19% to 4,451.27.

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% on Wednesday. Meanwhile, top gainers in the sector included NGL Energy Partners LP NGL, up 15% and W&T Offshore, Inc. WTI up 12%.

In trading on Wednesday, consumer discretionary shares dipped by 0.7%.

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 164% to $18.65 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 51% to $11.75. Goldman Sachs Group Inc GS agreed to acquire specialty lender GreenSky for $2.24 billion.

Tyra Biosciences, Inc. TYRA shares were also up, gaining 56% to $24.89 as the company priced its IPO at $17 per share.

Check out these big movers of the day

Equities Trading DOWN

Sonim Technologies, Inc. SONM shares tumbled 30% to $0.3640. Sonim reported a 1-for-10 reverse stock split.

Shares of Kaival Brands Innovations Group, Inc. KAVL were down 43% to $2.58 after the company reported Q3 earnings results.

Nuwellis, Inc. NUWE was down, falling 27% to $2.70 after the company priced its 3,483,120 share common stock offering at $2.50 per share.


In commodity news, oil traded up 3.1% to $72.62, while gold traded down 0.6% to $1,797.20.

Silver traded down 0.1% Wednesday to $23.855 while copper rose 2.1% to $4.41.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.61%, the Spanish Ibex Index fell 1.41% and the German DAX 30 dropped 0.5%. Meanwhile, the London’s FTSE 100 rose 0.02%, French CAC 40 fell 1.02% and Italy’s FTSE MIB dropped 1.15%.

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.


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.

US crude oil inventories dropped 6.4 million barrels last week, the Energy Information Administration said.

Check out the full economic calendar here

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