Mid-Day Market Update: Nasdaq Down 2.5%; IHS Markit Posts Upbeat Earnings

Midway through trading Tuesday, the Dow traded down 1.38% to 34,389.17 while the NASDAQ fell 2.58% to 14,583.28. The S&P also fell, dropping 1.89% to 4,359.24.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 43,116,440 cases with around 690,430 deaths. India confirmed a total of at least 33,697,580 cases and 447,370 deaths, while Brazil reported over 21,366,390 COVID-19 cases with 594,650 deaths. In total, there were at least 232,407,580 cases of COVID-19 worldwide with more than 4,758,270 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares jumped 0.4% on Tuesday. Meanwhile, top gainers in the sector included Tsakos Energy Navigation Limited TNP, up 13% and Goodrich Petroleum Corporation GDP up 8%.

In trading on Tuesday, communication services shares fell 2.9%.

Top Headline

IHS Markit Ltd. INFO reported better-than-expected earnings for its third quarter on Tuesday.

IHS Markit reported quarterly adjusted earnings of $0.85 per share, exceeding analysts’ estimates of $0.83 per share. The company’s quarterly sales came in at $1.18 billion, versus expectations of $1.17 billion.


Equities Trading UP

Digital Brands Group, Inc. DBGI shares shot up 52% to $4.4775 after the company issued full-year 2022 revenue guidance of $37.5 million to $42.5 million, representing a 350% increase year-over-year.

Shares of Sonoma Pharmaceuticals, Inc. SNOA got a boost, shooting 32% to $7.08 after the company announced the OTC consumer launch of Regenacyn Advanced Scar Gel and Ocucyn Eyelid & Eyelash Cleanser on Amazon.com and MucoClyns on Amazon sites in Europe.

Gogo Inc. GOGO shares were also up, gaining 22% to $14.97 after the company raised the long-term financial targets announced during Q4 2020 earnings.

Check out these big movers of the day

Equities Trading DOWN

First High-School Education Group Co., Ltd. FHS shares tumbled 27% to $2.83 after the company reported H1 results.

Shares of Hyzon Motors Inc. HYZN were down 22% to $7.22. The company was the target of a short report from Blue Orca Capital.

AGM Group Holdings Inc. AGMH was down, falling 17% to $8.79 after jumping 15% on Monday.


In commodity news, oil traded down 0.8% to $74.86, while gold traded down 0.8% to $1,738.40.

Silver traded down 0.9% Tuesday to $22.485 while copper fell 0.9% to $4.2515.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 tumbled 2.2%, the Spanish Ibex Index fell 2.6% and the German DAX 30 dipped 2.1%. Meanwhile, the London’s FTSE 100 fell 2.2%, French CAC 40 fell 2.2% and Italy’s FTSE MIB fell 2.1%.

The GfK Consumer Climate Indicator for Germany increased to 0.3 for October versus a revised reading of -1.1 in September, while French consumer confidence indicator rose by 3 points to a reading of 102.0 in September.


The goods trade deficit widened to $87.6 billion in August from $86.8 billion in July.

Wholesale inventories rose 1.2% to $731 billion in August.

The S&P Corelogic Case-Shiller home price index rose at a fresh record 19.9% year-over-year in July.

The FHFA's house price index rose 1.4% from a month ago in July.

The Conference Board’s consumer confidence index fell to 109.30 in September versus previous reading of 113.80.

The Treasury will auction 7-year notes at 1:00 p.m. ET.

Data on money supply for August will be released at 1:00 p.m. ET.

Federal Reserve Bank of St. Louis President James Bullard will speak at 1:40 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 3:00 p.m. ET.

Federal Reserve Bank of St. Louis President James Bullard will speak at 7:00 p.m. ET.

Check out the full economic calendar here


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