Following the market opening Wednesday, the Dow traded down 0.31% to 35,939.39 while the NASDAQ fell 0.01% to 15,649.42. The S&P also fell, dropping 0.15% to 4,623.92.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 46,999,770 cases with around 768,840 deaths. India confirmed a total of at least 34,308,140 cases and 459,200 deaths, while Brazil reported over 21,821,120 COVID-19 cases with 608,110 deaths. In total, there were at least 248,404,650 cases of COVID-19 worldwide with more than 5,031,230 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Materials shares gained by 0.4% on Wednesday. Meanwhile, top gainers in the sector included The Scotts Miracle-Gro Company SMG, up 13% and FMC Corporation FMC up 10%.
In trading on Wednesday, industrials shares fell 1%.
Top Headline
CVS Health Corporation CVS reported better-than-expected results for its third quarter and raised its FY21 guidance.
CVS Health posted Q3 adjusted earnings of $1.97 per share, beating analysts’ estimates of $1.78 per share. The company’s quarterly sales came in at $73.79 billion, versus expectations of $70.49 billion.
CVS raised its FY21 adjusted EPS guidance from $7.70-$7.80 to $7.90-$8.00.
Equities Trading UP
iRhythm Technologies, Inc. IRTC shares shot up 42% to $108.71. iRhythm Technologies commented on the Centers for Medicare and Medicaid Services (CMS) Calendar Year 2022 Medicare Physician Fee Schedule (MPFS) Final Rule.
Shares of R. R. Donnelley & Sons Company RRD got a boost, shooting 37% to $9.02 after it was announced the company will be acquired by Atlas. The company also reported better-than-expected Q3 EPS and sales results.
Bed Bath & Beyond Inc. BBBY shares were also up, gaining 30% to $21.82 on the heels of three new announcements from the company outlining strategic plans to help with its turnaround. Bed Bath & Beyond increased the amount of its three-year share buyback to $1 billion and also announced the launch of a new digital marketplace to expand in the Home & Baby categories. Bed Bath & Beyond and Kroger announced a collaboration for a national e-commerce experience and in-store pilot.
Check out these big movers of the day
Equities Trading DOWN
Urban One, Inc. UONE shares tumbled 29% to $7.81. Local News reported 'Richmond casino referendum: Urban ONE rolled the dice, but the race is too close to call.'
Shares of Cardiol Therapeutics Inc. CRDL were down 25% to $2.5450 after the company priced its previously announced public offering of 16,350,000 units of the Company at $3.07 per unit.
SkyWater Technology, Inc. SKYT was down, falling 25% to $24.55 after the company posted a wider-than-expected Q3 loss.
Commodities
In commodity news, oil traded down 2.3% to $81.98, while gold traded down 0.5% to $1,781.40.
Silver traded up 0.3% Wednesday to $23.57 while copper rose 1.3% to $4.4215.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 rose 0.03%, the Spanish Ibex Index fell 0.8% and the German DAX 30 slipped 0.1%. Meanwhile, the London’s FTSE 100 fell 0.3%, French CAC 40 rose 0.01% and Italy’s FTSE MIB rose 0.2%.
UK services PMI was revised higher to 59.1 in October versus a preliminary reading of 58.0, while annual house price growth in the country eased to 9.9% in October. The unemployment rate in Italy declined to 9.2% in September.
Economics
Private businesses in the US hired 571,000 workers in October.
The IHS Markit services PMI was revised higher to 58.7 in October versus a preliminary level of 58.2.
US factory orders rose 0.2% for September.
The ISM services PMI rose to a record high of 66.7 in October from 61.9 in September.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
The Federal Reserve will announce its policy decision at 2:00 p.m. ET.
The Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.
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