Mid-Day Market Update: Crude Oil Drops Over 3%; R.R.Donnelley & Sons Shares Jump

Midway through trading Wednesday, the Dow traded down 0.21% to 35,978.38 while the NASDAQ rose 0.08% to 15,662.87. The S&P also fell, dropping 0.10% to 4,625.81.

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 0.6% on Wednesday. Meanwhile, top gainers in the sector included The Scotts Miracle-Gro Company SMG, up 12% and FMC Corporation FMC up 11%.

In trading on Wednesday, industrials shares fell 0.9%.

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 44% to $110.59. 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 $9.06 after it was announced the company will be acquired by Atlas. The company also reported better-than-expected Q3 EPS and sales results.

Karyopharm Therapeutics Inc. KPTI shares were also up, gaining 32% to $7.61 following strong Q3 sales.

Check out these big movers of the day

Equities Trading DOWN

Timber Pharmaceuticals, Inc. TMBR shares tumbled 34% to $0.5287 after the company reported pricing of $15 million public offering.

Shares of Blue Star Foods Corp. BSFC were down 28% to $4.84 after the company reported pricing of $4 million public offering and NASDAQ listing.

SkyWater Technology, Inc. SKYT was down, falling 26% to $24.09 after the company posted a wider-than-expected Q3 loss.


In commodity news, oil traded down 3.4% to $81.08, while gold traded down 1.5% to $1,763.20.

Silver traded down 1.5% Wednesday to $23.165 while copper fell 0.3% to $4.3555.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.2%, the Spanish Ibex Index fell 0.98% and the German DAX 30 slipped 0.04%. Meanwhile, the London’s FTSE 100 fell 0.4%, French CAC 40 rose 0.39% and Italy’s FTSE MIB rose 0.54%.

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.


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.

US crude oil inventories climbed 3.291 million barrels in the week ending October 29, following a 4.267 million rise in the prior period, the Energy Information Administration said.

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.

Check out the full economic calendar here

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