Mid-Afternoon Market Update: Extreme Networks Drops After Q3 Results; Vivakor Shares Spike Higher

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining 300 points on Wednesday.

The Dow traded up 0.98% to 33,564.39 while the NASDAQ rose 0.82% to 12,593.12. The S&P also rose, gaining, 0.99% to 4,216.60.

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Leading and Lagging Sectors

Materials shares rose by 2.5% on Wednesday. Meanwhile, top gainers in the sector included Alpha Metallurgical Resources Inc AMR, up 14% and Teck Resources Ltd TECK up 12%.

In trading on Wednesday, communication services shares dipped by 2.2%.

Top Headline

Boeing Company reported wider-than-expected first quarter loss.

Boeing’s adjusted core loss came in at $2.75 per share, versus analysts’ estimates of a $0.25 per share loss. Group revenues declined 8% from last year to $14 billion, versus analysts' expectations of $16.02 billion

Equities Trading UP

Acutus Medical, Inc. AFIB shares shot up 28% to $1.02 after the company announced agreements to fund strategic growth priorities.

Shares of Vivakor, Inc. VIVK got a boost, shooting 105% to $3.50 after the company announced it has signed a 10-year contract with Hot Oil Transport with a potential value of up to $250 million.

Tempest Therapeutics, Inc. TPST shares were also up, gaining 57% to $3.69. Tempest reported a $15 million private placement financing.

Equities Trading DOWN

Molecular Partners AG MOLN shares tumbled 37% to $8.69. The company’s collaborating partner Amgen for MP0310 (AMG 506) will return the global rights of MP0310 to Molecular Partners following a strategic pipeline review.

Shares of Extreme Networks, Inc. EXTR were down 15% to $9.57 following Q3 results.

NCR Corporation NCR was down, falling 22% to $29.25 after the company reported worse-than-expected Q1 EPS and sales results. The company also cut its FY22 EPS and sales guidance.

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Commodities

In commodity news, oil traded up 0.1% to $101.77, while gold traded down 0.9% to $1,887.30.

Silver traded down 0.8% Wednesday to $23.355 while copper rose 0.1% to $4.4680.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.73%, London’s FTSE 100 gained 0.53%, while Spain’s IBEX 35 Index rose 0.46%. The German DAX rose 0.27%, French CAC 40 rose 0.48% and Italy’s FTSE MIB Index rose 0.63%.

The consumer confidence in France declined to 88 points in April from a revised reading of 90 points in March, while GfK Consumer Climate Indicator in Germany fell to -26.5 heading into May.

Economics

The goods trade deficit in the US rose to $125.3 billion in March from $106.3 billion in the previous month.

U.S. wholesale inventories rose 2.3% month-over-month to $837.7 billion in March.

The pending home sales index fell 1.2% for March.

U.S. crude oil inventories rose 700,000 barrels last week, the Energy Information Administration said.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 82,789,710 cases with around 1,019,000 deaths. India confirmed a total of at least 43,065,660 cases and 522,370 deaths, while Brazil reported over 30,378,060 COVID-19 cases with 662,940 deaths. In total, there were at least 510,925,220 cases of COVID-19 worldwide with more than 6,249,430 deaths.