Silver Drops Sharply; Owens & Minor Shares Slide

U.S. stocks traded mostly higher toward the end of trading, following the release of PPI data for September.

The Dow traded up 0.22% to 29,303.50 while the NASDAQ rose 0.12% to 10,438.77. The S&P 500, however, fell 0.01% to 3,588.60.

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Leading and Lagging Sectors

Energy shares rose by 0.9% on Wednesday. Leading the sector was strength from PBF Energy Inc. PBF and Tsakos Energy Navigation Limited TNP.

In trading on Wednesday, utilities shares dipped by 2.6%.

Top Headline

The Producer Price Index for final demand in the US rose 0.4% month-over-month in September, recording the first rise in three months. Analysts, meanwhile, were expecting for a 0.2% rise.

Equities Trading UP

• Hempacco Co., Inc. HPCO shares shot up 42% to $3.1046 after the company reported a 486% year-on-year jump in first-half FY22 revenue to about $2.8 million.
• Shares of El Pollo Loco Holdings, Inc. LOCO got a boost, shooting 15% to $10.42 after the company declared a special dividend of $1.50 per share and approved a 20 million share buyback program.
• Gatos Silver, Inc. GATO shares were also up, gaining 27% to $3.2850. Gatos Silver reported a 59% year-over-year surge in Q3 silver production.

Equities Trading DOWN

• Kinnate Biopharma Inc. KNTE shares tumbled 36% to $7.04.
• Kinnate Biopharma late Tuesday said, 'Initial site activation was slower than expected due to COVID-19. This has resulted in a limited number of efficacy evaluable patients to-date in the relevant population at the predicted efficacious dose.'
• Shares of Owens & Minor, Inc. OMI were down 36% to $14.78 after the company issued Q3 adjusted EPS guidance below estimates and cut FY22 adjusted EPS guidance below estimates.
• T2 Biosystems, Inc. TTOO was down, falling 30% to $0.0559 after the company cut FY22 sales guidance to below analyst estimates and announced a 1-for-50 reverse stock split.

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Commodities

In commodity news, oil traded down 2.7% to $86.98, while gold traded down 0.6% at $1,676.80.

Silver traded down 2.8% to $18.935 on Wednesday while copper fell 1% to $3.4275.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.53%, London’s FTSE 100 fell 0.86% while Spain’s IBEX 35 Index fell 1.29%. The German DAX declined 0.39%, French CAC 40 fell 0.25% and Italy’s FTSE MIB Index fell 1.27%.

Industrial production in the UK fell by 1.8% from a month ago in August versus a revised 1.1% drop in the previous month, while the country’s trade deficit increased to GBP 7.1 billion in August versus a revised GBP 5.4 billion in the prior month. The UK economy shrank by 0.3% month-over-month in August versus a revised 0.1% increase in July. Manufacturing output in the UK dropped by 1.6 percent from a month ago in August.

Economics

• The Producer Price Index for final demand in the US rose 0.4% month-over-month in September, recording the first rise in three months. Analysts, meanwhile, were expecting for a 0.2% rise.
• The Federal Open Market Committee issued minutes of its latest meeting.
• Federal Reserve Governor Michelle Bowman is set to speak at 6:30 p.m. ET.

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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 98,608,430 cases with around 1,088,470 deaths. India confirmed a total of at least 44,618,530 cases and 528,830 deaths, while France reported over 35,970,370 COVID-19 cases with 155,620 deaths. In total, there were at least 627,828,930 cases of COVID-19 worldwide with more than 6,564,300 deaths.