Dow Drops Over 100 Points; Winnebago Industries Posts Downbeat Sales

U.S. stocks traded lower this morning, with Dow Jones dropping over 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.41% to 33,914.60 while the NASDAQ fell 0.31% to 13,624.81. The S&P 500, also fell, dropping, 0.33% to 4,374.40.

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Top Headline

Winnebago Industries, Inc. WGO reported better-than-expected earnings for its third quarter, while sales missed estimates.

Winnebago Industries posted quarterly earnings of $2.13 per share, beating market estimates of $1.83 per share. The company’s quarterly sales came in at $900.80 million, missing expectations of $961.04 million.

Equities Trading UP

• Ocean Biomedical, Inc. OCEA shares shot up 36% to $7.23 after the company announced a share price target increase to $17.63 by Fundamental Research Corp on results from an independent study showing glioblastoma tumor suppression, received patents and recent financing.
• Shares of PureCycle Technologies, Inc. PCT got a boost, shooting 20% to $9.53. PureCycle Technologies successfully produced the first run of Ultra-Pure Recycled (UPR) resin from post-industrial recycled material at commercial scale.
• Greenidge Generation Holdings Inc. GREE shares were also up, gaining 21% to $3.75.

Equities Trading DOWN

• uniQure N.V. QURE shares dropped 38% to $12.06 after the company announced interim data from the Phase I/II trial of AMT-130 in Huntington's Disease.
• Shares of VCI Global Limited VCIG were down 21% to $5.72. VCI Global shares jumped 156% on Tuesday after the company announced it has been appointed by Cogia GmbH to distribute its AI-based "Socializer Messenger".
• The Beauty Health Company SKIN was down, falling 12% to $7.61 after Stifel downgraded the stock from Buy to Hold and lowered its price target from $17 to $10.

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Commodities

In commodity news, oil traded up 0.1% to $71.21 while gold traded down 0.1% at $1,945.40.

Silver traded down 0.5% to $23.11 on Wednesday while copper fell 0.6% to $3.8610.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index rose 0.1% The German DAX dropped 0.1% French CAC 40 fell 0.3% and Italy’s FTSE MIB Index rose 0.3%.

Passenger car registrations in the European Union jumped 18.5% year-over-year to around 1 million units in May.

The consumer price inflation in the U.K. came in unchanged at 8.7% in May, while producer price inflation slowed to 2.9% year-over-year in May versus a revised 5.2% in the prior month.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 0.56%, Hong Kong’s Hang Seng Index dropping 1.98% and China’s Shanghai Composite Index dropping 1.31%. India’s S&P BSE Sensex rose 0.3%.

Hong Kong’s current account surplus fell to HKD 41.3 billion in the first quarter versus HKD 86.3 billion in the year-ago month. Australia’s Westpac-Melbourne Institute Leading Economic Index came in flat from the previous month in May.

Economics

Mortgage applications in the U.S. rose 0.5% in the week ended June 16.

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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 107,248,390 cases with around 1,167,380 deaths. India confirmed a total of at least 44,993,670 cases and 531,890 deaths, while France reported over 40,126,960 COVID-19 cases with 167,590 deaths. In total, there were at least 690,635,950 cases of COVID-19 worldwide with more than 6,893,340 deaths.