Following the market opening Wednesday, the Dow traded down 1.40% to 30,504.14 while the NASDAQ fell 1.15% to 13,469.56. The S&P also fell, dropping 1.38% to 3,796.31.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 25,443,870 cases with around 425,220 deaths. India confirmed a total of at least 10,689,520 confirmed cases and 153,720 deaths, while Brazil reported over 8,933,350 COVID-19 cases with 218,870 deaths. In total, there were at least 100,348,780 cases of COVID-19 worldwide with over 2,160,150 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Information technology shares slipped by 0.3% on Wednesday. Meanwhile, top gainers in the sector included Eastman Kodak Company KODK, up 16%, and Appian Corp APPN, up 12%.
In trading on Wednesday, materials shares dipped 3.5%.
Top Headline
AT&T Inc. T reported better-than-expected results for its fourth quarter.
AT&T reported quarterly earnings of $0.75 per share, beating analysts’ expectations of $0.73 per share. The company posted revenue of $45.70 billion, versus estimates of $44.55 billion.
Equities Trading UP
AMC Entertainment Holdings, Inc. AMC shares shot up 200% to $14.86 amid continued momentum driven by retail investor interest in the stock.
Shares of Express, Inc. EXPR got a boost, shooting 118% to $6.64 amid continued momentum driven by retail investor interest in the stock.
GameStop Corp. GME shares were also up, gaining 74% to $257.77 amid continued momentum driven by retail investor interest in the stock. The company’s stock jumped around 93% on Tuesday.
Check out these big movers of the day
Equities Trading DOWN
EZGO Technologies Ltd. EZGO shares tumbled 27% to $13.24. EZGO Technologies shares jumped around 353% on Tuesday after the company reported pricing of its firm commitment IPO of 2,800,000 shares at $4.00 per share.
Shares of Pitney Bowes Inc. PBI were down 24% to $10.428. Pitney Bowes shares gained 81% on Tuesday after Seeking Alpha published an article titled 'Pitney Bowes - Already Transformed And Set To Shock Market.'
Globus Maritime Limited GLBS was down, falling 22% to $5.43 after the company announced pricing of $16.3 million registered direct offering at $6.25 per share.
Commodities
In commodity news, oil traded up 0.5% to $52.86, while gold traded down 0.5% to $1,841.70.
Silver traded down 0.9% Wednesday to $25.315 while copper fell 0.5% to $3.60.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.7%, the Spanish Ibex Index fell 0.7% and the German DAX 30 dropped 0.9%. Meanwhile, the French CAC 40 declined 0.8%, London’s FTSE 100 fell 0.7% and Italy’s FTSE MIB dipped 1.2%.
Consumer confidence in France slipped to 92 in January versus 95 in December, while Germany’s consumer climate indicator fell to an eight-month low reading of -15.6 for February.
Economics
US n durable goods orders rose 0.2% in December versus a revised 1.2% growth in the prior month.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
The Federal Reserve will announce its latest 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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