Following the market opening Wednesday, the Dow traded up 0.56% to 22,780.65 while the NASDAQ rose 0.48% to 7,925.28. The S&P also rose, gaining 0.57% to 2,674.44.
The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases around the world. U.S. reported a total of 399,900 coronavirus cases with around 12,900 deaths. Spain confirmed a total of over 146,600 coronavirus cases with 14,500 deaths, while Italy reported a total of at least 135,500 confirmed cases and 17,100 deaths. In total, there were at least 1,446,500 cases of COVID-19 worldwide with over 83,100 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Energy shares climbed 2.6% on Wednesday. Meanwhile, top gainers in the sector included KNOT Offshore Partners LP KNOP, up 12%, and Golar LNG Limited GLNG, up 16%.
In trading on Wednesday, consumer staples shares fell 0.2%.
Top Headline
RPM International Inc. RPM reported better-than-expected earnings for its third quarter, while sales missed views.
RPM International reported quarterly earnings of $0.23 per share, beating analysts’ estimates of $0.21 per share. The company’s sales came in at $1.17 billion, missing the consensus view of $1.17 billion.
Equities Trading UP
Moleculin Biotech, Inc. MBRX shares shot up 181% to $1.58 after it said that independent research found 2-deoxy-D-glucose (2-DG)to reduce replication of coronavirus by 100% in the Vitro Testing. The company also noted the 2-DG is an active compound in its WP1122 Drug.
Shares of Ellington Financial Inc. EFC got a boost, shooting 61% to $8.42 after the company issued business updates. Ellington Financial declared a dividend of $0.08 per common share. As of March 31, 2020, Ellington had unrestricted cash of around $130 million.
Ellington Residential Mortgage REIT EARN shares were also up, gaining 44% to $7.83 after the company announced an estimated book value per share of $11.33 as of March 31, 2020. The company also announced plans to pay its Q1 dividend of $0.28 per share in cash.
Equities Trading DOWN
Youngevity International, Inc. YYI shares tumbled 24% to $2.06 after surging 275% on Tuesday.
Shares of Zomedica Pharmaceuticals Corp. ZOM were down 26% to $0.1231 after the company reported the pricing of $4 million public offering.
eHealth, Inc. EHTH was down, falling 17% to $97.60 after dropping 10.5% on Tuesday.
Commodities
In commodity news, oil traded up 3.5% to $24.45, while gold traded down 0.3% to $1,679.30.
Silver traded down 1% Wednesday to $15.32, while copper fell 0.5% to $2.2615.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 1%, the Spanish Ibex Index fell 1.2%, while Italy’s FTSE MIB Index fell 0.7%. Meanwhile, the German DAX dropped 0.9%, and the French CAC 40 fell 1.5% while UK shares fell 1.1%.
Economics
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
The Treasury is set to auction 30-year bonds at 1:00 p.m. ET.
The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.