Following the market opening Wednesday, the Dow traded up 0.26% to 34,665.01 while the NASDAQ rose 0.15% to 13,757.62. The S&P also rose, gaining 0.23% to 4,211.85.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,287,570 cases with around 595,210 deaths. India confirmed a total of at least 28,307,830 cases and 335,100 deaths, while Brazil reported over 16,624,480 COVID-19 cases with 465,190 deaths. In total, there were at least 171,196,260 cases of COVID-19 worldwide with more than 3,565,440 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Energy shares climbed 1.2% on Wednesday. Meanwhile, top gainers in the sector included NextDecade Corporation NEXT, up 11%, and U.S. Well Services, Inc. USWS, up 16%.
In trading on Wednesday, materials shares fell 0.5%.
Top Headline
Advance Auto Parts, Inc. AAP reported stronger-than-expected earnings for its first quarter and raised its earnings outlook.
Advance Auto Parts reported quarterly earnings of $3.34 per share, exceeding analysts’ estimates of $3.08 per share. The company’s quarterly sales came in at $3.33 billion, versus expectations of $3.28 billion.
Advance Auto Parts raised its FY21 sales guidance from $10.2 billion-$10.4 billion to $10.4 billion-$10.6 billion.
Equities Trading UP
BriaCell Therapeutics Corp. BCTX shares shot up 170% to $8.58 after the company provided an update on the overall survival (OS) data on its previously disclosed heavily pretreated advanced breast cancer patients.
Shares of Constellation Pharmaceuticals, Inc. CNST got a boost, shooting 67% to $33.73. MorphoSys AG MOR agreed to acquire Constellation Pharmaceuticals for $34 per share in cash, representing a total equity value of $1.7 billion.
Urban One, Inc. UONE shares were also up, gaining 34% to $11.44 after jumping over 16% on Tuesday.
Check out these big movers of the day
Equities Trading DOWN
Orbital Energy Group, Inc. OEG shares tumbled 24% to $5.84. Shares of Orbital rallied more than 115% on Tuesday following news of a engineering and construction contract by a company subsidiary, Gibson Technical Services.
Shares of iRhythm Technologies, Inc. IRTC were down 19% to $62.06 after the company announced that Mike Coyle has decided to resign from his position as president and chief executive officer and a member of the board, effective June 1, due to personal matters. The company also reaffirmed guidance. Citigroup downgraded iRhythm Technologies from Buy to Neutral and lowered the price target from $105 to $78.
Washington Prime Group Inc. WPG was down, falling 18% to $3.8895, selling off following a surge on Tuesday.
Commodities
In commodity news, oil traded up 1.1% to $68.44, while gold traded down 0.3% to $1,899.00.
Silver traded down 0.7% Wednesday to $27.895 while copper fell 0.5% to $4.6315.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.2%, the Spanish Ibex Index rose 0.1% and the German DAX 30 gained 0.2%. Meanwhile, the London’s FTSE 100 gained 0.1%, French CAC 40 rose 0.2% and Italy’s FTSE MIB rose 0.3%.
Producer prices in the Eurozone increased 1% in April following a 1.1% rise in the previous month. Consumer credit in the UK fell by GBP 0.377 billion in April.
French government budget deficit narrowed to EUR 91.37 billion during the first four months of the year, compared to EUR 92.12 billion a year ago. Retail sales in Germany fell 5.5% in April, versus a 7.7% surge in March.
Economics
US mortgage applications dropped 4% in the week ending May 28.
The Johnson Redbook Retail Sales Index surged 13.1% year-over-year during the first four weeks of May.
The IBD/TIPP Economic Optimism Index increased 3.7% to 56.4 in June.
Federal Reserve Bank of Chicago President Charles Evans is set to speak at 12:00 p.m. ET.
Philadelphia Fed President Patrick Harker will speak at 12:00 p.m. ET.
The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET.
Federal Reserve Bank of Dallas President Robert Kaplan is set to speak at 6:05 p.m. ET.
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