Mid-Day Market Update: Silver Surges 2%; Paysafe Shares Plummet

Midway through trading Thursday, the Dow traded down 0.21% to 36,004.93 while the NASDAQ rose 0.78% to 15,744.94. The S&P also rose, gaining 0.21% to 4,656.24.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 47,647,740 cases with around 780,230 deaths. India confirmed a total of at least 34,401,670 cases and 462,180 deaths, while Brazil reported over 21,911,380 COVID-19 cases with 610,080 deaths. In total, there were at least 252,321,250 cases of COVID-19 worldwide with more than 5,092,080 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Materials shares gained by 0.9% on Thursday. Meanwhile, top gainers in the sector included Harmony Gold Mining Company Limited HMY, up 11% and Alcoa Corporation AA up 11%.

In trading on Thursday, utilities shares fell 1%.

Top Headline

Tapestry, Inc. TPR reported upbeat earnings for its first quarter and raised FY22 guidance.

Tapestry reported quarterly earnings of $0.82 per share, beating analysts’ estimates of $0.70 per share. The company’s quarterly sales came in at $1.48 billion, versus expectations of $1.44 billion.

Tapestry said it now expects FY22 earnings of $3.45-$3.50 per share, versus prior forecast of $3.30-$3.35. The company raised its sales forecast from $6.4 billion to $6.6 billion.

Equities Trading UP

Root, Inc. ROOT shares shot up 24% to $5.79 after the company reported better-than-expected Q3 EPS and sales results.

Shares of Fossil Group, Inc. FOSL got a boost, shooting 36% to $18.80 after the company reported better-than-expected Q3 sales results and raised FY21 net sales growth guidance.

Enthusiast Gaming Holdings Inc. EGLX shares were also up, gaining 27% to $3.83 after reporting a rise in quarterly sales.

Check out these big movers of the day

Equities Trading DOWN

Paysafe Limited PSFE shares tumbled 39% to $4.4199 after the company reported worse-than-expected Q3 sales results and cut FY21 sales guidance below estimates.

Shares of Nisun International Enterprise Development Group Co., Ltd NISN were down 32% to $11.02 after the company reported Q3 results.

Bright Health Group, Inc. BHG was down, falling 24% to $5.55 after the company reported a wider Q3 loss and worse-than-expected sales results.

Commodities

In commodity news, oil traded up 0.5% to $81.74, while gold traded up 0.8% to $1,863.80.

Silver traded up 2% Thursday to $25.275 while copper rose 2% to $4.4080.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.22%, the Spanish Ibex Index fell 0.6% and the German DAX 30 gained 0.01%. Meanwhile, the London’s FTSE 100 rose 0.61%, French CAC 40 rose 0.05% and Italy’s FTSE MIB rose 0.14%.

The Eurozone economy is expected to expand at a faster rate of 5% this year, up from 4.8% projected in July, the European Commission said. Business investment in the UK rose 0.4% quarter-over-quarter in the July-September period, while industrial production dropped 0.4% in September. The British economy grew 0.6% mom in September versus a revised 0.2% in August. The UK trade deficit increased to GBP 2.8 billion in September.

Economics

There were no major US economic releases Thursday.