Mid-Afternoon Market Update: Nasdaq Rises Over 100 Points; Fossil Group Shares Spike Higher

Toward the end of trading Thursday, the Dow traded down 0.29% to 35,975.64 while the NASDAQ rose 0.74% to 15,737.91. The S&P also rose, gaining 0.19% to 4,655.48.

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 1.1% on Thursday. Meanwhile, top gainers in the sector included Orla Mining Ltd. ORLA, up 10% and Alcoa Corporation AA up 11%.

In trading on Thursday, utilities shares fell 0.9%.

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 23% to $5.76 after the company reported better-than-expected Q3 EPS and sales results.

Shares of Fossil Group, Inc. FOSL got a boost, shooting 25% to $17.31 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 35% to $4.07 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 $9.88 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 26% to $5.39 after the company reported a wider Q3 loss and worse-than-expected sales results.

Commodities

In commodity news, oil traded down 0.7% to $80.77, while gold traded up 0.9% to $1,864.70.

Silver traded up 2% Thursday to $25.26 while copper rose 1.8% to $4.40.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.32%, the Spanish Ibex Index fell 0.54% and the German DAX 30 gained 0.10%. Meanwhile, the London’s FTSE 100 rose 0.60%, French CAC 40 rose 0.20% and Italy’s FTSE MIB rose 0.26%.

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.