U.S. Markets Open Lower; Winnebago Posts Upbeat Results

U.S. stocks traded lower this morning, with the Dow Jones dropping around 300 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.98% to 30,231.20 while the NASDAQ fell 0.61% to 11,001.92. The S&P also fell, dropping, 0.82% to 3,733.90.

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Leading and Lagging Sectors

Health care shares jumped by 0.5% on Wednesday. Meanwhile, top gainers in the sector included Eliem Therapeutics, Inc. ELYM, up 2% and Assembly Biosciences, Inc. ASMB up 2%.

In trading on Wednesday, energy shares tumbled by 5%.

Top Headline

Winnebago Industries, Inc. WGO reported better-than-expected results for its third quarter.

Winnebago posted adjusted earnings of $4.13 per share, exceeding market estimates of $2.96 per share. The company’s quarterly sales came in at $1.46 billion, versus expectations of $1.20 billion.

Equities Trading UP

Ocean Bio-Chem, Inc. OBCI shares shot up 117% to $12.82 after the company announced it will be acquired by OneWater Marine for $13.08 per share in cash.

Shares of Revlon, Inc. REV got a boost, shooting 52% to $9.20 on continued volatility following the company's recent bankruptcy filing. The stock has also been circulated as a short squeeze candidate.

Wave Life Sciences Ltd. WVE shares were also up, gaining 17% to $2.42. Wave Life Sciences recently announced pricing of $70.0 million underwritten offering.

 

Equities Trading DOWN

Athira Pharma, Inc. ATHA shares tumbled 70% to $2.56 after the company reported that the primary endpoint of change in biomarker ERP P300 latency was not statistically significant from its exploratory ACT-AD Phase 2 study of fosgonimeton.

Shares of Neptune Wellness Solutions Inc. NEPT were down 33% to $1.95 after the company announced a $5 million registered direct offering.

Micro Focus International plc MFGP was down, falling 15% to $3.6785.

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Commodities

In commodity news, oil traded down 4.5% to $104.56, while gold traded up 0.4% to $1,846.70.

Silver traded down 1.7% to $21.39 on Wednesday while copper fell 3.3% to $3.9070.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 dropped 1.4%, London’s FTSE 100 fell 1.4% while Spain’s IBEX 35 Index fell 1.6%. The German DAX dropped 1.9%, French CAC 40 fell 1.6% and Italy’s FTSE MIB Index fell 2.1%.

The annual inflation rate in the UK accelerated to 9.1% in May from 9% in the previous month, while producer prices surged 15.7% year-over-year in May.

 

Economics

Federal Reserve Bank of Richmond President Thomas Barkin will speak at 12:00 p.m. ET.

Federal Reserve Bank of Chicago President Charles Evans will speak at 12:55 p.m. ET.

The Treasury is set to auction 20-year bonds at 1:00 p.m. ET.

Philadelphia Federal Reserve Bank President Patrick Harker is set to speak at 1:30 p.m. ET.

Federal Reserve Bank of Richmond President Thomas Barkin will speak at 1:30 p.m. ET.

Check out this: US Stock Futures Higher; Dow Futures Surge 500 Points

Check out our premarket coverage here

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 88,244,870 cases with around 1,038,900 deaths. India confirmed a total of at least 43,334,650 cases and 524,900 deaths, while Brazil reported over 31,824,220 COVID-19 cases with 669,430 deaths. In total, there were at least 545,869,900 cases of COVID-19 worldwide with more than 6,343,910 deaths.