Mid-Morning Market Update: Markets Open Higher; Procter & Gamble Beats Q1 Views

Following the market opening Tuesday, the Dow traded up 0.82% to 28425.94 while the NASDAQ rose 0.84% to 11575.60. The S&P also rose, gaining 0.90% to 3,457.87.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 8,215,570 cases with around 220,130 deaths. India confirmed a total of at least 7,597,060 confirmed cases and 115,190 deaths, while Brazil reported over 5,250,720 COVID-19 cases with 154,170 deaths. In total, there were at least 40,433,850 cases of COVID-19 worldwide with over 1,118,680 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares climbed 1.3% on Tuesday. Meanwhile, top gainers in the sector included X Financial XYF, up 13%, and Sierra Bancorp BSRR, up 8%.

In trading on Tuesday, energy shares rose by just 0.2%.

Top Headline

Procter & Gamble Co PG reported better-than-expected results for its first quarter and raised its FY21 guidance.

Procter & Gamble reported quarterly earnings of $1.63 per share, beating analysts’ estimates of $1.41 per share. The company posted sales of $19.32 billion, surpassing expectations of $18.35 billion.

Equities Trading UP

Cleveland BioLabs, Inc. CBLI shares shot up 140% to $5.22 after the company announced a definitive merger agreement to combine its business with Cytocom in an all-stock transaction.

Shares of Aptinyx Inc. APTX got a boost, shooting 56% to $5.72 after the company announced positive results from the first Phase 2 study of its novel NMDA receptor modulator, NYX-783, in 153 patients with post-traumatic stress disorder.

Aurora Mobile Limited JG shares were also up, gaining 32% to $2.88. Aurora Mobile last week said it will receive RMB17.24 million in special support funding from Shenzhen Municipality DRC as a part of strategic emerging industries development program.

 

Equities Trading DOWN

Baudax Bio, Inc. BXRX shares tumbled 34% to $1.74 after the company issued commercial and corporate update.

Shares of Code Chain New Continent Limited CCNC were down 29% to $1.62 after surging over 108% on Monday.

Greenland Technologies Holding Corporation GTEC was down, falling 20% to $2.8350 after surging 42% on Monday.

Commodities

In commodity news, oil traded up 0.3% to $40.96, while gold traded down 0.2% to $1,908.70.

Silver traded up 0.1% Tuesday to $24.730 while copper rose 1% to $3.1175.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 slipped 0.1%, the Spanish Ibex Index rose 1%, while Italy’s FTSE MIB Index gained 0.5%. Meanwhile, the German DAX 30 slipped 0.3%, French CAC 40 rose 0.2% and London’s FTSE 100 rose 0.3%.

Eurozone current Account data for August showed a surplus of €19.9 billion. German Producer Price Index rose 0.4% month-over-month in September.

Economics

US Housing starts increased 1.9% to an annual rate of 1.415 million units in September, while building permits increased 5.2% to an annual rate of 1.553 million.

The Johnson Redbook Retail Sales Index rose 1% during the first two weeks of October versus September.

Federal Reserve Vice Chairman for Supervision Randal Quarles is set to speak at 10:50 a.m. ET.

Federal Reserve Bank of Chicago President Charles Evans will speak at 1:00 p.m. ET.

Federal Reserve Governor Lael Brainard is set to speak at 3:00 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 5:00 p.m. ET.