Mid-Day Market Update: Crude Oil Rises 4.5%; Grupo Televisa Shares Spike Higher

Midway through trading Wednesday, the Dow traded up 0.61% to 33,881.54 while the NASDAQ fell 0.24% to 13,962.31. The S&P also rose, gaining 0.05% to 4,143.85.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 31,346,920 cases with around 563,440 deaths. India confirmed a total of at least 13,873,820 cases and 172,080 deaths, while Brazil reported over 13,599,990 COVID-19 cases with 358,420 deaths. In total, there were at least 137,515,910 cases of COVID-19 worldwide with more than 2,961,460 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 4.2% on Wednesday. Meanwhile, top gainers in the sector included DMC Global Inc. BOOM, up 10%, and Earthstone Energy, Inc. ESTE, up 9%.

In trading on Wednesday, information technology shares fell 0.5%.

Top Headline

JPMorgan Chase & Co. JPM reported better-than-expected results for its first quarter.

JPMorgan reported quarterly earnings of $4.50 per share, beating analysts’ estimates of $3.10 per share. The company’s quarterly sales came in at $33.1 billion, versus expectations of $30.52 billion.

Equities Trading UP

Discovery, Inc. DISCB shares shot up 43% to $106.98.

Shares of Nurix Therapeutics, Inc. NRIX got a boost, shooting 21% to $32.05 after Berenberg initiated coverage on the stock with a Buy rating.

Grupo Televisa, S.A.B. TV shares were also up, gaining 18% to $11.98 after the company reached an agreement with Univision to sell its content and media assets in a deal valued at $4.8 billion. Televisa will receive $3 billion in cash and $1.5 billion in Univision equity.

Check out these big movers of the day

Equities Trading DOWN

LifeMD, Inc. LFMD shares tumbled 22% to $9.20 following recent tweets from short seller, Culper Research, including 'We're short LifeMD, Inc. $LFMD...'

Shares of Bed Bath & Beyond Inc. BBBY were down 10% to $25.30 after the company reported worse-than-expected Q4 sales results. The company also reaffirmed its FY21 sales guidance below analyst estimates.

Intrusion Inc. INTZ was down, falling 13% to $24.51 following earlier short report from White Diamond Research 'Why A Cybersecurity Expert Calls Intrusion And Its New Shield Product "Garbage" As Insiders Liquidate Holdings.'

Commodities

In commodity news, oil traded up 4.5% to $62.91, while gold traded down 0.6% to $1,736.80.

Silver traded up 0.1% Wednesday to $25.46 while copper rose 2.4% to $4.1280.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.19%, the Spanish Ibex Index rose 0.74% and the German DAX 30 dropped 0.17%. Meanwhile, the French CAC 40 rose 0.4% London’s FTSE 100 rose 0.71% and Italy’s FTSE MIB fell 0.1%.

Industrial production in the Eurozone fell 1.0% in February, versus a 0.8% rise in January. Labor productivity in the UK dropped 4.3% on quarter during October-December 2020, versus a preliminary estimate of a 4.5% decline.

Economics

Import prices in the US rose 1.2% in March following a 1.3% increase in February. Prices for US exports climbed 2.1% in March after rising 1.6% a month ago.

The Federal Open Market Committee will release its recent Beige Book report at 2:00 p.m. ET.

Federal Reserve Bank of New York President John Williams is set to speak at 2:30 p.m. ET.

Federal Reserve Vice Chairman Richard Clarida will speak at 3:45 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 4:00 p.m. ET.

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 6:05 a.m. ET.

Check out the full economic calendar here