Mid-Morning Market Update: Markets Rise; Deere Beats Q3 Expectations

Following the market opening Friday, the Dow traded up 0.42% to 35,041.98 while the NASDAQ rose 0.86% to 14,667.29. The S&P also rose, gaining 0.52% to 4,428.90.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 37,296,810 cases with around 625,180 deaths. India confirmed a total of at least 32,358,820 cases and 433,580 deaths, while Brazil reported over 20,494,210 COVID-19 cases with 572,640 deaths. In total, there were at least 210,073,340 cases of COVID-19 worldwide with more than 4,404,570 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares rose 1.1% on Friday. Meanwhile, top gainers in the sector included Pixelworks, Inc. PXLW, up 16% and VirnetX Holding Corp VHC up 12%.

In trading on Friday, energy fell 0.8%.

Top Headline

Deere & Company DE reported better-than-expected results for its third quarter on Friday.

Deere reported quarterly adjusted earnings of $5.32 per share, surpassing analysts’ expectations of $4.57 per share. The company’s quarterly sales came in at $11.53 billion, versus estimates of $10.30 billion.

Deere raised its FY21 net income guidance from $5.3 billion -$5.7 billion to $5.7 billion -$5.9 billion.

 

Equities Trading UP

GeoVax Labs, Inc. GOVX shares shot up 48% to $6.37 after the company presented data from ongoing studies of its preventive vaccine against COVID-19, showing its modified virus Ankara - virus like particle platform, has a design strategy for vaccines that is expected to induce broader immunity through inclusion of multiple structural and nonstructural proteins from the target pathogen.

Shares of Flora Growth Corp. FLGC got a boost, shooting 26% to $11.14 after the company reported its financial and operating results for the six months ending June 30, 2021, revealing revenues of over $2 million, compared to revenues of approximately $100 000 in the same period of last year.

Pixelworks, Inc. PXLW shares were also up, gaining 16% to $4.13. The company, last week, reported better-than-expected Q2 results.

Check out these big movers of the day

Equities Trading DOWN

Endo International plc ENDP shares tumbled 27% to $2.58. Endo International, earlier during the month, posted upbeat quarterly results.

Shares of HEXO Corp. HEXO were down 25% to $2.4025 after the company reported a $140 million public offering.

Fate Therapeutics, Inc. FATE was down, falling 18% to $70.61 after the company announced interim data from its FT596 and FT516 programs for patients with relapsed / refractory B-cell lymphoma.

Commodities

In commodity news, oil traded down 0.6% to $63.28, while gold traded down 0.1% to $1,782.10.

Silver traded down 0.5% Friday to $23.12 while copper rose 1.8% to $4.1150.

Euro zone

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

German producer prices jumped 10.4% year-over-year in July following an 8.5% increase in the previous month. Retail sales volumes in the UK declined 2.5% in July, while the GfK consumer confidence index declined to -8 in August.

Economics

Federal Reserve Bank of Dallas President Robert Kaplan is set to speak at 11:00 a.m. ET.

The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

Check out the full economic calendar here