Mid-Morning Market Update: Markets Open Higher; Jabil Reports Mixed Q1 Results

Following the market opening Wednesday, the Dow traded up 0.45% to 34,453.66 while the NASDAQ rose 0.68% to 14,646.25. The S&P also rose, gaining 0.57% to 4,377.42.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 43,232,150 cases with around 693,060 deaths. India confirmed a total of at least 33,716,450 cases and 447,750 deaths, while Brazil reported over 21,381,790 COVID-19 cases with 595,440 deaths. In total, there were at least 232,865,400 cases of COVID-19 worldwide with more than 4,767,360 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Real estate shares jumped 0.9% on Wednesday. Meanwhile, top gainers in the sector included IRSA Propiedades Comerciales S.A. IRCP, up 5% and KE Holdings Inc. BEKE up 7%.

In trading on Wednesday, energy shares fell 0.1%.

Top Headline

Jabil Inc. JBL reported better-than-expected earnings for its fourth quarter, while sales missed estimates.

Jabil reported quarterly adjusted earnings of $1.44 per share, exceeding analysts’ estimates of $1.38 per share. The company’s quarterly sales came in at $7.40 billion, versus expectations of $7.67 billion.

Jabil said it sees Q1 adjusted earnings of $1.70 to$1.90 per share on revenue of $8 billion to $8.6 billion.

 

Equities Trading UP

Greenidge Generation Holdings Inc. GREE shares shot up 35% to $32.15. B. Riley Securities initiated coverage on Greenidge Generation with a Buy rating and announced a price target of $78.

Shares of NuCana plc NCNA got a boost, shooting 28% to $3.02. The FDA granted Fast Track designation to NuCana’s Acelarin (NUC-1031) for the first-line treatment of patients with advanced biliary tract cancer.

Paltalk, Inc. PALT shares were also up, gaining 26% to $6.63.

Check out these big movers of the day

Equities Trading DOWN

Helbiz, Inc. HLBZ shares tumbled 32% to $14.04. Helbiz reported effectiveness of registration statement on Form S-1 registering resale of up to 2.65m shares held by PIPE Investors, resale of 2.65m underlying warrants held by PIPE Investors, 5.75 million shares issuable upon warrant exercise.

Shares of Mawson Infrastructure Group Inc. MIGI were down 15% to $10.10. Mawson Infrastructure Group priced $45.0 million underwritten public offering and listing on the Nasdaq Capital Market.

Galileo Acquisition Corp. GLEO was down, falling 15% to $9.10.

Commodities

In commodity news, oil traded down 0.5% to $74.88, while gold traded up 0.5% to $1,745.80.

Silver traded down 0.5% Wednesday to $22.355 while copper fell 0.4% to $4.2290.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1%, the Spanish Ibex Index rose 0.8% and the German DAX 30 gained 1.1%. Meanwhile, the London’s FTSE 100 climbed 1.2%, French CAC 40 climbed 1.2% and Italy’s FTSE MIB surged 0.8%.

The consumer confidence indicator in the Eurozone improved to -4.0 in September from -5.3 in the prior month, while services confidence indicator declined to 15.1 from 16.8. The economic sentiment indicator in the Eurozone rose to 117.8 in September from 117.6 in August.

Import prices in Germany rose 16.5% year-over-year in August, while Spain's consumer price inflation increased to 4% year-over-year in September from 3.3% in the earlier month. Producer prices in Italy climbed 11.6% year-over-year in August, while consumer credit in the UK rose by GBP 0.4 billion in August.

Economics

US pending home sales rose 8% for August.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:00 a.m. ET.

The survey of business uncertainty for September is scheduled for release at 11:00 a.m. ET.

Federal Reserve Chair Jerome Powell will speak at 11:45 a.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly is set to speak at 1:00 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 2:00 p.m. ET.

Federal Reserve Bank of New York President John Williams is set to speak at 5:00 p.m. ET.

Check out the full economic calendar here