Mid-Morning Market Update: Markets Mixed; JPMorgan Posts Upbeat Earnings

Following the market opening Wednesday, the Dow traded down 0.36% to 34,254.62 while the NASDAQ rose 0.27% to 14,505.47. The S&P also fell, dropping 0.07% to 4,347.49.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 45,431,160 cases with around 737,580 deaths. India confirmed a total of at least 34,001,740 cases and 451,220 deaths, while Brazil reported over 21,590,090 COVID-19 cases with 601,440 deaths. In total, there were at least 239,595,360 cases of COVID-19 worldwide with more than 4,884,230 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Information technology shares gained by 0.3% on Wednesday. Meanwhile, top gainers in the sector included SMART Global Holdings, Inc. SGH, up 12% and BlackBerry Limited BB up 6%.


In trading on Wednesday, financials shares fell 1.5%.


Top Headline


JPMorgan Chase & Co. JPM reported better-than-expected earnings for its third quarter on Wednesday.

JPMorgan Chase reported quarterly earnings of $3.74 per share, beating analysts’ estimates of $3.00 per share. The bank reported quarterly net revenue of $29.65 billion and managed net revenue of $30.441 billion, versus analysts’ estimates of $29.79 billion.

 

Equities Trading UP


Jasper Therapeutics, Inc. JSPR shares shot up 101% to $14.50 after Oppenheimer initiated coverage on the stock with an Outperform rating and a $21 price target.


Shares of InspireMD, Inc. NSPR got a boost, shooting 15% to $4.52 after the company announced it received reimbursement approval for CGuard Embolic Prevent System from the French National Authority for Health.

RLX Technology Inc. RLX shares were also up, gaining 14% to $5.31 after declining around 5% on Tuesday.

Check out these big movers of the day


Equities Trading DOWN

XORTX Therapeutics Inc. XRTX shares tumbled 31% to $3.27.


Shares of NeuroOne Medical Technologies Corporation. NMTC were down 25% to $3.09 after the company priced a 3.75 million share common stock offering at $3.20 per share.


Neuronetics, Inc. STIM was down, falling 20% to $5.15 after the company cut Q3 and FY21 sales guidance below estimates. BTIG downgraded Neuronetics from Buy to Neutral.


Commodities


In commodity news, oil traded down 0.5% to $80.21, while gold traded up 0.7% to $1,771.90.


Silver traded up 1.5% Wednesday to $22.85 while copper rose 1.6% to $4.3935.


Euro zone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.4%, the Spanish Ibex Index fell 0.6% and the German DAX 30 gained 0.7%. Meanwhile, the London’s FTSE 100 fell 0.1%, French CAC 40 rose 0.2% and Italy’s FTSE MIB slipped 0.1%.

Industrial output in the Eurozone fell 1.6% in August, while factory output in the UK rose 4.1% year-over-year in August. Exports from the UK fell 2% to GBP 49.8 billion in August, while imports slipped 0.5% to GBP 53.5 billion. Industrial production in the UK increased 0.8% in August, while the country’s gross domestic product grew 2.9% on quarter during the three months to August. German consumer price inflation rate was confirmed at 4.1% year-over-year in September.

Economics


The annual inflation rate rose to a 13-year high of 5.4% in September versus 5.3% in the previous month.

The Treasury is set to auction 30-year bonds at 1:00 p.m. ET.


The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.


The U.S. Treasury statement for September is scheduled for release at 2:00 p.m. ET.


Federal Reserve Governor Lael Brainard is set to speak at 3:30 p.m. ET.


Federal Reserve Governor Michelle Bowman will speak at 8:00 p.m. ET.

Check out the full economic calendar here

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Morning Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!