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