Following the market opening Wednesday, the Dow traded down 0.31% to 35,939.39 while the NASDAQ fell 0.01% to 15,649.42. The S&P also fell, dropping 0.15% to 4,623.92.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 46,999,770 cases with around 768,840 deaths. India confirmed a total of at least 34,308,140 cases and 459,200 deaths, while Brazil reported over 21,821,120 COVID-19 cases with 608,110 deaths. In total, there were at least 248,404,650 cases of COVID-19 worldwide with more than 5,031,230 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Materials shares gained by 0.4% on Wednesday. Meanwhile, top gainers in the sector included The Scotts Miracle-Gro Company SMG, up 13% and FMC Corporation FMC up 10%.
In trading on Wednesday, industrials shares fell 1%.
Top Headline
CVS Health Corporation CVS reported better-than-expected results for its third quarter and raised its FY21 guidance.
CVS Health posted Q3 adjusted earnings of $1.97 per share, beating analysts’ estimates of $1.78 per share. The company’s quarterly sales came in at $73.79 billion, versus expectations of $70.49 billion.
CVS raised its FY21 adjusted EPS guidance from $7.70-$7.80 to $7.90-$8.00.
Equities Trading UP
iRhythm Technologies, Inc. IRTC shares shot up 42% to $108.71. iRhythm Technologies commented on the Centers for Medicare and Medicaid Services (CMS) Calendar Year 2022 Medicare Physician Fee Schedule (MPFS) Final Rule.
Shares of R. R. Donnelley & Sons Company RRD got a boost, shooting 37% to $9.02 after it was announced the company will be acquired by Atlas. The company also reported better-than-expected Q3 EPS and sales results.
Bed Bath & Beyond Inc. BBBY shares were also up, gaining 30% to $21.82 on the heels of three new announcements from the company outlining strategic plans to help with its turnaround. Bed Bath & Beyond increased the amount of its three-year share buyback to $1 billion and also announced the launch of a new digital marketplace to expand in the Home & Baby categories. Bed Bath & Beyond and Kroger announced a collaboration for a national e-commerce experience and in-store pilot.
Check out these big movers of the day
Equities Trading DOWN
Urban One, Inc. UONE shares tumbled 29% to $7.81. Local News reported 'Richmond casino referendum: Urban ONE rolled the dice, but the race is too close to call.'
Shares of Cardiol Therapeutics Inc. CRDL were down 25% to $2.5450 after the company priced its previously announced public offering of 16,350,000 units of the Company at $3.07 per unit.
SkyWater Technology, Inc. SKYT was down, falling 25% to $24.55 after the company posted a wider-than-expected Q3 loss.
Commodities
In commodity news, oil traded down 2.3% to $81.98, while gold traded down 0.5% to $1,781.40.
Silver traded up 0.3% Wednesday to $23.57 while copper rose 1.3% to $4.4215.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 rose 0.03%, the Spanish Ibex Index fell 0.8% and the German DAX 30 slipped 0.1%. Meanwhile, the London’s FTSE 100 fell 0.3%, French CAC 40 rose 0.01% and Italy’s FTSE MIB rose 0.2%.
UK services PMI was revised higher to 59.1 in October versus a preliminary reading of 58.0, while annual house price growth in the country eased to 9.9% in October. The unemployment rate in Italy declined to 9.2% in September.
Economics
Private businesses in the US hired 571,000 workers in October.
The IHS Markit services PMI was revised higher to 58.7 in October versus a preliminary level of 58.2.
US factory orders rose 0.2% for September.
The ISM services PMI rose to a record high of 66.7 in October from 61.9 in September.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
The Federal Reserve will announce its policy decision at 2:00 p.m. ET.
The Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
