Mid-Day Market Update: Gold Rises 1.5%; Poshmark Shares Drop

Midway through trading Wednesday, the Dow traded down 0.09% to 36,287.31 while the NASDAQ fell 0.38% to 15,826.08. The S&P also fell, dropping 0.11% to 4,679.87.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 47,536,530 cases with around 778,310 deaths. India confirmed a total of at least 34,386,780 cases and 461,820 deaths, while Brazil reported over 21,897,020 COVID-19 cases with 609,810 deaths. In total, there were at least 251,726,650 cases of COVID-19 worldwide with more than 5,082,970 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares gained by 0.8% on Wednesday. Meanwhile, top gainers in the sector included VIZIO Holding Corp. VZIO, up 15% and Latham Group, Inc. SWIM up 22%.

In trading on Wednesday, energy shares fell 2%.

Top Headline

The annual inflation rate rose to 6.2% in October, recording the highest level since November of 1990. Analysts were expecting a reading of 5.8%. The core CPI rose 0.6% month-over-month in October following a 0.2% increase in September.

Equities Trading UP

RenovoRx, Inc. RNXT shares shot up 82% to $9.85. The company, on Tuesday evening, made a presentation on intra-arterial chemotherapy as a potential innovative treatment for pancreatic cancer.

Shares of PubMatic, Inc. PUBM got a boost, shooting 29% to $41.41 after the company reported better-than-expected Q3 results and raised FY21 sales guidance above estimates.

RingCentral, Inc. RNG shares were also up, gaining 30% to $303.00 after the company reported better-than-expected Q3 results and announced a strategic partnership to provide Mitel's customer base with a seamless migration path to its MVP cloud communications platform.

Check out these big movers of the day

Equities Trading DOWN

Great Panther Mining Limited GPL shares tumbled 30% to $0.2692 after the company reported a $20 million bought-deal offering.

Shares of Poshmark, Inc. POSH were down 28% to $17.66 after the company reported worse-than-expected Q3 results and issued Q4 sales guidance below estimates.

Yumanity Therapeutics, Inc. YMTX was down, falling 30% to $5.95 after the company reported top-line results of Phase 1b clinical trial for YTX-7739 in patients with Parkinson's disease.

Commodities

In commodity news, oil traded down 0.7% to $83.60, while gold traded up 1.5% to $1,858.80.

Silver traded up 3.6% Wednesday to $25.19 while copper fell 0.2% to $4.3640.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.23%, the Spanish Ibex Index rose 0.79% and the German DAX 30 gained 0.17%. Meanwhile, the London’s FTSE 100 rose 0.62%, French CAC 40 rose 0.07% and Italy’s FTSE MIB rose 0.51%.

Italy’s industrial production rose 0.1% from a month ago in September, while annual inflation rate in Germany increased to 4.5% in October, recording the highest level since August of 1993.

Economics

The annual inflation rate rose to 6.2% in October, recording the highest level since November of 1990. Analysts were expecting a reading of 5.8%. The core CPI rose 0.6% month-over-month in October following a 0.2% increase in September.

US initial jobless claims fell to 267,000 in the week ending November 6th, from a revised 271,000 in the prior period.

Wholesale inventories increased 1.4% month-over-month to $742.2 billion in September.

US crude oil inventories increased 1.001 million barrels in the week ending November 5, following a 3.291 million rise in the prior period, the EIA said.

The Treasury will auction 30-year bonds at 1:00 p.m. ET.

The U.S. Treasury budget report for October is scheduled for release at 2:00 p.m. ET.

Check out the full economic calendar here