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Mid-Afternoon Market Update: Dow Surges Over 200 Points; Neonode Shares Spike Higher

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Toward the end of trading Wednesday, the Dow traded up 0.67% to 34,531.13 while the NASDAQ climbed 0.33% to 14,594.58. The S&P also rose, gaining 0.58% to 4,377.81.

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

Utilities shares jumped 1.5% on Wednesday. Meanwhile, top gainers in the sector included Pampa Energía S.A. (NYSE: PAM), up 4% and Sempra (NYSE: SRE) up 3%.

In trading on Wednesday, materials shares fell 0.1%.

Top Headline

Jabil Inc. (NYSE: 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. (NASDAQ: GREE) shares shot up 14% to $27.09. B. Riley Securities initiated coverage on Greenidge Generation with a Buy rating and announced a price target of $78.

Shares of NuCana plc (NASDAQ: NCNA) got a boost, shooting 16% to $2.76. The FDA granted Fast Track designation to NuCana’s Acelarin (NUC-1031) for the first-line treatment of patients with advanced biliary tract cancer.

Neonode Inc. (NASDAQ: NEON) shares were also up, gaining 26% to $11.74. Korean contactless solution provider Doostek chose Neonode reseller TNB Tech for contactless self-check-in kiosk trials at a Korean airport featuring Neonode contactless touch technology.

Check out these big movers of the day

Equities Trading DOWN

Helbiz, Inc. (NASDAQ: HLBZ) shares tumbled 34% to $13.71. The company reported effectiveness of registration statement registering the resale of up to 2.65 million shares held by PIPE Investors, the resale of 2.65 million underlying warrants held by PIPE Investors and 5.75 million shares issuable upon warrant exercise.

Shares of Mawson Infrastructure Group Inc. (NASDAQ: MIGI) were down 17% to $8.98. Mawson Infrastructure Group priced $45.0 million underwritten public offering and listing on the Nasdaq Capital Market.

IronNet, Inc. (NYSE: IRNT) was down, falling 20% to $21.05. Jefferies initiated coverage of IronNet with a Hold rating and $27 price target.


In commodity news, oil traded down 0.6% to $74.83, while gold traded down 0.8% to $1,723.40.

Silver traded down 4.5% Wednesday to $ 21.455 while copper fell 1.2% to $4.1945.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.59%, the Spanish Ibex Index rose 1.25% and the German DAX 30 gained 0.77%. Meanwhile, the London’s FTSE 100 climbed 1.14%, French CAC 40 climbed 0.83% and Italy’s FTSE MIB surged 0.64%.

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.


US pending home sales rose 8% for August.

US crude oil inventories climbed 4.578 million barrels in the week ending September 24th, the Energy Information Administration said.

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

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