Mid-Morning Market Update: Markets Edge Lower; US Inflation Rate Increases To 6.2%
Following the market opening Wednesday, the Dow traded down 0.07% to 36,293.80 while the NASDAQ fell 0.23% to 15,850.04. The S&P also fell, dropping 0.05% to 4,682.75.
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
Health care shares gained by 0.5% on Wednesday. Meanwhile, top gainers in the sector included Valneva SE (NASDAQ: VALN), up 24% and Seres Therapeutics, Inc. (NASDAQ: MCRB) up 29%.
In trading on Wednesday, energy shares fell 1.1%.
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. (NASDAQ: RNXT) shares shot up 104% to $11.06. The company, on Tuesday evening, made a presentation on intra-arterial chemotherapy as a potential innovative treatment for pancreatic cancer.
Shares of PubMatic, Inc. (NASDAQ: PUBM) got a boost, shooting 29% to $41.44 after the company reported better-than-expected Q3 results and raised FY21 sales guidance above estimates.
SailPoint Technologies Holdings, Inc. (NYSE: SAIL) shares were also up, gaining 28% to $61.68 after the company reported better-than-expected Q3 results.
Check out these big movers of the day
Equities Trading DOWN
SOS Limited (NYSE: SOS) shares tumbled 33% to $1.42 after the company announced an offering of 51.5 million ADSs at $1.75 per ADS.
Shares of Helius Medical Technologies, Inc. (NASDAQ: HSDT) were down 30% to $8.30 after the company priced its underwritten public offering of 1.2 million shares at $8 per share.
Yumanity Therapeutics, Inc. (NASDAQ: YMTX) was down, falling 28% to $6.14 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 0.4% to $83.80, while gold traded down 0.3% to $1,825.40.
Silver traded down 0.5% Wednesday to $24.205 while copper fell 0.1% to $4.3675.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 dropped 0.1%, the Spanish Ibex Index rose 0.6% and the German DAX 30 dropped 0.1%. Meanwhile, the London’s FTSE 100 rose 0.5%, French CAC 40 fell 0.3% and Italy’s FTSE MIB rose 0.2%.
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.
The EIA’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.
The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released at 12:00 p.m. ET.
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
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