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Mid-Morning Market Update: Markets Mixed; Korn Ferry Reports Upbeat Q1 Results

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Following the market opening Wednesday, the Dow traded up 0.03% to 35,111.48 while the NASDAQ fell 0.27% to 15,332.05. The S&P also fell, dropping 0.02% to 4,519.29.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 40,280,090 cases with around 650,530 deaths. India confirmed a total of at least 33,096,710 cases and 441,410 deaths, while Brazil reported over 20,914,230 COVID-19 cases with 584,100 deaths. In total, there were at least 221,964,340 cases of COVID-19 worldwide with more than 4,586,680 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares gained 0.9% on Wednesday. Meanwhile, top gainers in the sector included Sunnova Energy International Inc. (NYSE: NOVA), up 3% and Eversource Energy (NYSE: ES) up 1.5%.

In trading on Wednesday, materials shares fell by 0.6%.

Top Headline

Korn Ferry (NYSE: KFY) reported better-than-expected results for its first quarter and issued strong sales forecast for the current quarter.

Korn Ferry reported quarterly earnings of $1.37 per share, exceeding analysts’ estimates of $1.07 per share. The company’s quarterly sales came in at $588.10 million, versus expectations of $540.51 million.

Korn Ferry said it sees Q2 earnings of $1.30 to $1.44 per share, versus analysts’ estimates of $0.92 per share.

Equities Trading UP

Kadmon Holdings, Inc. (NASDAQ: KDMN) shares shot up 73% to $9.15. Sanofi announced Wednesday it has agreed to acquire New York-based biopharma Kadmon in a $1.9 billion all-cash deal.

Shares of Arqit Quantum Inc. (NASDAQ: ARQQ) got a boost, shooting 29% to $14.63 after jumping 22% on Tuesday.

ICU Medical, Inc. (NASDAQ: ICUI) shares were also up, gaining 30% to $267.18. ICU Medical agreed to acquire Smiths Group plc's Medical division in a transaction that will create an IV therapy company and simplify customer workflow.

Check out these big movers of the day

Equities Trading DOWN

Overseas Shipholding Group, Inc. (NYSE: OSG) shares tumbled 17% to $2.24. Overseas Shipholding, last month, said it swung to a Q2 loss.

Shares of Alector, Inc. (NASDAQ: ALEC) were down 17% to $22.30. Alector announced that Shehnaaz Suliman and Robert Paul will be stepping down from their respective roles as President & chief operating officer and chief medical officer.

Mechel PAO (NYSE: MTL) was down, falling 14% to $4.28 after surging over 56% on Tuesday. The company recently reported Q2 results, including a 43% quarter-over-quarter revenue growth.

Commodities

In commodity news, oil traded up 1.6% to $69.46, while gold traded down 0.5% to $1,789.20.

Silver traded down 1.1% Wednesday to $24.115 while copper fell 0.6% to $4.2545.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.7%, the Spanish Ibex Index rose 0.2% and the German DAX 30 dropped 0.9%. Meanwhile, the London’s FTSE 100 fell 0.4%, French CAC 40 fell 0.4% and Italy’s FTSE MIB fell 0.3%.

France's trade deficit increased to EUR 6.96 billion in July from revised EUR 6.05 billion in the prior month, while payroll employment in the private sector increased 1.4% to 19.84 million in the second quarter. Retail sales in Italy slipped 0.4% in July.

Economics

The Johnson Redbook Retail Sales Index surged 16.5% year-over-year during the first week of September.

The number of job openings increased by 749,000 to a new series high of 10.934 million in July, the Labor Department said.

The Treasury is set to auction 10-year notes at 1:00 p.m. ET.

Federal Reserve Bank of New York President John Williams is set to speak at 1:10 p.m. ET.

The Federal Open Market Committee will release its recent Beige Book report at 2:00 p.m. ET.

Data on consumer credit for July will be released at 3:00 p.m. ET.

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 6:00 p.m. ET.

Check out the full economic calendar here

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