Mid-day market update: Nasdaq turns lower; Westport Fuel systems shares surge
|Midway through trading Friday, the Dow traded down 0.11% to 27872.20 while the NASDAQ fell 0.58% to 10,847.47. The S&P also fell, dropping 0.39% to 3,343.85.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 6,676,410 cases with around 197,650 deaths. India confirmed a total of at least 5,214,670 confirmed cases and 84,370 deaths, while Brazil reported over 4,455,380 COVID-19 cases with 134,930 deaths. In total, there were at least 30,205,220 cases of COVID-19 worldwide with over 946,670 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Financial shares climbed 0.6% on Friday. Meanwhile, top gainers in the sector included Live Oak Bancshares, Inc. LOB 7.77%, up 9%, and Ocwen Financial Corporation OCN 8.26%, up 8%.
In trading on Friday, real estate shares tumbled 1.2%.
Top Headline
US consumer sentiment increase in September, with the University of Michigan's consumer sentiment index climbing to 78.9 versus 74.1 in August.
Economists were expecting a reading of 75.9 for September.
Equities Trading UP
Cassava Sciences, Inc. SAVA 41.75% shares shot up 35% to $9.54 following news of two insiders buying stock Thursday even for a total of about 225,000 shares.
Shares of Bloom Energy Corporation BE 20.82% got a boost, shooting 19% to $17.25 after Morgan Stanley maintained an Overweight rating and raised its price target from $21 to $23.
Westport Fuel Systems Inc. WPRT 34.02% shares were also up, gaining 34% to $2.175 after the company announced its Weichai Westport joint venture received certification from the Ministry of Ecology and Environment of China for its 12-liter engine equipped with the HPDI 2.0 fuel system.
Equities Trading DOWN
BioVie Inc. BIVI 20% shares tumbled 19% to $10.15 after the company reported the pricing of an underwritten public offering of 1,565,200 shares at $10.00 per share.
Shares of Adamis Pharmaceuticals Corporation ADMP 10.11% were down 11% to $0.7046 after the company announced pricing of offering of common stock at $0.62 per share.
IsoRay, Inc. ISR 18.81% was down, falling 19% to $0.6316. IsoRay reported a loss for the fourth quarter, while sales missed expectations.
Commodities
In commodity news, oil traded up 0.7% to $41.27, while gold traded up 0.6% to $1,962.00.
Silver traded up 0.2% Friday to $27.150 while copper rose 0.1% to $3.0725.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.5%, the Spanish Ibex Index fell 2.1%, while Italy’s FTSE MIB Index dropped 1%. Meanwhile, the German DAX 30 declined 0.3%, French CAC 40 dropped 1.1% and London’s FTSE 100 fell 0.4%.
Retail sales in the UK climbed for the fourth consecutive month, rising 0.8% in August. German producer prices fell for the seventh straight month, declining 1.2% year-over-year in August.
Economics
The current account deficit increased by 52.9% to $170.5 billion during the second quarter.
The University of Michigan's consumer sentiment index climbed to 78.9 in September versus 74.1 in August.
The index of leading economic indicators increased 1.2% for August, versus analysts’ estimates for a 1.3% rise.
The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.