Mid-afternoon market update: Nasdaq jumps 100 points, Jasper Therapeutics shares spike higher

Toward the end of trading Wednesday, the Dow traded up 0.06% to 34,398.86 while the NASDAQ rose 0.70% to 14,566.72. The S&P also rose, gaining 0.31% to 4,364.35.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 45,431,160 cases with around 737,580 deaths. India confirmed a total of at least 34,001,740 cases and 451,220 deaths, while Brazil reported over 21,590,090 COVID-19 cases with 601,440 deaths. In total, there were at least 239,595,360 cases of COVID-19 worldwide with more than 4,884,230 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Materials shares gained by 0.8% on Wednesday. Meanwhile, top gainers in the sector included New Found Gold Corp. NFGC +11.42% (Get Free Alerts for NFGC), up 12% and Standard Lithium Ltd. SLI +15.16% (Get Free Alerts for SLI) up 10%.

In trading on Wednesday, financials shares fell 0.8%.

Top Headline

JPMorgan Chase & Co. JPM +2.38% reported better-than-expected earnings for its third quarter on Wednesday.

JPMorgan Chase reported quarterly earnings of $3.74 per share, beating analysts’ estimates of $3.00 per share. The bank reported quarterly net revenue of $29.65 billion and managed net revenue of $30.441 billion, versus analysts’ estimates of $29.79 billion.

Equities Trading UP

Jasper Therapeutics, Inc. JSPR +105.13% shares shot up 122% to $16.01 after Oppenheimer initiated coverage on the stock with an Outperform rating and a $21 price target.

Shares of Waitr Holdings Inc. WTRH +58.45% got a boost, shooting 48% to $1.19 after Morgan Stanley reported a 10.3% passive stake in the company.

Clarus Therapeutics Holdings, Inc. CRXT +29.02% shares were also up, gaining 30% to $5.34 after Truist Securities initiated coverage on the stock with a Buy rating and a $10 price target.

Equities Trading DOWN

Regulus Therapeutics Inc. RGLS +29.88% shares tumbled 30% to $0.5334 after the company announced a strategic prioritization of its next-generation candidate, RGLS8429, for the treatment of ADPKD. The company's previous ADPKD candidate, RGLS4326, will no longer be advanced.

Shares of NeuroOne Medical Technologies Corporation. NMTC +29.37% were down 30% to $2.90 after the company priced a 3.75 million share common stock offering at $3.20 per share.

Neuronetics, Inc. STIM +24.53% was down, falling 19% to $5.18 after the company cut Q3 and FY21 sales guidance below estimates. BTIG downgraded Neuronetics from Buy to Neutral.


In commodity news, oil traded down 0.2% to $80.51, while gold traded up 1.9% to $1,793.30.

Silver traded up 2.6% Wednesday to $23.105 while copper rose 3.9% to $4.4950.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.70%, the Spanish Ibex Index fell 0.61% and the German DAX 30 gained 0.68%. Meanwhile, the London’s FTSE 100 rose 0.16%, French CAC 40 rose 0.75% and Italy’s FTSE MIB slipped 0.12%.

Industrial output in the Eurozone fell 1.6% in August, while factory output in the UK rose 4.1% year-over-year in August. Exports from the UK fell 2% to GBP 49.8 billion in August, while imports slipped 0.5% to GBP 53.5 billion. Industrial production in the UK increased 0.8% in August, while the country’s gross domestic product grew 2.9% on quarter during the three months to August. German consumer price inflation rate was confirmed at 4.1% year-over-year in September.


The annual inflation rate rose to a 13-year high of 5.4% in September versus 5.3% in the previous month.

The Federal Open Market Committee issued minutes of its latest meeting.

Federal Reserve Governor Lael Brainard is set to speak at 3:30 p.m. ET.

Federal Reserve Governor Michelle Bowman will speak at 8:00 p.m. ET.

Benzinga does not provide investment advice. All rights reserved.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD remains vulnerable near 1.1600 amid firmer dollar

EUR/USD is hovering around 1.1600, on the defensive amid a broadly stronger US dollar. Markets cheer US-Sino talks and stimulus progress despite looming inflation fears. The Fed-ECB monetary policy divergence weighs down on the euro. US Consumer Confidence data awaited.


GBP/USD hovers around 1.3750, Brexit talks in London eyed

GBP/USD is trading above 1.3750, struggling for a clear direction after Monday’s rebound. Market sentiment improves on stimulus hopes, US-Sino talks but the dollar remains firmer. UK’s Frost offers EU Dec deadline to solve the row over the NI proposal. All eyes on the Brexit talks.


XAU/USD flirts with $1,800 amid stronger USD, risk-on mood

Gold snaps a five-day uptrend, refreshes intraday low of late. Market sentiment dwindles amid pre-GDP caution, light calendar. US Treasury yields rebound, add strength to the greenback.

Gold News

Traders book profits from Shiba Inu to push Dogecoin to $0.34

Dogecoin price could see some incoming speculative money from profit-taking in Shiba Inu A bullish close above the Cloud on the daily chart indicates future upswing likely. The outperformance of Shiba Inu is likely as Dogecoin lags the majority of the market.

Read more

Conference Board Consumer Confidence October Preview: Watch what we do... Premium

Confidence expected to slip to 108.3 from 109.3 in September. Michigan Consumer Sentiment eroded slightly in October. Sentiment seems divorced from labor market and Retail Sales. Federal Reserve taper will not hinge on a happy US consumer.

Read more