Mid-afternoon market update: Nasdaq tumbles 300 points, Pubmatic shares gain after Q3 results

Toward the end of trading Wednesday, the Dow traded down 0.67% to 36,075.12 while the NASDAQ fell 1.90% to 15,585.20. The S&P also fell, dropping 0.99% to 4,638.64.

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 0.3% on Wednesday. Meanwhile, top gainers in the sector included ATI Physical Therapy, Inc. ATIP +32.26% (Get Free Alerts for ATIP), up 34% and Seres Therapeutics, Inc. MCRB +21.32% (Get Free Alerts for MCRB) up 25%.

In trading on Wednesday, energy shares fell 2.3%.

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. RNXT +69.87% shares shot up 71% to $9.25. The company, on Tuesday evening, made a presentation on intra-arterial chemotherapy as a potential innovative treatment for pancreatic cancer.

Shares of PubMatic, Inc. PUBM +13.48% got a boost, shooting 24% to $39.74 after the company reported better-than-expected Q3 results and raised FY21 sales guidance above estimates.

RingCentral, Inc. RNG +20.26% shares were also up, gaining 25% to $292.11 after the company reported better-than-expected Q3 results and announced a strategic partnership to provide Mitel's customer base with a seamless migration path to its MVP cloud communications platform.

Equities Trading DOWN

Great Panther Mining Limited GPL -31.89% shares tumbled 31% to $0.2655 after the company reported a $20 million bought-deal offering.

Shares of Poshmark, Inc. POSH -28.86% were down 29% to $17.45 after the company reported worse-than-expected Q3 results and issued Q4 sales guidance below estimates.

Yumanity Therapeutics, Inc. YMTX -34.2% was down, falling 33% to $5.72 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 3% to $81.59, while gold traded up 1.1% to $ 1,851.70.

Silver traded up 2.3% Wednesday to $24.87 while copper fell 1.1% to $4.3230.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.22%, the Spanish Ibex Index rose 0.74% and the German DAX 30 gained 0.17%. Meanwhile, the London’s FTSE 100 rose 0.91%, French CAC 40 rose 0.03% and Italy’s FTSE MIB rose 0.44%.

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.

US crude oil inventories increased 1.001 million barrels in the week ending November 5, following a 3.291 million rise in the prior period, the EIA said.

US natural-gas supplies surged 7 billion cubic feet last week, the EIA said.