Thousands of traders just like you are using Benzinga Options to learn the options trading formula that Nic Chahine uses to earn a full-time living. Click here to see how you can learn while you earn.
Midway through trading Wednesday, the Dow traded up 1.04% to 32,760.03 while the NASDAQ rose 0.08% to 13,238.38. The S&P also rose, gaining 0.70% to 3,938.02.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 29,922,910 cases with around 543,840 deaths. Brazil reported over 12,130,010 COVID-19 cases with 298,670 deaths, while India confirmed a total of at least 11,734,050 cases and 160,440 deaths. In total, there were at least 124,260,610 cases of COVID-19 worldwide with more than 2,735,530 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Energy shares rose 3.5% on Wednesday. Meanwhile, top gainers in the sector included Calumet Specialty Products Partners, L.P. CLMT 16.67%, up 17%, and Aemetis, Inc. AMTX 11.73%, up 12%.
In trading on Wednesday, consumer staples shares fell 0.3%.
Top Headline
General Mills, Inc. GIS 5.1% reported weaker-than-expected earnings for its third quarter, while sales exceeded views.
General Mills posted quarterly earnings of $0.82 per share, missing analysts’ estimates of $0.84 per share. The company’s quarterly sales came in at $4.52 billion, versus expectations of $4.45 billion.
Equities Trading UP
Aptose Biosciences Inc. APTO 73.34% shares shot up 62% to $5.93 after the company reported Q4 earnings results.
Shares of Hall of Fame Resort & Entertainment Company HOFV 52.61% got a boost, shooting 55% to $6.26 after the company announced a Non-Fungible Token partnership with Dolphin Entertainment.
Dolphin Entertainment, Inc. DLPN 39.12% shares were also up, gaining 35% to $24.66 after Hall of Fame Resort & Entertainment announced it signed a Non-Fungible Token partnership with the company.
Check out these big movers of the day
Equities Trading DOWN
GameStop Corp. GME 16.69% shares tumbled 19% to $146.61 after the company reported downbeat earnings for its fourth quarter on Tuesday. The company’s e-commerce business continued to be the big news with a year-over-year increase of 175% in the fourth quarter and 191% for the full fiscal year.
Shares of Hycroft Mining Holding Corporation HYMC 25.29% were down 20% to $5.53 after the company reported year end 2020 results and issued 2021 outlook.
Second Sight Medical Products, Inc. EYES 14.01% was down, falling 20% to $8.80 after the company announced a $27.9 million private placement of common stock.
In commodity news, oil traded up 3.5% to $59.75, while gold traded up 0.2% to $1,728.70.
Silver traded down 0.1% Wednesday to $25.22 while copper fell 0.2% to $4.0705.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.11%, the Spanish Ibex Index fell 0.01% and the German DAX 30 dropped 0.5%. Meanwhile, the French CAC 40 fell 0.1%, London’s FTSE 100 rose 0.1% and Italy’s FTSE MIB gained 0.2%.
The IHS Markit Eurozone manufacturing PMI climbed to a record high of 62.4 for March, while services PMI increased to 48.8 in March from 45.7 in the prior month. German composite PMI climbed to 56.8 in March from 51.1 in February, while French composite PMI surged to 49.5 from 47.
UK producer prices rose 0.9% year-over-year in February, while annual inflation rate fell to 0.4% in February from 0.7% in January.
Economics
US durable goods orders fell 1.1% for February.
The IHS Markit flash manufacturing PMI rose to 59 in March from 58.6 in February, while services PMI increased to 60 in March from 58.8 in February.
US crude oil inventories rose 1.9 million barrels last week, the Energy Information Administration said.
The Treasury is set to auction 5-year notes at 1:00 p.m. ET.
Federal Reserve Bank of New York President John Williams is set to speak at 1:35 p.m. ET.
San Francisco Federal Reserve Bank President Mary Daly will speak at 3:00 p.m. ET.
Federal Reserve Bank of Chicago President Charles Evans is set to speak at 7:00 p.m. ET.
Benzinga does not provide investment advice. All rights reserved.
Recommended content
Editors’ Picks
AUD/USD depreciates amid mixed Chinese data, stronger US Dollar
The AUD/USD continues to decline for the second consecutive session, trading around 0.6660. This is largely influenced by recent mixed economic data from China released on Friday. The Aussie dollar had already been under pressure after Australia's employment figures were released on Thursday, which presented a mixed picture.
EUR/USD slipped on Thursday after Greenback pares some losses
EUR/USD eased slightly on Thursday, falling back below 1.0880 as the Greenback broadly recovers losses from earlier in the week. The pair remains up for the trading week, but a late break for the US Dollar is on the cards as investors second-guess the Fed's stance on rate cuts.
Gold price loses momentum, with Fed speakers in focus
Gold price trades with a bearish bias on Friday after retreating from the nearly $2,400 barrier. The bullish move of precious metals in the previous sessions was bolstered by the softer-than-expected US inflation data in April, which triggered hope for rate cuts from the US Federal Reserve.
LINK price jumps 10% as Chainlink races toward tokenization of funds
Chainlink price has remained range-bound for a while, stuck between the $16.00 roadblock to the upside and $13.08 to the downside. However, in light of recent revelations, the token may have further upside potential.
April CPI: Worst good news ever
The monthly rise in prices based on the Consumer Price Index (CPI) came in slightly lower than projected, sending a wave of euphoria across the financial landscape. The consensus is cooling inflation puts Federal Reserve interest rate cuts back on the table.