Midway through trading Wednesday, the Dow traded up 0.56% to 28805.27 while the NASDAQ fell 0.65% to 11861.82. The S&P also rose, gaining 0.42% to 3541.40.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 6,075,650 cases with around 184,680 deaths. Brazil confirmed a total of over 3,950,930 COVID-19 cases with 122,590 deaths, while India reported a total of at least 3,769,520 confirmed cases and 66,330 deaths. In total, there were at least 25,781,340 cases of COVID-19 worldwide with over 857,550 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Utilities shares gained 2.6% on Wednesday. Meanwhile, top gainers in the sector included VivoPower International PLC (NASDAQ:VVPR), up 8%, and Brookfield Infrastructure Partners L.P. (NYSE:BIP), up 4%.
In trading on Wednesday, information technology shares fell by 0.6%.
Macy's Inc (NYSE:M) reported better-than-expected results for its second quarter.
Macy's reported quarterly loss of $0.81 per share, surpassing analysts’ estimates for a loss of $1.77 per share. The company reported sales of $3.56 billion versus expectations of $3.47 billion.
Equities Trading UP
SmileDirectClub, Inc. (NASDAQ:SDC) shares shot up 20% to $9.48 after the company’s CEO, CFO and Director bought 1.96 million shares in the company.
Shares of Vera Bradley, Inc. (NASDAQ:VRA) got a boost, shooting 28% to $6.91 after the company reported better-than-expected Q2 results.
TSR, Inc. (NASDAQ:TSRI) shares were also up, gaining 19% to $5.58 after the company acquired Geneva Consulting Group.
Equities Trading DOWN
At Home Group Inc. (NYSE:HOME) shares tumbled 27% to $17.09. At Home Group reported upbeat results for its second quarter. However, the company did not issue any guidance due to uncertainty surrounding Covid-19.
Shares of GSX Techedu Inc. (NYSE:GSX) were down 17% to $78.54 after reporting downbeat Q2 earnings. The Securities and Exchange Commission also opened an investigation into GSX Techedu for allegedly inflating sales figures.
Jiayin Group Inc. (NASDAQ:JFIN) was down, falling 23% to $2.87 after the company reported worse-than-expected Q2 results.
In commodity news, oil traded down 2.5% to $41.70, while gold traded down 1.6% to $1,947.30.
Silver traded down 3.7% Wednesday to $27.595, while copper fell 0.4% to $3.0155.
European shares were higher today. The eurozone’s STOXX 600 rose 1.56%, the Spanish Ibex Index rose 0.2%, while Italy’s FTSE MIB Index climbed 1.23%. Meanwhile, the German DAX 30 gained 1.88%, French CAC 40 climbed 1.72% and London’s FTSE 100 rose 1.28%.
House prices in the UK jumped to a record high, with the annual house price growth increasing to 3.7% in August. Industrial producer prices in the Eurozone rose 0.6% in July after increasing 0.7% in the prior month.
Private businesses in the US hired 428,000 workers in August, versus a revised gain of 212,000 in July.
The ISM New York current business conditions index declined to 42.9 in August versus 53.5 in the prior month.
U.S. factory orders increased 6.4% in July.
U.S. crude inventories dropped 9.4 million barrels for the week ended August 28, the Energy Information Administration reported. However, analysts expected a drop of 1.2 million barrels. Crude stocks at the Cushing, Oklahoma, hub rose around 100,000 barrels last week. Gasoline supply declined 4.3 million barrels, while distillate stockpiles slipped 1.7 million barrels for the week.
The Federal Reserve will release its latest Beige Book report at 2:00 p.m. ET.
Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 3:00 p.m. ET.
Federal Reserve Bank of San Francisco President Mary Daly will speak at 6:00 p.m. ET.