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Mid-Morning Market Update: Markets Mixed; Macy's Posts Narrower-Than-Expected Loss

Following the market opening Thursday, the Dow traded down 0.21% to 29,375.58 while the NASDAQ rose 0.21% to 11,826.72. The S&P also fell, dropping 0.18% to 3,561.54.

· 11/19/2020 10:14

Following the market opening Thursday, the Dow traded down 0.21% to 29,375.58 while the NASDAQ rose 0.21% to 11,826.72. The S&P also fell, dropping 0.18% to 3,561.54.


The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 11,529,810 cases with around 250,540 deaths. India confirmed a total of at least 8,958,480 confirmed cases and 131,570 deaths, while Brazil reported over 5,945,840 COVID-19 cases with 167,450 deaths. In total, there were at least 56,341,230 cases of COVID-19 worldwide with over 1,351,230 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors


Energy shares rose 0.4% on Thursday. Meanwhile, top gainers in the sector included Gevo, Inc. (NASDAQ:GEVO), up 14%, and Transocean Ltd. (NYSE:RIG), up 9%.


In trading on Thursday, utilities shares fell 1.2%.


Top Headline


Macy's, Inc. (NYSE:M) reported better-than-expected results for its third quarter.

Macy's posted quarterly loss of $0.19 per share, beating analysts’ estimates for a loss of $0.79 per share. The company posted quarterly sales of $3.99 billion, surpassing expectations of $3.86 billion.

 

 

Equities Trading UP


Aptevo Therapeutics Inc. (NASDAQ:APVO) shares shot up 31% to $46.29 after Tang Capital Partners reported a 42.5% stake in the company.


Shares of CIIG Merger Corp. (NASDAQ:CIIC) got a boost, shooting 28% to $17.10. Arrival, a U.K. electric vehicle company, is going public via CIIG Merger. The deal values the company at $5.4 billion, according to CNBC.


Hudson Capital Inc. (NASDAQ:HUSN) shares were also up, gaining 29% to $2.89. Hudson Capital, on Monday, said it has progressed further with planned FreightHub merger.

 


Equities Trading DOWN

X Financial (NYSE:XYF) shares tumbled 26% to $1.56.

Shares of Ebang International Holdings Inc. (NASDAQ:EBON) were down 21% to $5.72 after the company announced pricing of follow-on public offering.


Phoenix Tree Holdings Limited (NYSE:DNK) was down, falling 16% to $3.825 after surging 90% on Wednesday.

 

Commodities


In commodity news, oil traded down 1.1% to $41.35, while gold traded down 0.8% to $1,859.30.


Silver traded down 1.9% Thursday to $23.995 while copper fell 0.4% to $3.1850.


Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 0.8%, the Spanish Ibex Index fell 0.9%, while Italy’s FTSE MIB Index slipped 0.4%. Meanwhile, the German DAX 30 declined 1.1%, French CAC 40 fell 0.9% and London’s FTSE 100 fell 1%.

The Eurozone construction output fell 2.5% year-over-year in September versus a revised 0.4% rise in the previous month, while current account surplus shrank to EUR 33.5 billion in September from EUR 38.3 billion.


Economics


US initial jobless claims increased to 742,000 in the week ended November 14, versus a revised reading of 711,000 in the prior week.


The Philadelphia Fed manufacturing index declined to 26.30 for November, versus prior reading of 32.30.


US existing home sales climbed 4.3% to 6.85 million units in October.


The index of leading economic indicators increased 0.7% for October.


The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.


The Kansas City Fed manufacturing index for November will be released at 11:00 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.


Fed Governor Michelle Bowman will speak at 12:35 p.m. ET.


Data on money supply for the recent week will be released at 4:30 p.m. ET.