Dow Falls 200 Points; Rockwell Medical Shares Spike Higher
Toward the end of trading Wednesday, the Dow traded down 0.58% to 35,930.89 while the NASDAQ fell 0.27% to 15,930.79. The S&P also fell, dropping 0.23% to 4,690.24.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 48,161,370 cases with around 786,260 deaths. India confirmed a total of at least 34,466,590 cases and 464,150 deaths, while Brazil reported over 21,965,680 COVID-19 cases with 611,520 deaths. In total, there were at least 255,259,860 cases of COVID-19 worldwide with more than 5,133,290 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Health care shares gained by 0.5% on Wednesday. Meanwhile, top gainers in the sector included EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), up 23% and Affimed N.V. (NASDAQ: AFMD) up 11%.
In trading on Wednesday, energy shares fell 1.3%.
Lowe’s Companies posted quarterly earnings of $2.73 per share, beating analysts’ estimates of $2.35 per share. The company’s quarterly sales came in at $22.90 billion, versus expectations of $21.99 billion.
Equities Trading UP
Sono Group N.V. Common (NASDAQ: SEV) shares shot up 85% to $27.80 after the company priced its IPO at $15 per share.
Shares of Rockwell Medical, Inc. (NASDAQ: RMTI) got a boost, shooting 16% to $0.5580 as the company announced the publication of results in the Journal of Bioequivalence & Bioavailability from a study evaluating the co-administration of intravenous (IV) Ferric Pyrophosphate Citrate (FPC, Triferic) with unfractionated heparin (UFH) as an admixture. The study demonstrated no clinically relevant drug-drug interaction (DDI) between FPC and UFH on the effects of UFH nor on the ability of FPC to deliver bioavailable iron when these agents are co-administered as a single admixture via an HD-machine syringe pump.
EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT) shares were also up, gaining 24% to $17.36. EyePoint Pharmaceuticals priced an underwritten public offering of 4.03 million at $13.75 per share and pre-funded warrants to purchase up to an aggregate of 3.27 million shares at $13.74 per pre-funded warrant.
Check out these big movers of the day
Equities Trading DOWN
StoneCo Ltd. (NASDAQ: STNE) shares tumbled 33% to $21.22 after the company reported worse-than-expected Q3 earnings.
Shares of Cyclo Therapeutics, Inc. (NASDAQ: CYTH) were down 21% to $5.82. Cyclo Therapeutics priced its previously announced underwritten public offering of 1.95 million shares at $6.00 per share, with gross proceeds of $11.7 million.
Cassava Sciences, Inc. (NASDAQ: SAVA) was down, falling 21% to $48.70 following reports suggesting the SEC is probing the company
In commodity news, oil traded down 2.8% to $78.50, while gold traded up 0.7% to $1,867.70.
Silver traded up 0.8% Wednesday to $25.145 while copper fell 2.1% to $4.2625.
European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.14%, the Spanish Ibex Index fell 0.52% and the German DAX 30 gained 0.02%. Meanwhile, the London’s FTSE 100 fell 0.49%, French CAC 40 rose 0.06% and Italy’s FTSE MIB rose 0.07%.
Annual inflation rate in the UK surged to 4.2% in October, recording the highest level since December 2011. The headline rate of output prices in the UK increased to 8.0% year-over-year in October.
Housing starts dropped 0.7% to an annualized rate of 1.52 million in October, while building permits climbed 4% from a month ago to an annual rate of 1.650 million.
US crude oil inventories dropped 2.101 million barrels in the week ending November 12, following a 1.001 million rise in the prior period, the Energy Information Administration said.
Federal Reserve Bank of Chicago President Charles Evans will speak at 4:05 p.m. ET.
Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 4:10 p.m. ET.
Check out the full economic calendar here
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