U.S. stocks traded lower midway through trading as investors focused on the outcome of the midterm elections.
The Dow traded down 0.64% to 32,950.16 while the NASDAQ fell 0.76% to 10,535.77. The S&P 500 also fell, dropping, 0.59% to 3,805.51.
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Leading and Lagging Sectors
Real estate shares gained 0.7% on Wednesday. Leading the sector was strength from Forestar Group Inc. (NYSE:FOR) and American Realty Investors, Inc. (NYSE:ARL).
In trading on Wednesday, energy shares dipped by 2.5%.
Top Headline
US crude oil inventories increased by 3.925 million barrels in the week ended November 4th, versus market estimates of a 1.360-million-barrel rise, the Energy Information Administration said.
Equities Trading UP
- Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) shares shot up 198% to $11.93 after partner Ipsen reported Onivyde met its primary and key secondary endpoint. Merrimack is eligible for up to $450 million in milestone payments for the pancreatic cancer treatment.
- Shares of Outset Medical, Inc. (NASDAQ:OM) got a boost, shooting 35% to $15.50 after the company reported better-than-expected Q3 results.
- OptimizeRx Corporation (NASDAQ:OPRX) shares were also up, gaining 28% to $18.65 after reporting upbeat Q3 results.
Equities Trading DOWN
- Telos Corporation (NASDAQ:TLS) shares tumbled 66% to $3.79 after the company reported downbeat Q3 earnings and lowered FY22 sales guidance.
- Shares of Clovis Oncology, Inc. (NASDAQ:CLVS) were down 76% to $0.2349 after the company warned of a possible bankruptcy amid liquidity concerns. The company also reported Q3 earnings results.
- Athersys, Inc. (NASDAQ:ATHX) was down, falling 55% to $0.5790 after the company announced pricing of a $5.5 million public offering.
Also check out: Investor Optimism Improves Further Ahead Of US Midterm Elections
Commodities
In commodity news, oil traded down 2.3% to $86.87 while gold traded up 0.1% at $1,716.70.
Silver traded down 0.5% to $21.40 on Wednesday while copper rose 0.5% to $3.70.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.28%, London’s FTSE 100 fell 0.21% while Spain’s IBEX 35 Index rose 0.6%. The German DAX dropped 0.12%, French CAC 40 fell 0.15% and Italy’s FTSE MIB Index gained 0.44%.
Asia Pacific Markets
Asian markets closed lower on Wednesday, with the Japan’s Nikkei dropping 0.56% and Hong Kong’s Hang Seng Index dropping 1.2%. China’s Shanghai Composite Index dropped 0.53%.
Japanese current account surplus dropped to JPY 909.3 billion in September from JPY 1,653.2 billion in the same month a year ago. Chinese producer prices declined 1.3% year-over-year in October, while annual inflation fell to 2.1% year-over-year during the month. Private house approvals in Australia declined 7.8% month-over-month to 9,628 units during September, while building permits dropped 5.8% to 16,455 units.
Economics
- Wholesale inventories in the US rose by 0.6% from a month ago to $918.5 billion in September.
- US crude oil inventories increased by 3.925 million barrels in the week ended November 4th, versus market estimates of a 1.360-million-barrel rise, the Energy Information Administration said.
Check out this: Volatility In Markets Increases Amid US Midterm Elections
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,697,920 cases with around 1,098,520 deaths. India confirmed a total of at least 44,662,950 cases and 530,510 deaths, while France reported over 37,012,310 COVID-19 cases with 157,540 deaths. In total, there were at least 638,580,760 cases of COVID-19 worldwide with more than 6,608,370 deaths.
