U.S. stocks traded lower this morning, with the Dow Jones dropping around 300 points on Wednesday.
Following the market opening Wednesday, the Dow traded down 0.98% to 30,231.20 while the NASDAQ fell 0.61% to 11,001.92. The S&P also fell, dropping, 0.82% to 3,733.90.
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Leading and Lagging Sectors
Health care shares jumped by 0.5% on Wednesday. Meanwhile, top gainers in the sector included Eliem Therapeutics, Inc. (NASDAQ:ELYM), up 2% and Assembly Biosciences, Inc. (NASDAQ:ASMB) up 2%.
In trading on Wednesday, energy shares tumbled by 5%.
Top Headline
Winnebago Industries, Inc. (NYSE:WGO) reported better-than-expected results for its third quarter.
Winnebago posted adjusted earnings of $4.13 per share, exceeding market estimates of $2.96 per share. The company’s quarterly sales came in at $1.46 billion, versus expectations of $1.20 billion.
Equities Trading UP
Ocean Bio-Chem, Inc. (NASDAQ:OBCI) shares shot up 117% to $12.82 after the company announced it will be acquired by OneWater Marine for $13.08 per share in cash.
Shares of Revlon, Inc. (NYSE:REV) got a boost, shooting 52% to $9.20 on continued volatility following the company's recent bankruptcy filing. The stock has also been circulated as a short squeeze candidate.
Wave Life Sciences Ltd. (NASDAQ:WVE) shares were also up, gaining 17% to $2.42. Wave Life Sciences recently announced pricing of $70.0 million underwritten offering.
Equities Trading DOWN
Athira Pharma, Inc. (NASDAQ:ATHA) shares tumbled 70% to $2.56 after the company reported that the primary endpoint of change in biomarker ERP P300 latency was not statistically significant from its exploratory ACT-AD Phase 2 study of fosgonimeton.
Shares of Neptune Wellness Solutions Inc. (NASDAQ:NEPT) were down 33% to $1.95 after the company announced a $5 million registered direct offering.
Micro Focus International plc (NYSE:MFGP) was down, falling 15% to $3.6785.
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Commodities
In commodity news, oil traded down 4.5% to $104.56, while gold traded up 0.4% to $1,846.70.
Silver traded down 1.7% to $21.39 on Wednesday while copper fell 3.3% to $3.9070.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 dropped 1.4%, London’s FTSE 100 fell 1.4% while Spain’s IBEX 35 Index fell 1.6%. The German DAX dropped 1.9%, French CAC 40 fell 1.6% and Italy’s FTSE MIB Index fell 2.1%.
The annual inflation rate in the UK accelerated to 9.1% in May from 9% in the previous month, while producer prices surged 15.7% year-over-year in May.
Economics
Federal Reserve Bank of Richmond President Thomas Barkin will speak at 12:00 p.m. ET.
Federal Reserve Bank of Chicago President Charles Evans will speak at 12:55 p.m. ET.
The Treasury is set to auction 20-year bonds at 1:00 p.m. ET.
Philadelphia Federal Reserve Bank President Patrick Harker is set to speak at 1:30 p.m. ET.
Federal Reserve Bank of Richmond President Thomas Barkin will speak at 1:30 p.m. ET.
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Check out our premarket coverage here
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 88,244,870 cases with around 1,038,900 deaths. India confirmed a total of at least 43,334,650 cases and 524,900 deaths, while Brazil reported over 31,824,220 COVID-19 cases with 669,430 deaths. In total, there were at least 545,869,900 cases of COVID-19 worldwide with more than 6,343,910 deaths.
