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Following the market opening Wednesday, the Dow traded up 1.03% to 27103.93 while the NASDAQ rose 0.40% to 10985.09. The S&P also rose, gaining 0.65% to 3,327.86.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 4,771,840 cases with around 156,850 deaths. Brazil confirmed a total of over 2,801,920 COVID-19 cases with 95,810 deaths, while India reported a total of at least 1,908,250 confirmed cases and 39,790 deaths. In total, there were at least 18,566,760 cases of COVID-19 worldwide with over 701,270 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Materials shares gained 2.1% on Wednesday. Meanwhile, top gainers in the sector included Orion Engineered Carbons S.A. (NYSE:OEC), up 11%, and O-I Glass, Inc. (NYSE:OI), up 16%.
In trading on Wednesday, real estate shares fell by 0.7%.
Top Headline
CVS Health Corp (NYSE:CVS) reported stronger-than-expected results for its second quarter and raised its guidance.
The company reported quarterly earnings of $2.64 per share, exceeding analysts’ estimates of $1.92 per share. The company reported quarterly sales of $65.30 billion, beating analysts’ estimates of $64.18 billion.
CVS said it now expects FY20 adjusted EPS of $7.14-$7.27 versus prior guidance of $7.04-$7.17.
Equities Trading UP
MYOS RENS Technology Inc. (NASDAQ:MYOS) shares shot up 70% to $2.1101 after the company reported a narrower loss for the second quarter.
Shares of Marathon Patent Group, Inc. (NASDAQ:MARA) got a boost, shooting 33% to $4.40 after dropping 14% on Tuesday. Marathon Patent, last week, reported the purchase of 700 M31S+ ASIC minders and shipment of 660 S-19 Pro Bitmain Miners.
Riot Blockchain, Inc. (NASDAQ:RIOT) shares were also up, gaining 24% to $4.215.
Equities Trading DOWN
Vapotherm, Inc. (NYSE:VAPO) shares tumbled 32% to $35.67 after the company reported Q2 results and issued Q3 sales guidance.
Shares of New Relic, Inc. (NYSE:NEWR) were down 26% to $54.28 after the company issued weak Q2 EPS guidance. JP Morgan also downgraded the company's stock from Overweight to Neutral and lowered its price target from $72 to $61.
Sintx Technologies, Inc. (NASDAQ:SINT) was down, falling 25% to $2.4490 after the company announced the pricing of its 3.415 million shares common stock offering at $2.40 per share.
Commodities
In commodity news, oil traded up 3.6% to $43.21, while gold traded up 1.8% to $2,056.40.
Silver traded up 4.1% Wednesday to $27.085, while copper rose 0.7% to $2.915.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.7%, the Spanish Ibex Index rose 0.7%, while Italy’s FTSE MIB Index climbed 0.7%. Meanwhile, the German DAX 30 gained 0.6%, French CAC 40 rose 0.8% and UK shares rose 1.1%.
Economics
US private businesses hired 167,000 workers in July, versus a revised rise of 4.3 million in June.
The US trade deficit shrank to $50.7 billion in June versus $54.8 billion in the prior month. Exports rose 9.4%, while imports increased 4.7% for June.
The IHS Markit services PMI rose to 50.0 in July versus a preliminary estimate of 49.6 and up from June's final reading of 47.9.
The ISM non-manufacturing PMI climbed to 58.1 in July versus 57.1 in the prior month.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 5:00 p.m. ET.
