Trish’s Market Notes: Stocks Rebound As Traders Turn Focus Away From Pandemic

U.S. stock futures rose in premarket trading Wednesday as earnings data took focus away from rising global coronavirus cases. Thus far, the S&P 500 has all but erased Monday’s losses.

Cyclical stocks are leading the rally, while the tech-heavy Nasdaq index has fluctuated.

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Investors will be looking out for last week’s Mortgage Appplications data, set to be released on Wednesday morning. (Story continues below.)

Equities

U.S. stock futures rose in premarket trading, with cyclical stocks leading the rally. Nasdaq futures dropped.

  • S&P 500 futures: 4,326.25, +0.25%
  • Nasdaq futures: 14,704.50, -0.12%
  • DOW futures: 34,539.00, +0.40%

U.S. Dollar and Treasuries

Treasury yields increased as investors were moving back to the stock market. The dollar strengthened.

  • U.S. Dollar Index (DXY): 93.04, +0.07%
  • 10-year Treasury yield: 1.209%
  • 2-year Treasury yield: 0.200%

Stocks To Watch

Chembio Diagnostics received a $28.3 million purchase order from Bio-Manguinhos for its coronavirus antigen tests. Bio-Manguinhos is a subsidiary of Oswaldo Cruz Foundation, a Brazilian public biological research foundation.

NeuroMetrix extended its gains after surging more than 200% during Tuesday’s regular trading hours. The surge came after the U.S. Food and Drug Administration designated the company’s wearable neurostimulation device Quell as a “Breakthrough Therapy” for treating fibromyalgia.

Lexaria Bioscience announced positive results of a study on its DehydraTECH drug delivery system. The trials showed that DehydraTECH improved the delivery of colchicine, a drug with SARS-CoV-2 antiviral properties.

  • CEMI Chembio Diagnostics $4.220, +104.85%, 13.28M (volume)
  • NURO NeuroMetrix Inc $12.410, +23.61%, 3.66M (volume)
  • LEXX Lexaria Bioscience $9.200, +39.61%, 1.02M (volume)

Commodities To Watch

Oil prices rose despite an unexpected rise in U.S. inventories. Gold dropped.

  • WTI crude: $67.95, +1.12%
  • Brent crude: $70.17, +1.18%
  • Gold: $1,803.70, -0.43%

Crypto

The global crypto market cap increased by 6.96% in the last 24 hours. The major cryptocurrencies recovered some of their after Bitcoin dipped below $30,000 during Tuesday’s trading. Regulators issued a cease-and-desist order against a crypto lending company BlockFi.

  • BTC: $31,373.64, +$5.43%
  • ETH: $1,896.97, +7.91%
  • XRP: $0.5543, 5.93%
  • DOGE: $0.1865, +12.72%
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Trish Reganhttps://trishintel.com
Trish Regan is an award winning financial journalist, an American television talk show host and author who interprets political events through an economic lens.

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