4.05pm: Wall Street sees green at the close
US stocks took a sharp turn into positive territory on Wednesday afternoon as all three major stock indexes grew during the afternoon session following a report that Congress might reach a short-term agreement to raise the government borrowing limit and prevent a default.
The Nasdaq saw the most gains on the day, adding 0.47% to finish at 14,502 points, while the S&P 500 was not too far behin at 4,364 points, a 0.41% gain. The Dow also had a good session, finishing 0.3% higher to close at 34,417 points.
12.05 pm: September’s volatility continues to spill into October
US stocks fell in noon trading as inflation and rising rate concerns continued to weigh on investors.
At midday, the Dow fell 232 points to 34,083, while the S&P 500 lost 22 points at 4,324 and the tech-heavy Nasdaq edged 25 points lower to 14,409.
“Another day of major volatility for financial markets, with declines across the board driving the VIX higher once again,” IG senior market analyst Joshua Mahony said.
“Commodity volatility remains a key concern for traders, with natural gas continuing to surprise after first breaking higher and then tumbling back to bring the steepest one-day decline this year,” Mahony added.
Notable movers included shares of American Airlines, which tumbled nearly 5% following a downgrade from analysts at Goldman Sachs (NYSE:GS), who cited higher fuel prices and slower near-term demand.
11am: Proactive North America headlines:
Co-Diagnostics (NASDAQ:CODX) says its CoSara JV wins clearance in India for Saragene Dengue and Chikungunya Multiplex Test
Harbor Custom Development announces pricing of $36M public offering of convertible preferred stock and warrants
VR Resources discovers new gold and silver mineralization at its Reveille project in Nevada
Todos Medical unveils positive clinical validation data for its 3CL protease biomarker assay TolloTest in a clinical study of COVID-19 patients
Kootenay Silver releases “best intercept” to date from Columba project in Mexico
Kenorland Minerals uncovers new multi-element anomaly at its Chicobi project in Quebec
Benchmark Metals announces new drilling results at Connector Zone that delineated near-surface continuity of gold and silver mineralization
Newrange Gold provides update on diamond drill program at Pamlico project in Nevada
Renforth Resources intersects high-grade gold at its Parbec deposit in Quebec
American Resources acquires mineral reserves for its Perry County Resources' E4-2 Deep Mine
Gold Resource moves ahead with its acquisition of Aquila Resources and its Michigan-based Back Forty project
Cabral Gold says it has now identified nine high grade veins at the Machichie SW target at Cuiú Cuiú project
Clean Coal Technologies files new Global Provisional Patent and approves restructuring proposal
Clean Air Metals releases assays from ongoing drill; appoints new exploration manager
Polarean Imaging recieves Complete Response Letter from US Food and Drug Administration
ElectraMeccanica (NASDAQ:SOLO) begins first customer deliveries of its flagship SOLO EV
Sigma Lithium strikes six-year agreement with LG Energy Solutions Ltd to supply its high-purity, sustainable lithium concentrate
NEXE Coffee expands espresso line offering with two new blends
ESE Entertainment’s esports team, K1CK, qualifies for US$5M prize pool Apex competition
AIM ImmunoTech moving forward to develop Ampligen as intranasal coronavirus treatment as it publishes Phase I safety data
Else Nutrition partners with Rouses Markets to donate plant-based shakes to Hurricane Ida survivors
Greenrose Acquisition files definitive proxy statement relating to its proposed business combination; sets time and date for special shareholder meeting
HighGold (TSX-V:HIGH, OTCQX:HGGOF) Mining announces “game-changing” drill results from its Difficult Creek Prospect in Alaska
Soma Gold says construction of Cordero mine due to be completed in 1Q, 2022, lifting output and cashflow
Ketamine One (NEO:MEDI.AQN) subsidiary KGK Science contracted to support a ketamine clinical trial in the US
Vicinity Motor enters EV cutaway market in strategic partnership with Optimal-EV
American Manganese produces lithium sulfate at 99.99% purity using its recycling technology
QC Copper and Gold intends to enter into agreements to sell 7,142,856 Baselode Energy common shares to arms-length parties
9.40am: US stocks start firmly lower
US stocks started in the red mid-week as traders were jittery about jobs data, rising bond yields, inflation and growth.
The Dow Jones Industrial Average plunged 169 points at 34,145 in New York, while the S&P 500 dropped over 26 points at 4,319.
The tech-laden Nasdaq index dropped over 118 points at 14,315.
It comes as the September US ADP jobs report (which will be followed by this Friday's non-farm payrolls) showed that private companies took on new staff faster than had been expected.
Private jobs rose by 568,000, better than the 425,000 that had been expected by economists.
The report sent bond yields higher and spooked investors about how fast the Federal Reserve will pull back on stimulus measures.
6.35am: US stocks seen opening lower
US stocks are expected to open down in a choppy week that is light on economic data ahead of key non-farm payrolls data on Friday.
Futures for the Dow Jones Industrial Average futures shed 1.01% in Wednesday pre-market trading, while the broader S&P 500 index declined 1.18% and those for the tech-heavy Nasdaq-100 fell 1.33%.
The Dow closed higher on Tuesday, erasing Monday’s decline, as investors stepped in and bought the recent dip in big tech names.
At the close, the Dow rose 312 points, or 0.92%, to 34,315, while the S&P 500 added 45 points, or 1.05%, to 4,346 and the tech-heavy Nasdaq climbed 178 points, or 1.25%, to 14,434.
“The equity rally is already fading in Asia today, with US index futures deep in the red,” commented OANDA senior market analyst Jeffrey Halley.
“That suggests that despite the best hopes of the perpetual mega-bulls, the path of least resistance is lower at the moment.
"I am expecting the markets to continue tying themselves in knots over the next few sessions until we, hopefully, get a decisive non-farm payrolls print. Higher or lower than 500,000 will do, as it will allow some clarity on the Federal Reserve taper path and positioning appropriately.”