Benzinga | Nov 3, 2021 10:18AM EDT

Mid-Morning Market Update: Markets Mostly Lower; CVS Health Tops Q3 Views

Following the market opening Wednesday, the Dow traded down 0.31% to 35,939.39 while the NASDAQ fell 0.01% to 15,649.42. The S&P also fell, dropping 0.15% to 4,623.92.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 46,999,770 cases with around 768,840 deaths. India confirmed a total of at least 34,308,140 cases and 459,200 deaths, while Brazil reported over 21,821,120 COVID-19 cases with 608,110 deaths. In total, there were at least 248,404,650 cases of COVID-19 worldwide with more than 5,031,230 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Materials shares gained by 0.4% on Wednesday. Meanwhile, top gainers in the sector included The Scotts Miracle-Gro Company (NYSE:SMG), up 13% and FMC Corporation (NYSE:FMC) up 10%.

In trading on Wednesday, industrials shares fell 1%.

Top Headline

CVS Health Corporation (NYSE:CVS) reported better-than-expected results for its third quarter and raised its FY21 guidance.

CVS Health posted Q3 adjusted earnings of $1.97 per share, beating analysts' estimates of $1.78 per share. The company's quarterly sales came in at $73.79 billion, versus expectations of $70.49 billion.

CVS raised its FY21 adjusted EPS guidance from $7.70-$7.80 to $7.90-$8.00.

Equities Trading UP

iRhythm Technologies, Inc. (NASDAQ:IRTC) shares shot up 42% to $108.71. iRhythm Technologies commented on the Centers for Medicare and Medicaid Services (CMS) Calendar Year 2022 Medicare Physician Fee Schedule (MPFS) Final Rule.

Shares of R. R. Donnelley & Sons Company (NYSE:RRD) got a boost, shooting 37% to $9.02 after it was announced the company will be acquired by Atlas. The company also reported better-than-expected Q3 EPS and sales results.

Bed Bath & Beyond Inc. (NASDAQ:BBBY) shares were also up, gaining 30% to $21.82 on the heels of three new announcements from the company outlining strategic plans to help with its turnaround. Bed Bath & Beyond increased the amount of its three-year share buyback to $1 billion and also announced the launch of a new digital marketplace to expand in the Home & Baby categories. Bed Bath & Beyond and Kroger announced a collaboration for a national e-commerce experience and in-store pilot.

Check out these big movers of the day

Equities Trading DOWN

Urban One, Inc. (NASDAQ:UONE) shares tumbled 29% to $7.81. Local News reported 'Richmond casino referendum: Urban ONE rolled the dice, but the race is too close to call.'

Shares of Cardiol Therapeutics Inc. (NASDAQ:CRDL) were down 25% to $2.5450 after the company priced its previously announced public offering of 16,350,000 units of the Company at $3.07 per unit.

SkyWater Technology, Inc. (NASDAQ:SKYT) was down, falling 25% to $24.55 after the company posted a wider-than-expected Q3 loss.

Commodities

In commodity news, oil traded down 2.3% to $81.98, while gold traded down 0.5% to $1,781.40.

Silver traded up 0.3% Wednesday to $23.57 while copper rose 1.3% to $4.4215.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 rose 0.03%, the Spanish Ibex Index fell 0.8% and the German DAX 30 slipped 0.1%. Meanwhile, the London's FTSE 100 fell 0.3%, French CAC 40 rose 0.01% and Italy's FTSE MIB rose 0.2%.

UK services PMI was revised higher to 59.1 in October versus a preliminary reading of 58.0, while annual house price growth in the country eased to 9.9% in October. The unemployment rate in Italy declined to 9.2% in September.

Economics

Private businesses in the US hired 571,000 workers in October.

The IHS Markit services PMI was revised higher to 58.7 in October versus a preliminary level of 58.2.

US factory orders rose 0.2% for September.

The ISM services PMI rose to a record high of 66.7 in October from 61.9 in September.

The Energy Information Administration's weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

The Federal Reserve will announce its policy decision at 2:00 p.m. ET.

The Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.

Check out the full economic calendar here