Benzinga | Oct 27, 2021 10:21AM EDT

Mid-Morning Market Update: Markets Rise; Coca-Cola Tops Q3 Views

Following the market opening Wednesday, the Dow traded up 0.16% to 35,814.95 while the NASDAQ rose 0.24% to 15,271.98. The S&P also rose, gaining 0.12% to 4,580.19.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 46,497,710 cases with around 759,930 deaths. India confirmed a total of at least 34,215,650 cases and 455,680 deaths, while Brazil reported over 21,748,980 COVID-19 cases with 606,290 deaths. In total, there were at least 245,403,800 cases of COVID-19 worldwide with more than 4,981,390 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares gained by 1% on Wednesday. Meanwhile, top gainers in the sector included Taylor Morrison Home Corporation (NYSE:TMHC), up 13% and Workhorse Group Inc. (NASDAQ:WKHS) up 6%.

In trading on Wednesday, energy shares fell 0.6%.

Top Headline

The Coca-Cola Company (NYSE:KO) reported better-than-expected results for its third quarter.

Coca-Cola reported quarterly adjusted earnings of $0.65 per share, exceeding analysts' estimates of $0.58 per share. The company's sales came in at $10.00 billion, versus expectations of $9.75 billion.

Equities Trading UP

AgriFORCE Growing Systems, Ltd. (NASDAQ:AGRI) shares shot up 63% to $3.52. AgriFORCE Growing Systems reported binding LOI to acquire a European agriculture/horticulture and agtech consulting firm for $29 million.

Shares of Enphase Energy, Inc. (NASDAQ:ENPH) got a boost, shooting 21% to $210.25 after the company reported better-than-expected Q3 results and issued Q4 sales guidance above estimates.

Marqeta, Inc. (NASDAQ:MQ) shares were also up, gaining 14% to $36.74 after the company reported a partnership with Bill.com to power new innovative commercial card products for financial institution customers.

Check out these big movers of the day

Equities Trading DOWN

Cortexyme, Inc. (NASDAQ:CRTX) shares tumbled 73% to $15.71 after the company shared an update. Cortexyme reported Phase 2/3 GAIN trial data for its Alzheimer's disease trial. The company stated co-primary endpoints were not met for ADAS-Cog11 and ADCS-ADL in the overall population. Subgroups saw a 50% slowing level for infection for ADAS-Cog11.

Shares of BIMI International Medical Inc. (NASDAQ:BIMI) were down 57% to $0.9549 after jumping 225% on Tuesday.

Inspira Technologies Oxy B.H.N. Ltd. (NASDAQ:IINN) was down, falling 56% to $4.1601. Inspira Technologies shares jumped over 300% on Tuesday after the company signed an agreement with Waas Group for the development 1,040 ART systems in Spain and Portugal.

Commodities

In commodity news, oil traded down 1.2% to $83.63, while gold traded down 0.3% to $1,787.90.

Silver traded down 0.3% Wednesday to $24.02 while copper fell 1.4% to $4.4230.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.3%, the Spanish Ibex Index fell 0.4% and the German DAX 30 declined 0.3%. Meanwhile, the London's FTSE 100 fell 0.3%, French CAC 40 fell 0.3% and Italy's FTSE MIB declined 0.3%.

Loans to households in the Eurozone climbed 4.1% year-over-year in September. Industrial producer prices in the France's domestic market rose 1.7% from a month ago in September, while consumer confidence declined to 99 in October from a revised level of 101 in September.

Import prices in Germany rose 17.7% year-over-year in September, while GfK consumer climate indicator rose to 0.9 heading into November.

Economics

US durable goods orders fell 0.4% for September.

The US goods trade deficit widened to $96.25 billion in September.

US wholesale inventories increased 1.1% to $739.5 billion for 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 Treasury is set to auction 5-year notes at 1:00 p.m. ET.

Check out the full economic calendar here