Today session was mixed with the Dow posting modest gains while the other indices closed slightly lower. The S&P 500 fell 0.4% while the tech-heavy Nasdaq continued its slide with a 1.25% loss.
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Investors are nervous after yesterday’s Fed meeting. The central bank promised to keep rates low for the foreseeable future, but Chairman Jay Powell said the outlook for the U.S. economy is “highly uncertain.”
Powell’s comments are weigh on investor sentiment this morning. Futures are currently pointing to a lower open. S&P 500 futures fell 1.2%, and Nasdaq futures are currently down about 1.0%.
Asian stocks also posted declines overnight. Japan’s Nikkei 225 fell 0.6% and Hong Kong’s Hang Seng Composite sold off for 1.5%. In Europe, stocks are also mostly in the red. The Eurozone Stoxx 600 is currently down 0.7%.
Today’s featured earnings docket includes a pre-bell report from Apogee [APOG]. After the session closes, we’ll hear from Isoray [ISR].
Here’s what’s moving the market this morning:
General Electric [GE]
GE is trending higher today after the firm’s CEO said the company expects to attain a positive cash flow in the second half. CEO Larry Culp told attendants at Morgan Stanley’s Laguna Conference that he expects a the second half of 2020 to be much better for the company and he expects the firm “will deliver positive cash flow in the back half.”
GE reported a $2.1 billion loss in Q2 due to COVID-19. Shares are trading actively in the after hours session and GE is the top S&P 500 gainer with a 2.8% advance.
Eli Lilly [LLY]
Eli Lilly is on the rise today after announcing a new partnership with Amgen [AMGN] to develop COVID-19 drugs. The agreement will help Eli Lilly scale up production of its experimental coronavirus treatment. Under the terms of the deal, both companies will have the ability to scale up production if one or more of Lilly’s therapies pass clinical testing and clear regulatory approval.
Eli Lilly is trading actively in the pre-market and it’s one of today’s top S&P 500 movers with a 1.1% jump.
Sorrento Therapeutics (SRNE)
Sorrento received regulatory approval to proceed with its antibody trial, and the news is lifting share prices this morning. The company announced that the U.S. Food and Drug Administration gave it the green light to proceed with Phase-1 trials for the firm’s neutralizing antibody to treat Covid-19 patients. The firm says the antibody, STI-1499, has demonstrated full in-vitro neutralization of the novel coronavirus.
The small cap biotech firm plans to enroll patients for the trial rapidly. Sorrento also plans to apply for an Emergency Use Authorization by the end of the year.
SRNE is this morning’s most active stock, and it’s currently one of the pre-market’s leading gainers with a 27.5% advance.
Herman Miller Inc. (MLHR)
Herman Miller announced its fiscal Q1 2021 earnings report after the market closed yesterday, and investors were pleased with the results. The office furniture manufacturer managed to boost its profits by cutting operating costs, despite the economic difficulties associated with the pandemic.
Sales to enterprise clients decline as many offices remain shuttered across the country. However, Henry Miller’s retail orders were up 40% as a wave of new remote workers bought furniture to set up their new home offices.
The firm didn’t provide a forecast citing pandemic uncertainties, but investors seem to be pleased with the company’s direction. Shares of MLHR are currently up 14.3% in the after-hours trading session.
