It’s a mixed day for the U.S equity markets. The markets rallied in the morning, but have since shed most of those gains. The DOW and the NASDAQ have dropped mainly due to a nosedive of big tech stocks. Nonetheless, the markets have been held up by the energy and travel industries that have recorded strong gains today. Outside of these sectors, strong gains by biotech stocks that are making progress on COVID-19, and finance stocks with positive earnings are holding up the markets. Some of the big gainers at the moment are as below:
Genetic Technologies Limited [NASDAQ:GENE]
Gene Technologies Limited is one of the biggest gainers this afternoon and is currently up by 145.13%. This rally comes hours after the company gave an update on its COVID-19 severity tests. One of the key highlights of the update is that the company has filed for a provisional patent for its COVID-19 severity test in Australia. The company also announced that it was through with the design and initial production of the SNP panel needed for the process of the polygenic risk test aspect of the COVID-`19 severity risk tests. The company further announced that that it had held discussions with the National Association of testing authorities and the Centers for Medical and Medicaid Services for approval of its COVID-19 severity test. Given the havoc that COVID-19 has caused across the world, the market seems to be responding positively to the news by this company’s test update.
The Goldman Sachs Group [NYSE:GS]
Goldman Sachs is volatile this afternoon, but it is still in the green. This comes after the company released strong Q2 earnings. According to the Motley Fool, Goldman Sachs reported that total revenues in the quarter stood at $13.3 billion, an increase of 41% higher than the last financial year. This figure is also $3.54 billion higher than what analysts were projecting. The company also announced that its global market revenue rose by 93% to hit $7.18 billion. It also announced an increase in its earnings per share from $5.81 to $6.26.
China Finance Online Co. Limited [NASDAQ:JRJC]
This is one of the biggest gainers this afternoon and is up by 129.86%. This follows the company’s announcement that it had entered into an agreement with Dow Jones. Under the deal, the Dow Jones will offer China Finance Online with a subset of its Chinese language newswire service. The two will also collaborate to efficiently provide data on financial information in China. They also announced that through their partnership, they will bring together worldwide financial news from Dow Jones and China Finance Online’s data and market engagement in China. The magnitude of the deal has excited the market as is evident in its price action.