Market Overview

Mid-Morning Market Update: Markets Open Higher; Durable-Goods Orders Fall 1.1%

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Following the market opening Monday, the Dow traded up 0.42 percent to 21,485.40 while the NASDAQ climbed 0.25 percent to 6,280.87. The S&P also rose, gaining 0.37 percent to 2,447.22.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares rose by 0.86 percent in the US market on Monday.

In trading on Monday, healthcare shares fell by 0.01 percent. Meanwhile, top losers in the sector included Seattle Genetics, Inc. (NASDAQ: SGEN), down 13 percent, and HealthStream, Inc. (NASDAQ: HSTM), down 10 percent.

Top Headline

U.S. durable goods orders declined 1.1 percent for May. However, economists were expecting a 0.6 percent drop for May.

Durable goods orders, ex-transportation, rose 0.10percent, while core capital-goods orders slipped 0.2 percent in May.

Equities Trading UP

Store Capital Corp (NYSE: STOR) shares shot up 10 percent to $22.89 after the company announced a $377 million investment from Berkshire Hathaway via 18.6 million share private placement at $20.25 per share.

Shares of Sorrento Therapeutics Inc (NASDAQ: SRNE) got a boost, shooting up 12 percent to $2.08 after the company’s subsidiary Semnur Pharma issued an update on 'successful' Phase 1/2 trial.

Avis Budget Group Inc. (NASDAQ: CAR) shares were also up, gaining 16 percent to $28.15 following Bloomberg report of a deal with Google to manage self-driving car fleet.

Equities Trading DOWN

Agios Pharmaceuticals Inc (NASDAQ: AGIO) shares dropped 9 percent to $54.14. Agios Pharma disclosed updated data from fully enrolled DRIVE PK study demonstrating AG-348's potential as first disease-modifying treatment for patients with PKR at the European Hematology Association. Janney Capital downgraded Agios Pharmaceuticals from Buy to Neutral.

Shares of Arconic Inc (NYSE: ARNC) were down 6 percent to $24.00 as the company said in emails it knowingly supplied flammable panels for use in Grenfell Tower.

GrubHub Inc (NYSE: GRUB) was down, falling around 5 percent to $45.23. Morgan Stanley downgraded GrubHub from Overweight to Equal-Weight.

Commodities

In commodity news, oil traded up 0.63 percent to $43.28 while gold traded down 0.94 percent to $1,244.60.

Silver traded down 0.40 percent Monday to $16.64, while copper rose 0.28 percent to $2.642.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.63 percent, the Spanish Ibex Index rose 0.83 percent, while Italy’s FTSE MIB Index jumped 1.28 percent. Meanwhile the German DAX climbed 0.61 percent, and the French CAC 40 surged 0.90 percent while U.K. shares rose 0.66 percent.

Economics

U.S. durable goods orders declined 1.1 percent for May. However, economists were expecting a 0.6 percent drop for May. Core capital-goods orders slipped 0.2 percent in May.

The Chicago Fed National Activity Index dropped to a reading of -0.26 in May, compared to a reading of +0.57 in April.

The Dallas Fed manufacturing index for June will be released at 10:30 a.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The Treasury will also auction 2-year notes at 1:00 p.m. ET.

Posted-In: Mid-Morning Market UpdateNews Eurozone Commodities Global Intraday Update Markets Movers

 

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