Market Overview

Mid-Afternoon Market Update: Crude Oil Down Over 3%; Canada Goose Shares Gain Following Strong Q4 Results

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Toward the end of trading Friday, the Dow traded down 0.86 percent to 24,958.82 while the NASDAQ declined 0.35 percent to 7,734.08. The S&P also fell, dropping 0.42 percent to 2,770.79.

Leading and Lagging Sectors

Friday afternoon, the consumer staples shares surged 0.60 percent. Meanwhile, top gainers in the sector included National Beverage Corp. (NASDAQ: FIZZ) up 4 percent, and Craft Brew Alliance, Inc. (NASDAQ: BREW) up 4 percent.

In trading on Friday, energy shares fell 1.78 percent.

Top Headline

Adobe Systems Incorporated (NASDAQ: ADBE) reported better-than-expected earnings for its second quarter on Thursday. The company issued strong third quarter earnings and sales guidance.

Earnings came in at $1.66, beating estimates by 12 cents. Sales came in at $2.195 billion, beating estimates by $35 million.

Equities Trading UP

Verastem, Inc. (NASDAQ: VSTM) shares shot up 16 percent to $6.471. Verastem reported a $43 million common stock offering at $6 per share.

Shares of Canada Goose Holdings Inc. (NYSE: GOOS) got a boost, shooting up 27 percent to $58.15 following Q4 results. Canada Goose posted Q4 earnings of $0.09 per share on sales of $124.821 million.

Braskem S.A. (NYSE: BAK) shares were also up, gaining 20 percent to $26.02. LyondellBasell and Odebrecht have entered exclusive discussions related to a potential deal for Braskem.

Equities Trading DOWN

Achieve Life Sciences, Inc. (NASDAQ: ACHV) shares dropped 29 percent to $3.68 after reporting pricing of $12 million underwritten public offering.

Shares of Affimed N.V. (NASDAQ: AFMD) were down 17 percent to $2.025 after the release of updated data on its Hodgkin lymphoma treatment candidate. Affimed made a poster presentation at the European Hematology Association Congress of new interim data from a Phase 1b dose escalation study that evaluated AFM13, its lead NK cell engager candidate, in combination with Merck & Co., Inc. (NYSE: MRK)'s Keytruda for relapsed/refractory Hodgkin lymphoma.

Global Blood Therapeutics, Inc. (NASDAQ: GBT) was down, falling around 13 percent to $40.95 after announcing new Phase 2a voxelotor data in adolescents with sickle cell disease at the EHA 2018.

Commodities

In commodity news, oil traded down 3.32 percent to $64.67 while gold traded down 2.11 percent to $1,280.70.

Silver traded down 3.86 percent Friday to $16.595, while copper fell 2.70 to $3.135.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 dropped 0.99 percent, the Spanish Ibex Index fell 1.07 percent, while Italy’s FTSE MIB Index dipped 1.32 percent. Meanwhile the German DAX dropped 0.74 percent, and the French CAC 40 fell 0.48 percent while U.K. shares fell 1.70 percent.

Economics

The Empire State manufacturing index increased 4.9 points to a reading of 25 in June. However, economists were expecting a reading of 19.

U.S. industrial production declined 0.1 percent for May, versus economists’ expectations for a 0.2 percent rise.

The University of Michigan's consumer sentiment index rose to 99.30 in June, versus prior reading of 98.00. Economists expected a reading of 98.50.

The total number of active U.S. oil rigs rose by 1 to 863 rigs this week, Baker Hughes Inc reported.

The Treasury International Capital report for April is schedule for release at 4:00 p.m. ET.

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

 

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