Mid-Day Market Update: Dow Up Over 250 Points; Benitec Biopharma Shares Spike Higher

Midway through trading Monday, the Dow traded up 1.14 percent to 24,735.86 while the NASDAQ climbed 0.53 percent to 7,729.47 . The S&P also rose, gaining 0.76 percent to 2,780.77 .

Leading and Lagging Sectors

On Monday, the financial shares climbed 1.57 percent. Meanwhile, top gainers in the sector included Elevate Credit, Inc. ELVT up 9 percent, and LendingClub Corporation LC up 7 percent.

In trading on Monday, utilities shares fell 1.13 percent.

Top Headline

Helen of Troy Limited HELE reported better-than-expected Q1 results and raised its FY19 earnings guidance.

Helen of Troy posted Q1 earnings of $1.87 per share on revenue of $354.679 million. However, analysts expected earnings of $1.43 per share on sales of $334.9 million.

Helen Of Troy now expects FY2019 earnings of $7.45 to $7.70 per share, versus earlier forecast of $7.30 to $7.55 per share.

Equities Trading UP

MabVax Therapeutics Holdings, Inc. MBVX shares shot up 250 percent to $2.07 after the company and Boehringer Ingelheim signed asset purchase and license agreements for antibody development program targeting multiple solid tumor cancers.

Shares of Benitec Biopharma Limited BNTC got a boost, shooting up 72 percent to $3.84 after the company reported a global licensing agreement for BB-301 for the treatment of oculopharyngeal muscular dystrophy and broad platform collaboration with Axovant.

Staffing 360 Solutions, Inc. STAF shares were also up, gaining 162 percent to $3.59 after the company reported an acquisition of recruitment firm Clement May Limited.

Equities Trading DOWN

CTI BioPharma Corp. CTIC shares dropped 14 percent to $4.485 after the company disclosed that its Phase 3 trial evaluating PIXUVRI did not meet its primary endpoint of improvement in progression-free survival.

Shares of New Concept Energy, Inc. GBR were down 13 percent to $3.7184.

Adesto Technologies Corporation IOTS was down, falling around 19 percent to $6.90 after reporting a $40 million offering.

Commodities

In commodity news, oil traded down 0.53 percent to $73.41 while gold traded up 0.53 percent to $1,262.50.

Silver traded up 0.66 percent Monday to $16.175, while copper rose 1.33 to $2.8615.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.35 percent, the Spanish Ibex Index rose 0.17 percent, while Italy’s FTSE MIB Index rose 0.27 percent. Meanwhile the German DAX gained 0.11 percent, and the French CAC 40 climbed 0.21 percent while U.K. shares rose 0.57 percent.

Economics

The TD Ameritrade Investor Movement Index for June is schedule for release at 12:30 p.m. ET.

Data on consumer credit for May will be released at 3:00 p.m. ET.