Market Overview

Mid-Afternoon Market Update: Crude Oil Down Over 2%; Highpower International Shares Spike Higher

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Toward the end of trading Friday, the Dow traded up 0.14% to 26564.82 while the NASDAQ rose 0.26% to 7988.70. The S&P also rose, gaining 0.31% to 2,933.87.

Leading and Lagging Sectors

Financial shares rose 1.4% on Friday. Meanwhile, top gainers in the sector included Jiayin Group Inc. (NASDAQ: JFIN), up 13%, and Puyi Inc. (NASDAQ: PUYI), up 11%.

In trading on Friday, information technology shares fell 0.2%.

Top Headline

Constellation Brands, Inc. (NYSE: STZ) posted upbeat earnings for its first quarter.

Constellation Brands reported first-quarter earnings of $2.20 per share, which beat the analyst consensus estimate of $2.06. The company reported quarterly sales of $2.097 billion, which beat the analyst consensus estimate of $2.06 billion.

The company sees FY2020 adjusted EPS of $8.65-$8.95 compared to the $8.57 consensus estimate.

Equities Trading UP

Highpower International, Inc. (NASDAQ: HPJ) shares shot up 39% to $4.2475 after the company announced it would go private at $4.80 per share.

Shares of Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) got a boost, shooting up 43% to $1.9907 after the company signed an agreement with a Chinese Tier One supplier to develop smart mobility solutions for the Chinese automotive industry, and two Chinese OEMs.

The RealReal, Inc. (NASDAQ: REAL) shares were also up, gaining 41% to $28.23 after pricing its 15 million share IPO at $20 per share.

Equities Trading DOWN

Hutchison China MediTech Limited (NASDAQ: HCM) shares tumbled 27% to $22.09 after reporting an 8.5 million share offering by selling shareholder.

Shares of Sorrento Therapeutics, Inc. (NASDAQ: SRNE) were down 17% to $2.80. Sorrento Therapeutics priced 8.333 million shares at $3 per share.

Cemtrex, Inc. (NASDAQ: CETX) was down, falling 18% to $3.13 in a potential sell off after the stock spiked over 100% on Thursday.

Commodities

In commodity news, oil traded down 2.1% to $58.17, while gold traded up 0.1% to $1,413.20.

Silver traded up 0.3% Friday to $15.345, while copper fell 0.1% to $2.715.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.7%, the Spanish Ibex Index rose 0.56%, while Italy’s FTSE MIB Index gained 0.59%. Meanwhile, the German DAX gained 1.04%, and the French CAC 40 rose 0.83% while UK shares rose 0.31%.

Economics

U.S. personal income rose 0.5% for May, while consumer spending increased 0.4%.

The Chicago PMI fell to 49.7 for June, compared to 54.2 in May.

The final reading of University of Michigan's consumer sentiment index fell to 98.2 in June, versus a reading of 100 in May. However, economists projected expected a 98 reading.

The total number of active U.S. oil rigs gained by 4 to 793 rigs this week, Baker Hughes Inc reported.

San Francisco Federal Reserve Bank President Mary Daly is set to speak in Aspen, Colorado at 3:20 p.m. ET.

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

 

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