Mid-Morning Market Update: Markets Edge Lower; Citigroup Beats Q2 Estimates
Following the market opening Monday, the Dow traded down 0.05% to 27317.91 while the NASDAQ fell 0.08% to 8237.83. The S&P also fell, dropping 0.08% to 3,011.36.
Leading and Lagging Sectors
Real estate shares rose 0.6% on Monday. Meanwhile, top gainers in the sector included Ashford Hospitality Trust, Inc. (NYSE: AHT), up 2%, and Realogy Holdings Corp. (NYSE: RLGY), up 1%.
In trading on Monday, financial shares fell 0.6%.
Top Headline
Citigroup Inc (NYSE: C) reported better-than-expected results for its second quarter.
Citigroup posted quarterly earnings of $1.95 per share on revenue of $18.76 billion. However, analysts were expecting earnings of $1.82 per share on revenue of $18.49 billion.
Equities Trading UP
Capricor Therapeutics, Inc. (NASDAQ: CAPR) shares shot up 114% to $6.88 after the company announced its interim analysis in the HOPE-2 trial to treat patients with duchenne muscular dystrophy showed statistically significant results.
Shares of Mereo BioPharma Group plc (NASDAQ: MREO) got a boost, shooting up 50% to $3.3373 after the company reported successful Type B meeting with the FDA and outlines accelerated approval pathway for navicixizumab in advanced ovarian cancer.
Galapagos NV (NASDAQ: GLPG) shares were also up, gaining 16% to $168.70 after the company announced it has entered into a research and development collaboration with Gilead Sciences, Inc. (NASDAQ: GILD). Gilead said it will make a $3.95-billion upfront payment and $1.1-billion equity investment in the Belgian pharmaceutical company, according to a Sunday press release.Galapagos intends to use the proceeds to expand its research and development programs.
Equities Trading DOWN
Callon Petroleum Company (NYSE: CPE) shares tumbled 16% to $5.36 after the company announced it will acquire Carrizo Oil & Gas for $3.2 billion.
Shares of Eton Pharmaceuticals, Inc. (NASDAQ: ETON) were down 15% to $7.05 after the FDA sent a Complete Response Letter to the company for EM-100.
CIRCOR International, Inc. (NYSE: CIR) was down, falling 14% to $36.45. Crane Co. (NYSE: CR) disclosed that it will not extend its offer to acquire CIRCOR for $48 per share beyond July 19th.
Commodities
In commodity news, oil traded up 0.2% to $60.34, while gold traded up 0.3% to $1,416.20.
Silver traded up 0.9% Monday to $15.37, while copper rose 0.9% to $2.719.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.3%, the Spanish Ibex Index rose 0.3%, while Italy’s FTSE MIB Index gained 0.2%. Meanwhile, the German DAX gained 0.5%, and the French CAC 40 rose 0.2% while UK shares rose 0.4%.
Economics
The Empire State manufacturing index rose 12.9 points to 4.3 in July. However, economists were projecting a reading of 0.5.
The Treasury is set to auction 3-amd 6-month bills at 11:30 a.m. ET.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted-In: Mid-Morning Market UpdateNews Eurozone Commodities Global Intraday Update Markets