Market Overview

Mid-Afternoon Market Update: Dow Surges Over 1200 Points; Millendo Therapeutics Shares Plummet

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Toward the end of trading Monday, the Dow traded up 5.88% to 22291.21 while the NASDAQ rose 5.76% to 7,797.89. The S&P also rose, gaining 5.77% to 2,632.30.

The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases around the world. U.S. reported a total of 337,600 coronavirus cases with around 9,600 deaths. Spain confirmed a total of over 131,600 coronavirus cases with 12,600 deaths, while Italy reported a total of at least 128,900 confirmed cases and 15,800 deaths. In total, there were at least 1,280,000 cases of COVID-19 worldwide with over 69,700 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares climbed 7.9% on Monday. Meanwhile, top gainers in the sector included CenterPoint Energy, Inc. (NYSE: CNP), up 12%, and Evergy, Inc. (NYSE: EVRG), up 12%.

In trading on Monday, consumer staples shares rose by just 2.8%.

Top Headline

Simply Good Foods Co (NASDAQ: SMPL) reported better-than-expected results for its second quarter.

Simply Good Foods reported quarterly earnings of $0.23 per share, beating analysts’ estimates of $0.18 per share. The company’s sales came in at $227.1 million, exceeding the consensus view of $220.9 million.

Equities Trading UP

Immunomedics, Inc. (NASDAQ: IMMU) shares shot up 96% to $18.42 after the company said it would stop its Ascent Study due to compelling evidence of efficacy.

Shares of XpresSpa Group, Inc. (NASDAQ: XSPA) got a boost, shooting 46% to $0.3173 after jumping over 31% on Friday. The company is converting its airport spa locations into testing locations.

Wayfair Inc (NYSE: W) shares were also up, gaining 39% to $70.14 after the company said it expects to meet or exceed its previously announced guidance. Wayfair reported private placement of $535 million of convertible senior notes.

Equities Trading DOWN

Millendo Therapeutics Inc (NASDAQ: MLND) shares tumbled 68% to $1.55 after the company announced its phase 2b trial did not achieve statistically significant results.

Shares of Menlo Therapeutics Inc (NASDAQ: MNLO) were down 48% to $1.3350 after the company announced two phase 3 trials did not achieve their primary endpoints.

OncoSec Medical Incorporated (NASDAQ: ONCS) was down, falling 16% to $1.69. OncoSec reported collaboration with providence cancer institute to conduct first-in-human trial of its CORVax12 investigational vaccine as prevention for coronavirus.

Commodities

In commodity news, oil traded down 6.2% to $26.59, while gold traded up 3.1% to $1,696.80.

Silver traded up 4.5% Monday to $15.14, while copper rose 0.9% to $2.2125.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 3.73 % the Spanish Ibex Index rose 3.99%, while Italy’s FTSE MIB Index climbed 4%. Meanwhile, the German DAX gained 5.77%, and the French CAC 40 rose 4.61% while UK shares rose 3.08%.

Economics

On the economics calendar Monday, there is no important data due out.

 

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