Market Overview

Mid-Day Market Update: Mid-Con Energy Partners Surges Following Strong Q1 Sales; AVEO Pharmaceuticals Shares Slide

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Midway through trading Tuesday, the Dow traded up 1.92% to 26,253.25 while the NASDAQ rose 1.6% to 9,881.04. The S&P also rose, gaining 1.8% to 3,121.85.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,114,020 cases with around 116,120 deaths. Brazil confirmed a total of over 888,270 COVID-19 cases with 43,950 deaths, while Russia reported a total of at least 544,720 confirmed cases and 7,270 deaths. In total, there were at least 8,052,090 cases of COVID-19 worldwide with over 437,280 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health Care shares climbed 2.3% on Tuesday. Meanwhile, top gainers in the sector included IDEAYA Biosciences, Inc. (NASDAQ: IDYA), up 32%, and Amicus Therapeutics, Inc. (NASDAQ: FOLD), up 17%.

In trading on Tuesday, financial shares rose by just 1.1%.

Top Headline

U.S. retail sales surged 17.7% in May, after falling 14.7% in April. However, analysts were expecting for an 8% increase.

Core retail sales gained 12.4% during the month, exceeding estimates of a 5.5% growth.

Equities Trading UP

IDEAYA Biosciences, Inc. (NASDAQ: IDYA) shares shot up 32% to $11.82 after the company, along with GSK, announced a partnership in Synthetic Lethality.

Shares of Mid-Con Energy Partners, LP (NASDAQ: MCEP) got a boost, shooting 99% to $5.49 after the company reported a strong rise in Q1 sales.

ClearSign Technologies Corporation (NASDAQ: CLIR) shares were also up, gaining 177% to $2.195 after the company received a multi-unit process burner order from ExxonMobil.

Equities Trading DOWN

AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) shares tumbled 12% to $6.74 after the company reported a proposed public offering of common stock.

Shares of Genius Brands International, Inc (NASDAQ: GNUS) were down 12% to $3.99. Following the Monday launch of its new free digital Kartoon Channel! across multiple AVOD and OTT platforms, Genius Brands announced the new programming slate of premium content for children 2 – 11 years-old and their families set to debut on the channel.

Chesapeake Energy Corporation (NYSE: CHK) was down, falling 18% to $15.50. Chesapeake Energy will file for bankruptcy as soon as this week, Reuters reported.

Commodities

In commodity news, oil traded up 0.9% to $37.46, while gold traded up 0.5% to $1,735.80.

Silver traded up 1.2% Tuesday to $17.605, while copper fell 0.3% to $2.5585.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 2.9%, the Spanish Ibex Index rose 3.2%, while Italy’s FTSE MIB Index surged 3.5%. Meanwhile, the German DAX 30 climbed 3.5%, French CAC 40 rose 3% and UK shares rose 3%.

Economics

U.S. retail sales surged 17.7% in May, after falling 14.7% in April.

The Johnson Redbook Retail Sales Index fell 2.4% during the first two weeks in June versus May.

U.S. industrial production rose 1.4% for May, versus analysts’ expectations for a 2.9% increase.

U.S. business inventories declined 1.3% in April, after a revised 0.3% decline in March.

The NAHB housing market index rose 21 points to a reading of 58 in June.

Federal Reserve Vice Chairman Richard Clarida will speak at 6:00 p.m. ET.

 

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