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

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. IDYA, up 32%, and Amicus Therapeutics, Inc. 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. 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 MCEP got a boost, shooting 99% to $5.49 after the company reported a strong rise in Q1 sales.

ClearSign Technologies Corporation 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. AVEO shares tumbled 12% to $6.74 after the company reported a proposed public offering of common stock.

Shares of Genius Brands International, Inc 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 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.

Posted In: NewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Day Market Update
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...