Market Overview

Mid-Morning Market Update: Markets Rise; American Airlines To Raise $3.5B In Funding

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Following the market opening Monday, the Dow traded up 0.28% to 25944.09 while the NASDAQ rose 0.42% to 9,988.30. The S&P also rose, gaining 0.29% to 3,106.58.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,280,960 cases with around 119,970 deaths. Brazil confirmed a total of over 1,083,340 COVID-19 cases with 50,590 deaths, while Russia reported a total of at least 591,460 confirmed cases and 8,190 deaths. In total, there were at least 8,970,970 cases of COVID-19 worldwide with over 468,580 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares climbed 1.4% on Monday. Meanwhile, top gainers in the sector included Centrais Eletricas Brasileiras S.A. - Eletrobras (NYSE: EBR), up 6%, and Companhia Paranaense de Energia - COPEL (NYSE: ELP), up 4%.

In trading on Monday, health care shares fell 0.5%.

Top Headline

American Airlines Group Inc (NASDAQ: AAL) plans to sell shares and convertible senior notes due 2025 to raise $3.5 billion to ease the liquidity crisis during the pandemic.

On Sunday, American Airlines proposed a public offering of $750 million of its common stock as well as $750 million worth of convertible senior notes due 2025.

Equities Trading UP

Evoke Pharma, Inc. (NASDAQ: EVOK) shares shot up 76% to $4.125 following the FDA approval of GIMOTI. HC Wainwright & Co. also upgraded the company's stock from Neutral to Buy and announced a $10 price target.

Shares of Ideanomics, Inc. (NASDAQ: IDEX) got a boost, shooting 48% to $3.2901 after the company received a 200 electric vehicle order worth $3.2 million.

Francesca's Holdings Corporation (NASDAQ: FRAN) shares were also up, gaining 45% to $5.35.

Equities Trading DOWN

Urban One, Inc. (NASDAQ: UONE) shares tumbled 32% to $24.65 after gaining 45% on Friday.

Shares of Carver Bancorp, Inc. (NASDAQ: CARV) were down 24% to $9.30.

Nabriva Therapeutics plc (NASDAQ: NBRV) was down, falling 12% to $0.7297 after the company received a Complete Response Letter from the FDA on NDA for CONTEPO (fosfomycin) for injection for the treatment of complicated urinary tract infections.

Commodities

In commodity news, oil traded down 0.5% to $39.54, while gold traded up 0.4% to $1,759.20.

Silver traded up 0.8% Monday to $17.99, while copper rose 0.8% to $2.6325.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.2%, the Spanish Ibex Index fell 0.7%, while Italy’s FTSE MIB Index dropped 0.2%. Meanwhile, the German DAX 30 declined 0.1%, French CAC 40 fell 0.2% and UK shares slipped 0.1%.

Economics

The Chicago Fed National Activity Index climbed to 2.61 in May, versus a revised reading of -17.89 for April.

Sales of existing houses in the US fell 9.7% to an annual rate of 3.91 million units in May.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

 

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