Market Overview

Mid-Day Market Update: Crude Oil Up 1%; Ideanomics Shares Spike Higher

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Midway through trading Monday, the Dow traded up 0.43% to 25983.65 while the NASDAQ rose 0.77% to 10023.06. The S&P also rose, gaining 0.49% to 3112.82.

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 1.8% on Monday. Meanwhile, top gainers in the sector included Centrais Eletricas Brasileiras S.A. - Eletrobras (NYSE: EBR), up 6%, and Clearway Energy Inc (NYSE: CWEN), up 5%.

In trading on Monday, real estate shares fell 0.6%.

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 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 77% to $3.93 after the company received a 200 electric vehicle order worth $3.2 million.

Francesca's Holdings Corporation (NASDAQ: FRAN) shares were also up, gaining 33% to $4.8999.

Equities Trading DOWN

Urban One, Inc. (NASDAQ: UONE) shares tumbled 40% to $21.83 after gaining 45% on Friday.

Shares of Carver Bancorp, Inc. (NASDAQ: CARV) were down 26% to $9.02.

Nabriva Therapeutics plc (NASDAQ: NBRV) was down, falling 8% to $0.7561 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 up 1% to $40.15, while gold traded up 1.1% to $1,772.30.

Silver traded up 0.8% Monday to $17.985, while copper rose 1.4% to $2.647.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.74%, the Spanish Ibex Index fell 0.92%, while Italy’s FTSE MIB Index dropped 0.71%. Meanwhile, the German DAX 30 declined 0.55%, French CAC 40 fell 0.62% and UK shares slipped 0.76%.

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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