Market Overview

Mid-Morning Market Update: Markets Open Higher; Coty To Acquire 20% Stake In Kim Kardashian's Makeup Brand

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Following the market opening Monday, the Dow traded up 1.34% to 25351.83 while the NASDAQ rose 0.15% to 9,771.75. The S&P also rose, gaining 0.61% to 3,027.37.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,549,060 cases with around 125,800 deaths. Brazil confirmed a total of over 1,344,140 COVID-19 cases with 57,620 deaths, while Russia reported a total of at least 640,240 confirmed cases and 9,150 deaths. In total, there were at least 10,154,980 cases of COVID-19 worldwide with over 502,040 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Industrial shares climbed 1.8% on Monday. Meanwhile, top gainers in the sector included Ballard Power Systems Inc. (NASDAQ: BLDP), up 10%, and Plug Power Inc. (NASDAQ: PLUG), up 13%.

In trading on Monday, information technology shares fell 0.3%.

Top Headline

Coty Inc. (NYSE: COTY) agreed to acquire a 20% stake in Kim Kardashian West's cosmetics line.

The New York-based cosmetics veteran paid $200 million for the stake, valuing the brand KKW at $1 billion.

Equities Trading UP

Landcadia Holdings II, Inc. (NASDAQ: LCA) shares shot up 35% to $13.64 after the special purpose acquisition company acquired Golden Nugget Online Gaming.

Shares of Workhorse Group Inc. (NASDAQ: WKHS) got a boost, shooting 30% to $12.83 after surging over 15% on Friday. Lordstown Motors on Thursday unveiled its electric pickup prototype and recently passed the federal motor vehicle safety standard tests for all of its electric delivery vans. Workhorse reported it was added to Russell 3000 Index on June 29.

Tortoise Acquisition Corp. (NASDAQ: SHLL) shares were also up, gaining 33% to $32.66 after jumping 41% on Friday. the special purpose acquisition company announced it would acquire electric truck company Hyliion last week.

Equities Trading DOWN

Cleveland BioLabs, Inc. (NASDAQ: CBLI) shares tumbled 39% to $2.595 after a strong rise on Friday.

Shares of Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT) were down 38% to $47.96 after the FDA stated concerns about effectiveness of the company's fibrosis treatment. Oppenheimer and Wells Fargo downgraded the stock.

Heron Therapeutics, Inc. (NASDAQ: HRTX) was down, falling 30% to $13.96 after the FDA said it cannot approve the company's new drug application for HTX-011 without additional information.

Commodities

In commodity news, oil traded up 0.4% to $38.65, while gold traded up 0.3% to $1,785.70.

Silver traded up 0.2% Monday to $18.075, while copper rose 0.6% to $2.674.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.1%, the Spanish Ibex Index rose 0.5%, while Italy’s FTSE MIB Index climbed 0.8%. Meanwhile, the German DAX 30 gained 0.6%, French CAC 40 gained 0.3% and UK shares rose 0.5%.

Economics

U.S. pending home sales climbed 44.3% in May, following a 21.8% drop in April.

The Dallas Fed manufacturing index for June will be released at 10:30 a.m. ET.

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

Federal Reserve Bank of New York President John Williams will speak at 3:00 p.m. ET.

 

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