Market Overview

Mid-Day Market Update: Crude Oil Up 1.5%; Heron Therapeutics Shares Plummet

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Midway through trading Monday, the Dow traded up 1.78% to 25460.37 while the NASDAQ rose 0.74% to 9829.72. The S&P also rose, gaining 1.07% to 3,041.18.

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 2.4% on Monday. Meanwhile, top gainers in the sector included Ballard Power Systems Inc. (NASDAQ: BLDP), up 13%, and Plug Power Inc. (NASDAQ: PLUG), up 17%.

In trading on Monday, consumer discretionary shares rose by just 0.6%.

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 28% to $12.93 after the special purpose acquisition company acquired Golden Nugget Online Gaming.

Shares of BioHiTech Global, Inc. (NASDAQ: BHTG) got a boost, shooting 84% to $3.03 amid chatter the company's aerosol product can kill coronavirus.

Ideanomics, Inc. (NASDAQ: IDEX) shares were also up, gaining 50% to $2.19 after the company disclosed that its Mobile Energy Global (MEG) subsidiary, has completed delivery of multiple orders for a total of 117 units.

Equities Trading DOWN

TravelCenters of America Inc. (NASDAQ: TA) shares tumbled 20% to $17.48 after announcing a $75 million common stock offering.

Shares of Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT) were down 39% to $47.56 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 26% to $14.59 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 1.5% to $39.06, while gold traded up 0.3% to $1,785.40.

Silver traded down 0.4% Monday to $17.965, while copper rose 1.2% to $2.6915.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.47%, the Spanish Ibex Index rose 1.36%, while Italy’s FTSE MIB Index climbed 1.72%. Meanwhile, the German DAX 30 gained 1.24%, French CAC 40 gained 0.81% and UK shares rose 1.2%.

Economics

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

The Dallas Fed manufacturing index climbed to -6.1 in June, versus a prior reading of -49.2.

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

 

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