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Market Overview

Mid-Morning Market Update: Markets Open Higher; U.S. Economy Adds 4.8 Million Jobs In June

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Following the market opening Thursday, the Dow traded up 1.5% to 26,120.01 while the NASDAQ rose 1.32% to 10,289.14. The S&P also rose, gaining 1.34% to 3,157.59.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,686,580 cases with around 128,060 deaths. Brazil confirmed a total of over 1,448,750 COVID-19 cases with 60,630 deaths, while Russia reported a total of at least 660,230 confirmed cases and 9,660 deaths. In total, there were at least 10,716,060 cases of COVID-19 worldwide with over 516,720 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 2.8% on Thursday. Meanwhile, top gainers in the sector included EQT Corporation (NYSE: EQT), up 7%, and Enerplus Corporation (NYSE: ERF), up 7%.

In trading on Thursday, communication services shares rose by just 0.5%.

Top Headline

The U.S. economy added 4.8 million jobs during June, versus a revised 2.7 million gain in May and exceeding market expectations of 3 million. The unemployment rate also declined to 11.1% in June, versus market estimates of 12.3%.

Equities Trading UP

Francesca's Holdings Corporation (NASDAQ: FRAN) shares shot up 98% to $6.87 after the company announced a partnership with Poq to develop the company’s first mobile application.

Shares of Electrameccanica Vehicles Corp. (NASDAQ: SOLO) got a boost, shooting 40% to $3.2699.

ION Geophysical Corporation (NYSE: IO) shares were also up, gaining 30% to $2.881 after the company reported it sees preliminary Q2 sales of roughly $22 million and expects to increase cash to roughly $40 million.

Equities Trading DOWN

Liminal BioSciences Inc. (NASDAQ: LMNL) shares tumbled 28% to $16.30. Liminal BioSciences shares jumped 117% on Wednesday after the company reported commencement of collection of convalescent plasma from coronavirus-recovered donors.

Shares of Document Security Systems, Inc. (NYSE: DSS) were down 23% to $6.21 after the company announced a common stock offering of 1.02 million shares at $6.25 per share.

MEI Pharma, Inc. (NASDAQ: MEIP) was down, falling 17% to $3.5250 after the company and Helsinn Group discontinued the Phase 3 study of Pracinostat In acute myeloid leukemia.

Commodities

In commodity news, oil traded up 0.7% to $40.08, while gold traded up 0.2% to $1,784.00.

Silver traded down 0.1% Thursday to $18.215, while copper rose 0.7% to $2.7525.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 rose 1.1%, the Spanish Ibex Index surged 2.2%, while Italy’s FTSE MIB Index gained 1.9%. Meanwhile, the German DAX 30 climbed 1.7%, French CAC 40 climbed 1.5% and UK shares rose 0.8%.

Economics

The U.S. economy added 4.8 million jobs during June, versus a revised 2.7 million gain in May and exceeding market expectations of 3 million. The unemployment rate also declined to 11.1% in June, versus market estimates of 12.3%.

The US trade deficit increased to $54.6 billion in May versus a revised $49.8 billion in April. Analysts projected a gap of $53 billion.

U.S. initial jobless claims eased to 1.427 million in the week ended June 27. However, analysts projected a reading of 1.355 million..

U.S. factory orders climbed 8.0% in May, versus a record 13.5% decline in April.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

The Baker Hughes North American rig count report for the recent week is scheduled for release at 1:00 p.m. ET.

Data on money supply for the latest week will be released at 4:30 p.m. ET.

 

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