Market Overview

Mid-Afternoon Market Update: Dow Surges Over 1%; Lemonade Shares Spike Higher

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Toward the end of trading Thursday, the Dow traded up 1.06% to 26007.89 while the NASDAQ rose 1.07% to 10,262.95. The S&P also rose, gaining 1.02% to 3,147.72.

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 2.3% on Thursday. Meanwhile, top gainers in the sector included GeoPark Limited (NYSE: GPRK), up 10%, and EQT Corporation (NYSE: EQT), up 9%.

In trading on Thursday, real estate shares rose by just 0.2%.

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

Lemonade, Inc. (NYSE: LMND) shares shot up 116% to $62.66. Lemonade raised $319 million in its initial public offering on Wednesday. The online insurance company sold 11 million shares priced at $29 each.

Shares of GEE Group, Inc. (NYSE: JOB) got a boost, shooting 268% to $1.89 after the company announced it has eliminated over $47 million in debt and mezzanine financing. Alliance Global Partners upgraded GEE Group from Neutral to Buy and announced a $2.5 price target.

Francesca's Holdings Corporation (NASDAQ: FRAN) shares were also up, gaining 55% to $5.39 after the company announced a partnership with Poq to develop the company’s first mobile application.

Equities Trading DOWN

Aeterna Zentaris Inc. (NASDAQ: AEZS) shares tumbled 28% to $0.3862 after the company priced its 26.66 million unit offering at $0.45 per unit.

Shares of Document Security Systems, Inc. (NYSE: DSS) were down 25% to $6.08 after the company announced a common stock offering of 1.02 million shares at $6.25 per share.

Zomedica Pharmaceuticals Corp. (NYSE: ZOM) was down, falling 24% to $0.1697 after the company reported a $30 million public offering.

Commodities

In commodity news, oil traded up 1.4% to $40.38, while gold traded up 0.6% to $1,790.20.

Silver traded up 0.6% Thursday to $18.325, while copper rose 0.7% to $2.7525.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 1.97%, the Spanish Ibex Index surged 3.75%, while Italy’s FTSE MIB Index gained 2.88%. Meanwhile, the German DAX 30 climbed 2.84%, French CAC 40 climbed 2.49% and UK shares rose 1.34%.

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 total number of active U.S. oil rigs slipped by 3 to 185 rigs this week, Baker Hughes Inc reported.

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

 

Related Articles (AEZS + DSS)

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Posted-In: Mid-Afternoon Market UpdateNews Penny Stocks Eurozone Commodities Global Intraday Update Markets

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