Market Overview

Mid-Morning Market Update: Markets Open Higher; ISM Non-Manufacturing PMI Jumps To 57.1 In June

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Following the market opening Monday, the Dow traded up 1.18% to 26131.57 while the NASDAQ rose 1.78% to 10,389.35. The S&P also rose, gaining 1.25% to 3,169.22.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,888,720 cases with around 129,940 deaths. Brazil confirmed a total of over 1,603,050 COVID-19 cases with 64,860 deaths, while India reported a total of at least 697,410 confirmed cases and 19,690 deaths. In total, there were at least 11,465,630 cases of COVID-19 worldwide with over 534,780 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares climbed 2.2% on Monday. Meanwhile, top gainers in the sector included UP Fintech Holding Limited (NASDAQ: TIGR), up 25%, and China Life Insurance Company Limited (NYSE: LFC), up 21%.

In trading on Monday, utilities shares fell 0.3%.

Top Headline

The ISM non-manufacturing PMI climbed to 57.1 in June, versus a reading of 45.4 in May. However, analysts were expecting a reading of 50.

Equities Trading UP

Ayro, Inc. (NASDAQ: AYRO) shares shot up 80% to $5.86 after jumping 18% on Thursday

Shares of Electrameccanica Vehicles Corp. (NASDAQ: SOLO) got a boost, shooting 44% to $4.49 after jumping more than 34% on Thursday.

NIO Inc. (NYSE: NIO) shares were also up, gaining 25% to $11.76. NIO shares jumped around 19% on Thursday after the company reported a 179.1% year-over-year surge in June deliveries.

Equities Trading DOWN

BELLUS Health Inc. (NASDAQ: BLU) shares tumbled 77% to $2.725 after the company's phase 2 trial of BLU-5937 for chronic cough missed its primary endpoint.

Shares of ObsEva SA (NASDAQ: OBSV) were down 39% to $3.7298 after the company ObSeva reported positive results for the late-stage PRIMROSE 1 and PRIMROSE 2 studies that evaluated its linzagolix in uterine fibroids.

Eltek Ltd. (NASDAQ: ELTK) was down, falling 19% to $4.27.

Commodities

In commodity news, oil traded down 0.1% to $40.60, while gold traded down 0.3% to $1,785.20.

Silver traded up 0.9% Monday to $18.49, while copper rose 0.2% to $2.754.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.5%, the Spanish Ibex Index surged 2.5%, while Italy’s FTSE MIB Index gained 1.8%. Meanwhile, the German DAX 30 climbed 1.8%, French CAC 40 climbed 1.7% and UK shares rose 1.9%.

Economics

The IHS Markit US services PMI rose to 47.9 in June versus a preliminary reading of 46.7 and above May's reading of 37.5.

The ISM non-manufacturing PMI climbed to 57.1 in June, versus a reading of 45.4 in May. However, analysts were expecting a reading of 50.

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

The TD Ameritrade Investor Movement Index for June will be released at 12:30 p.m. ET.

 

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