Mid-Morning Market Update: Markets Edge Higher; ISM Manufacturing PMI Jumps to 60.7

Following the market opening Tuesday, the Dow traded up 0.09% to 30,252.40 while the NASDAQ rose 0.36% to 12,744.18. The S&P also rose, gaining 0.21% to 3,708.42.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 20,823,850 cases with around 353,620 deaths. India confirmed a total of at least 10,356,840 confirmed cases and 149,850 deaths, while Brazil reported over 7,753,750 COVID-19 cases with 196,560 deaths. In total, there were at least 85,760,820 cases of COVID-19 worldwide with over 1,855,410 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares gained by 2.9% on Tuesday. Meanwhile, top gainers in the sector included SM Energy Company SM, up 15%, and Peabody Energy Corporation BTU, up 10%.

In trading on Tuesday, consumer staples shares fell 0.5%.

Top Headline

The ISM manufacturing PMI climbed to 60.7 in December versus 57.5 in November. However, analysts were expecting a reading of 56.5.

Equities Trading UP

The Peck Company Holdings, Inc. PECK shares shot up 76% to $10.80 as the company announced plans to acquire iSun Energy in an all stock deal.

Shares of Cyclo Therapeutics, Inc. CYTH got a boost, shooting 38% to $5.86 after the company announced "positive" efficacy data from an extension protocol with Trappsol Cyclo in patients with Niemann-Pick Disease Type C.

Boston Private Financial Holdings, Inc. BPFH shares were also up, gaining 31% to $10.97. SVB Financial Group SIVB announced plans to acquire Boston Private for a total of around $900 million.

Equities Trading DOWN

Bionano Genomics, Inc. BNGO shares tumbled 21% to $5.68. Bionano Genomics shares jumped over 133% on Monday after the company announced the publication in the Journal of Personalized Medicine by Lineagen of an analysis of Professor Temple Grandin's genome in one of the most comprehensive evaluations of a single genome of a high functioning individual with Autism Spectrum Disorder.

Shares of Millendo Therapeutics, Inc. MLND were down 18% to $1.69 after the company issued pipeline and business update. The company said further investment in MLE-301 is not planned following initial review of Phase 1 data. Millendo Therapeutics also disclosed that the company is exploring expanded range of strategic alternatives.

Mersana Therapeutics, Inc. MRSN was down, falling 17% to $22.02 after the company issued corporate and pipeline updates, and also announced its goals and anticipated milestones for 2021.
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Commodities

In commodity news, oil traded up 1.3% to $48.24, while gold traded up 0.3% to $1,951.70.

Silver traded up 1.1% Tuesday to $27.65 while copper rose 1.4% to $3.6025.

Euro zone

European shares were mostly flat today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index fell 0.1% and the German DAX 30 dropped 0.2%. Meanwhile, the French CAC 40 slipped 0.1%, London’s FTSE 100 climbed 0.3% and Italy’s FTSE MIB declined 0.1%.

Eurozone manufacturing PMI declined to 55.2 in December, while loans to households increased 3.1% year-over-year. German unemployment rate remained unchanged at 6.1% in December, while unemployment dropped by 37,000 month-over-month. The country’s retail sales rose 1.9% in November.

U.K. Prime Minister Boris Johnson announced Monday that England will enter another national lockdown that will help contain the spread of a new COVID-19 variant.

Economics

The ISM manufacturing PMI climbed to 60.7 in December versus 57.5 in November.

Chicago Fed President Charles Evans is set to speak at 3:45 p.m. ET.

Federal Reserve Bank of New York President John Williams will speak at 3:45 p.m. ET.