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Market Overview

Mid-Morning Market Update: Markets Mostly Higher; US Economy Loses 140,000 Jobs In December


Following the market opening Friday, the Dow traded up 0.07% to 31,063.52 while the NASDAQ rose 0.90% to 13,185.08. The S&P also rose, gaining 0.46% to 3,821.28.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 21,581,740 cases with around 365,320 deaths. India confirmed a total of at least 10,413,410 confirmed cases and 150,570 deaths, while Brazil reported over 7,961,670 COVID-19 cases with 200,490 deaths. In total, there were at least 88,140,960 cases of COVID-19 worldwide with over 1,900,380 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares gained by 1.2% on Friday. Meanwhile, top gainers in the sector included Future FinTech Group Inc. (NASDAQ: FTFT), up 39%, and Kirkland's, Inc. (NASDAQ: KIRK), up 8%.

In trading on Friday, communication services shares fell 0.6%.

Top Headline

The US economy shed 140,000 jobs in December, following a 245,000 rise in the prior month. However, analysts were expecting for a 71,000 rise. The unemployment rate, meanwhile, came in unchanged at 6.7% last month.


Equities Trading UP

Lion Group Holding Ltd. (NASDAQ: LGHL) shares shot up 91% to $4.4013 after climbing over 14% on Thursday. Lion Group, last month, announced plans to raise $10 million through a private placement.

Shares of Greenpro Capital Corp. (NASDAQ: GRNQ) got a boost, shooting 64% to $3.64.

Chimerix, Inc. (NASDAQ: CMRX) shares were also up, gaining 61% to $8.00 after the company said it has acquired Oncoceutics, Inc., a privately-held, clinical-stage biotechnology company developing imipridones, a novel class of compounds, for $78 million, payable in cash and stock, subject to certain customary adjustments.

Equities Trading DOWN

Sarepta Therapeutics, Inc. (NASDAQ: SRPT) shares tumbled 49% to $86.97 after the company announced topline results from Part 1 of the Phase 2/3 study of SRP-9001, its investigational gene therapy to treat DMD, showing the study didn't achieve statistical significance on the primary functional endpoint of improvement in North Star Ambulatory Assessment, or NSAA, total score compared to placebo at 48 weeks after the treatment. Various analysts, including JP Morgan, Morgan Stanley and Raymond James downgraded the stock.

Shares of SOS Limited (NYSE: SOS) were down 45% to $1.6989 after the company reported pricing of $25 million offering.

The9 Limited (NASDAQ: NCTY) was down, falling 25% to $12.81 after gaining 15% on Thursday. The9, recently, signed a legally binding cooperation and investment term sheet with cryptocurrencies mining investors led by Jianping Kong to start the cryptocurrencies business.


In commodity news, oil traded up 0.9% to $51.27, while gold traded down 1.1% to $1,891.80.

Silver traded down 2.2% Friday to $26.67 while copper rose 0.2% to $3.7030.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.6%, the Spanish Ibex Index rose 0.2% and the German DAX 30 gained 0.8%. Meanwhile, the French CAC 40 rose 0.7%, London’s FTSE 100 gained 0.1% and Italy’s FTSE MIB gained 0.5%.

The UK’s Halifax house price index increased 6% year-over-year in December, following a 7.6% rise in November. Germany’s trade surplus shrank to EUR 17.2 billion in November from EUR 18.5 billion in the year-ago period, while industrial production increased 0.9% month-over-month. French trade gap shrank to EUR 3.6 billion in November versus EUR 4.6 billion in October, while current account deficit narrowed to EUR 1.41 billion from EUR 3.79 billion. The country’s industrial production declined 0.9% in November.


The US economy shed 140,000 jobs in December, following a 245,000 rise in the prior month. However, analysts were expecting for a 71,000 rise. The unemployment rate, meanwhile, came in unchanged at 6.7% last month.

US wholesale inventories came in flat for November versus initial estimates for a 0.1% decline.

Federal Reserve Vice Chairman Richard Clarida is set to speak at 11:00 a.m. ET.

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

Data on consumer credit for November will be released at 3:00 p.m. ET.


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