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Market Overview

Mid-Morning Market Update: Markets Gain; US Senate Clears $1.9 Trillion Covid-19 Relief Bill

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Following the market opening Monday, the Dow traded up 0.73% to 31,726.89 while the NASDAQ rose 0.06% to 12,927.51. The S&P also rose, gaining 0.31% to 3,853.88.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 28,999,540 cases with around 525,030 deaths. India confirmed a total of at least 11,229,390 confirmed cases and 157,850 deaths, while Brazil reported over 11,019,340 COVID-19 cases with 265,410 deaths. In total, there were at least 116,907,500 cases of COVID-19 worldwide with over 2,594,720 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Materials shares rose 1.4% on Monday. Meanwhile, top gainers in the sector included Orla Mining Ltd. (NYSE: ORLA), up 4%, and Piedmont Lithium Limited (NYSE: PLL), up 7%.

In trading on Monday, energy shares fell 0.9%.

Top Headline

After a marathon overnight session and lots of political maneuvering, the U.S. Senate on Saturday passed President Joe Biden’s $1.9 trillion COVID-19 relief plan in a party-line vote.

The bill is expected to be passed by the House and signed by Biden before unemployment benefits expire on March 14. The bill featured a measure to more than double the minimum wage to $15 per hour, which the Senate also rejected.

 

Equities Trading UP

Second Sight Medical Products, Inc. (NASDAQ: EYES) shares shot up 123% to $12.89 on continued momentum from Friday after the company reported FDA approval for its Argus 2s Rentinal Prosthesis Systems.

Shares of Anchiano Therapeutics Ltd. (NASDAQ: ANCN) got a boost, shooting 85% to $6.18 on above average volume. The company intends to hold a special meeting in Q1 to vote on the merger with Chemomab.

AMTD International Inc. (NASDAQ: HKIB) shares were also up, gaining 49% to $9.66 after jumping around 37% on Friday.

Check out these big movers of the day

Equities Trading DOWN

Soleno Therapeutics, Inc. (NASDAQ: SLNO) shares tumbled 42% to $1.565
after the FDA said that it would require an additional controlled clinical trial for DCCR (diazoxide choline) in Prader-Willi Syndrome.

Shares of AnaptysBio, Inc. (NASDAQ: ANAB) were down 36% to $19.00 after the company's phase 2 trial for treatment of palmoplantar pustulosis did not meet its primary endpoint.

Birks Group Inc. (NYSE: BGI) was down, falling 13% to $3.04.

Commodities

In commodity news, oil traded up 0.3% to $66.30, while gold traded down 0.7% to $1,686.90.

Silver traded up 0.1% Monday to $25.29 while copper rose 0.1% to $4.0765.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.9%, the Spanish Ibex Index rose 0.5% and the German DAX 30 gained 1.2%. Meanwhile, the French CAC 40 rose 0.8%, London’s FTSE 100 rose 0.2% and Italy’s FTSE MIB surged 1.8%.

Spain's industrial production dropped 2.2% year-over-year in January, while industrial production in Germany declined 2.5%percent month-over-month for January.

Economics

US wholesale inventories increased 1.3% for January.

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

The Investor Movement Index for February is scheduled for release at 12:30 p.m. ET.

Check out the full economic calendar here

 

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