Mid-Afternoon Market Update: Crude Oil Down 4.5%; Chembio Diagnostics Shares Spike Higher

Toward the end of trading Monday, the Dow traded up 1.18% to 33,542.88 while the NASDAQ rose 1.7% to 13,709.47. The S&P also rose, gaining 1.46% to 4,078.58.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 30,706,120 cases with around 555,000 deaths. Brazil reported over 12,984,950 COVID-19 cases with 331,430 deaths, while India confirmed a total of at least 12,589,060 cases and 165,100 deaths. In total, there were at least 131,370,250 cases of COVID-19 worldwide with more than 2,854,150 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Consumer discretionary shares rose 2,5% on Monday. Meanwhile, top gainers in the sector included Leaf Group Ltd. LEAF, up 21%, and Bluegreen Vacations Holding Corporation BVH, up 18%.


In trading on Monday, energy shares fell 2.5%.


Top Headline

The ISM services PMI climbed to record high level of 63.7 in March from 55.3 in February. However, analysts were expecting a reading of 59.

 

Equities Trading UP


Leaf Group Ltd. LEAF shares shot up 21% to $8.53 as the company agreed to be acquired by Graham Holdings Company for $8.50 per share in all-cash transaction valued at $323 million.


Shares of Chembio Diagnostics, Inc. CEMI got a boost, shooting 57% to $5.53 after the company announced the commercial launch of a test to differentiate between COVID-19 and the Flu.


Nano-X Imaging Ltd. NNOX shares were also up, gaining 18% to $48.90 after the company announced on Friday its single-source Nanox.ARC digital x-ray technology has received 510(k) clearance from the FDA.


Check out these big movers of the day


Equities Trading DOWN

Molecular Templates, Inc. MTEM shares tumbled 25% to $9.31 after the company decided to discontinue the development of MT-3724, its only first-generation engineered toxin bodies (ETB), and focus its resources on the development of next-generation ETBs.

Shares of ACADIA Pharmaceuticals Inc. ACAD were down 17% to $21.16 after the FDA issued a Complete Response Letter (CRL) to Acadia Pharmaceuticals regarding its supplemental marketing application for Nuplazid (pimavanserin) for the treatment of hallucinations and delusions associated with dementia-related psychosis (DRP).

Ikena Oncology, Inc. IKNA was down, falling 9% to $23.75. The company, last month, priced its IPO at $16 per share.


Commodities


In commodity news, oil traded down 4.5% to $58.66, while gold traded down 0.1% to $1,726.90.


Silver traded down 1% Monday to $24.705 while copper rose 3.7% to $4.1385.


Euro zone

European markets were closed on Easter Monday.


Economics


The IHS Markit services PMI was revised higher to 60.4 in March from a preliminary reading of 60.0.


US factory orders fell 0.8% for February.


The ISM services PMI climbed to 63.7 in March from 55.3 in February.

Check out the full economic calendar here

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