Market Overview

Mid-Morning Market Update: Markets Open Higher; IHS Markit Earnings Beat Expectations

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Following the market opening Tuesday, the Dow traded up 7.12% to 19,916.51 while the NASDAQ rose 5.78% to 7,256.91. The S&P also rose, gaining 6.35% to 2,379.48.

US reported a total of 46,400 coronavirus cases with around 590 deaths. Italy reported a total of at least 63,900 confirmed cases and 6,000 deaths, while Spain confirmed a total of over 35,200 coronavirus cases. Mainland China reported 78 new cases on Monday. In total, there are at least 387,300 cases of COVID-19 worldwide with over 16,700 deaths.

Leading and Lagging Sectors

Energy shares climbed 9.2% on Tuesday. Meanwhile, top gainers in the sector included Halliburton Company (NYSE: HAL), up 28%, and Tsakos Energy Navigation Limited (NYSE: TNP), up 17%.

In trading on Tuesday, consumer staples shares rose by just 3.1%.

Top Headline

IHS Markit Ltd. (NYSE: INFO) reported better-than-expected earnings for its first quarter on Tuesday.

IHS Markit reported quarterly earnings of $0.66 per share, beating analysts’ estimates of $0.64 per share. Revenue came in at $1.081 billion, slightly exceeding the consensus expectations of $1.08 billion.

 

Equities Trading UP

Jiayin Group Inc. (NASDAQ: JFIN) shares shot up 70% to $5.14 after surging over 55% on Monday.

Shares of ThermoGenesis Holdings, Inc. (NASDAQ: THMO) got a boost, shooting 62% to $3.75 after the company reported year-end 2019 results and issued corporate update.

Dave & Buster's Entertainment, Inc. (NASDAQ: PLAY) shares were also up, gaining 39% to $13.87 after climbing over 28% on Monday.

Equities Trading DOWN

Milestone Pharmaceuticals Inc. (NASDAQ: MIST) shares tumbled 84% to $2.25 after the company said the Phase 3 study dubbed NODE-301 that evaluated its investigational therapy etripamil nasal spray for the treatment of paroxysmal supraventricular tachycardia, or SVT, did not achieve its primary endpoint of time to conversion of SVT to sinus rhythm compared to placebo over the five-hour period following the study drug administration. Piper Sandler downgraded Milestone Pharmaceuticals from Overweight to Neutral.

Shares of Invesco Mortgage Capital Inc. (NYSE: IVR) were down 51% to $2.61.

Baudax Bio, Inc. (NASDAQ: BXRX) was down, falling 48% to $2.28 after the company reported pricing of public offering of common stock and warrants.

Commodities

In commodity news, oil traded up 4.6% to $24.44, while gold traded up 6.5% to $1,668.80.

Silver traded up 5.4% Tuesday to $13.975, while copper rose 3.5% to $2.174.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 4.8% the Spanish Ibex Index rose 5%, while Italy’s FTSE MIB Index climbed 5.8%. Meanwhile, the German DAX climbed 6%, and the French CAC 40 rose 4.6% while UK shares rose 4.2%.

Economics

The IHS Markit composite PMI dropped to 40.5 in March, compared to 49.6 in the prior month.

New home sales declined 4.4% to an annual rate of 765,000 in February.

The Treasury is set to auction 52-week bills at 11:30 a.m. ET.

The Treasury will auction 2-year notes at 1:00 p.m. ET.

 

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