Market Overview

Mid-Morning Market Update: Markets Rise; Walgreens Earnings Beat Expectations

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Following the market opening Thursday, the Dow traded up 0.35% to 21,017.80 while the NASDAQ rose 0.48% to 7,395.65. The S&P also rose, gaining 0.66% to 2,486.81.

The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases around the world. U.S. reported a total of 216,700 coronavirus cases with around 5,100 deaths. Italy reported a total of at least 110,500 confirmed cases and 13,100 deaths, while Spain confirmed a total of over 104,100 coronavirus cases. In total, there are at least 941,900 cases of COVID-19 worldwide with over 48,200 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 4.5% on Thursday. Meanwhile, top gainers in the sector included WPX Energy, Inc. (NYSE: WPX), up 15%, and Parsley Energy, Inc. (NYSE: PE), up 14%.

In trading on Thursday, health care shares dipped 0.8%.

Top Headline

Walgreens Boots Alliance Inc (NASDAQ: WBA) reported upbeat results for its second quarter.

Walgreens reported quarterly earnings of $1.52 per share, which beat the analyst consensus estimate of $1.46 per share. The company reported quarterly sales of $35.8 billion, which exceeded the analyst consensus estimate of $35.27 billion.

Equities Trading UP

Penn Virginia Corporation (NASDAQ: PVAC) shares shot up 26% to $2.8386 after dropping 27% on Wednesday.

Shares of Astrotech Corporation (NASDAQ: ASTC) got a boost, shooting 27% to $2.9064 after dropping 12% on Wednesday.

Apogee Enterprises, Inc. (NASDAQ: APOG) shares were also up, gaining 23% to $21.60 after reporting better-than-expected Q4 results.

Equities Trading DOWN

Luckin Coffee Inc. (NASDAQ: LK) shares tumbled 70% to $7.88 after the company withdrew previous financial statements and said its COO has been involved in fabricating transactions over the past year.

Shares of Golar LNG Partners LP (NASDAQ: GMLP) were down 46% to $1.745 after the company announced a reduction in its quarterly common unit distribution and issued an operational update.

Safe-T Group Ltd (NASDAQ: SFET) was down, falling 23% to $1.69. Safe-T priced its 450,000 ADS offering at $1.60 per ADS.

Commodities

In commodity news, oil traded up 9.5% to $22.23, while gold traded up 1% to $1,606.60.

Silver traded up 2.5% Thursday to $14.33, while copper rose 0.6% to $2.1885.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.6% the Spanish Ibex Index fell 0.1%, while Italy’s FTSE MIB Index gained 1.1%. Meanwhile, the German DAX gained 0.4%, and the French CAC 40 rose 1% while UK shares rose 0.6%.

Economics

U.S. trade deficit shrank 12.2% to $39.9 billion in February, versus revised $45.5 billion in January. Exports declined 0.4% to $207.5 billion, while imports slipped 2.5% to $247.5 billion.

Initial jobless claims surged by 6.65 million in the latest week, versus revised 3.34 million in the previous week.

U.S. factory orders were unchanged for February, versus a 0.5% drop in January.

The Energy Information Administration's weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 1:00 p.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

 

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Posted-In: Mid-Morning Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets