Market Overview

Mid-Day Market Update: Crude Oil Jumps 25%; Luckin Coffee Shares Plummet

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Midway through trading Thursday, the Dow traded up 1.18% to 21191.54 while the NASDAQ rose 1.05% to 7,438.17. The S&P also rose, gaining 1.35% to 2,503.84.

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 9.4% 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, consumer discretionary shares rose by just 0.6%.

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 40% to $3.15 after dropping 27% on Wednesday.

Shares of ION Geophysical Corporation (NYSE: IO) got a boost, shooting 81% to $2.10 after the company reported announced preliminary Q1 revenue in the range of $56 million to 57 million.

Apogee Enterprises, Inc. (NASDAQ: APOG) shares were also up, gaining 15% to $20.34 after reporting better-than-expected Q4 results.

Equities Trading DOWN

Luckin Coffee Inc. (NASDAQ: LK) shares tumbled 73% to $7.13 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 53% to $1.51 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 30% to $1.52. Safe-T priced its 450,000 ADS offering at $1.60 per ADS.

Commodities

In commodity news, oil traded up 25% to $25.38, while gold traded up 2.3% to $1,628.40.

Silver traded up 4.2% Thursday to $14.575, while copper rose 1.7% to $2.2115.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.57% the Spanish Ibex Index rose 0.5%, while Italy’s FTSE MIB Index gained 1.67%. Meanwhile, the German DAX gained 0.57%, and the French CAC 40 rose 0.92% while UK shares rose 0.65%.

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.

Domestic supplies of natural gas dropped 19 billion cubic feet for the week ended March 27, the U.S. Energy Information Administration reported. However, analysts were projecting a drop of 25 billion cubic feet.

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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