Skip to main content

Market Overview

Mid-Day Market Update: Crude Oil Down Over 6%; Wayfair Shares Spike Higher

Share:

Midway through trading Monday, the Dow traded up 4.75% to 22053.54 while the NASDAQ rose 4.72% to 7721.07. The S&P also rose, gaining 4.62% to 2,603.75.

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 337,600 coronavirus cases with around 9,600 deaths. Spain confirmed a total of over 131,600 coronavirus cases with 12,600 deaths, while Italy reported a total of at least 128,900 confirmed cases and 15,800 deaths. In total, there were at least 1,280,000 cases of COVID-19 worldwide with over 69,700 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares climbed 6.9% on Monday. Meanwhile, top gainers in the sector included Companhia Energetica de Minas Gerais (NYSE: CIG), up 11%, and NorthWestern Corporation (NYSE: NWE), up 11%.

In trading on Monday, energy shares rose by just 2.3%.

Top Headline

Simply Good Foods Co (NASDAQ: SMPL) reported better-than-expected results for its second quarter.

Simply Good Foods reported quarterly earnings of $0.23 per share, beating analysts’ estimates of $0.18 per share. The company’s sales came in at $227.1 million, exceeding the consensus view of $220.9 million.

Equities Trading UP

Immunomedics, Inc. (NASDAQ: IMMU) shares shot up 99% to $18.70 after the company said it would stop its Ascent Study due to compelling evidence of efficacy.

Shares of XpresSpa Group, Inc. (NASDAQ: XSPA) got a boost, shooting 50% to $0.3265 after jumping over 31% on Friday. The company is converting its airport spa locations into testing locations.

Wayfair Inc (NYSE: W) shares were also up, gaining 33% to $67.33 after the company said it expects to meet or exceed its previously announced guidance. Wayfair reported private placement of $535 million of convertible senior notes.

Equities Trading DOWN

Millendo Therapeutics Inc (NASDAQ: MLND) shares tumbled 68% to $1.55 after the company announced its phase 2b trial did not achieve statistically significant results.

Shares of Menlo Therapeutics Inc (NASDAQ: MNLO) were down 48% to $1.35 after the company announced two phase 3 trials did not achieve their primary endpoints.

OncoSec Medical Incorporated (NASDAQ: ONCS) was down, falling 18% to $1.65. OncoSec reported collaboration with providence cancer institute to conduct first-in-human trial of its CORVax12 investigational vaccine as prevention for coronavirus.

Commodities

In commodity news, oil traded down 6.3% to $26.57, while gold traded up 2.6% to $1,688.60.

Silver traded up 3.2% Monday to $14.95, while copper rose 1.2% to $2.2185.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 3.52 % the Spanish Ibex Index rose 3.99%, while Italy’s FTSE MIB Index climbed 3.57%. Meanwhile, the German DAX gained 5.31%, and the French CAC 40 rose 4.34% while UK shares rose 2.93%.

Economics

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

 

Related Articles (IMMU + CIG)

View Comments and Join the Discussion!

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

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com