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Market Overview

Mid-Afternoon Market Update: Dow Surges Over 600 Points; Moleculin Biotech Shares Climb


Toward the end of trading Wednesday, the Dow traded up 2.73% to 23,272.17 while the NASDAQ rose 2.04% to 8,048.18. The S&P also rose, gaining 2.76% to 2,732.88.

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 399,900 coronavirus cases with around 12,900 deaths. Spain confirmed a total of over 146,600 coronavirus cases with 14,500 deaths, while Italy reported a total of at least 135,500 confirmed cases and 17,100 deaths. In total, there were at least 1,446,500 cases of COVID-19 worldwide with over 83,100 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Real estate shares climbed 5.6% on Wednesday. Meanwhile, top gainers in the sector included Global Medical REIT Inc. (NYSE: GMRE), up 18%, and Outfront Media Inc. (NYSE: OUT), up 16%.

In trading on Wednesday, communication services shares rose by just 0.8%.

Top Headline

RPM International Inc. (NYSE: RPM) reported better-than-expected earnings for its third quarter, while sales missed views.

RPM International reported quarterly earnings of $0.23 per share, beating analysts’ estimates of $0.21 per share. The company’s sales came in at $1.17 billion, missing the consensus view of $1.17 billion.

Equities Trading UP

Moleculin Biotech, Inc. (NASDAQ: MBRX) shares shot up 126% to $1.27 after the company said that independent research found 2-deoxy-D-glucose (2-DG) to reduce replication of coronavirus by 100% in the Vitro Testing. The company also noted the 2-DG is an active compound in its WP1122 drug.

Shares of Ellington Financial Inc. (NYSE: EFC) got a boost, shooting 70% to $8.87 after the company issued business updates. Ellington Financial declared a dividend of $0.08 per common share. As of March 31, 2020, Ellington had unrestricted cash of around $130 million.

New York Mortgage Trust, Inc. (NASDAQ: NYMT) shares were also up, gaining 49% to $1.99 after the company announced it will cut its outstanding repurchase agreement financing related to mortgage-backed securities to $150 million.

Equities Trading DOWN

Youngevity International, Inc. (NASDAQ: YGYI) shares tumbled 29% to $1.9250 after surging 275% on Tuesday.

Shares of Zomedica Pharmaceuticals Corp. (NYSE: ZOM) were down 19% to $0.1364 after the company reported the pricing of $4 million public offering.

HEXO Corp. (NYSE: HEXO) was down, falling 26% to $0.5098 after the company disclosed a common stock and warrants shelf offering.


In commodity news, oil traded up 1.5% to $23.98, while gold traded down 0.1% to $1,682.80.

Silver traded down 2% Wednesday to $15.185, while copper fell 0.4% to $2.2635.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 rose 0.02%, the Spanish Ibex Index fell 0.72%, while Italy’s FTSE MIB Index fell 0.18%. Meanwhile, the German DAX dropped 0.23%, and the French CAC 40 rose 0.10% while UK shares fell 0.47%.


U.S. crude production dropped by 600,000 barrels to 12.4 million barrels per day for the week ended April 3, the Energy Information Administration reported. However, analysts were expecting a gain of 8.4 million barrels. Gasoline supplies rose 10.5 million barrels, while distillate supplies surged 476,000 barrels last week.

The Federal Open Market Committee released minutes of its latest meeting.


Related Articles (EFC + GMRE)

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

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