Mid-Day Market Update: Crude Oil Down Over 7%; Stein Mart Shares Plunge

Midway through trading Friday, the Dow traded up 1.47% to 23883.41 while the NASDAQ rose 0.49% to 8574.36. The S&P also rose, gaining 1.33% to 2,836.68.

The U.S. is the epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. U.S. reported a total of 671,420 coronavirus cases with around 33,280 deaths. Spain confirmed a total of over 184,940 coronavirus cases with 19,310 deaths, while Italy reported a total of at least 168,940 confirmed cases and 22,170 deaths. In total, there were at least 2,167,950 cases of COVID-19 worldwide with over 146,050 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 5.6% on Friday. Meanwhile, top gainers in the sector included USA Compression Partners, LP USAC, up 25%, and PBF Energy Inc PBF, up 14%.

In trading on Friday, consumer staples shares rose by just 0.1%.

Top Headline

The Procter & Gamble Company PG reported better-than-expected earnings for its first quarter, while sales missed views.

Procter & Gamble posted quarterly earnings of $1.17 per share, beating analysts’ estimates of $1.13 per share. Its sales came in at $17.20 billion, missing expectations of $17.46 billion.

Equities Trading UP

AMC Entertainment Holdings, Inc. AMC shares shot up 31% to $3.19 as equities gain amid a report suggesting Gilead Sciences' Remdesivir drug showed some effectiveness in treating the coronavirus. This has raised hopes of a sooner return to spending, economic activity, and investment.

Shares of Taronis Technologies, Inc. TRNX got a boost, shooting 110% to $0.4838 after jumping 109% on Thursday.

Tronox Holdings plc TROX shares were also up, gaining 22% to $6.06 after the company reported better-than-expected preliminary results for the first quarter.

Equities Trading DOWN

MoSys, Inc. MOSY shares tumbled 36% to $1.6301 after jumping 88% on Thursday.

Shares of Stein Mart, Inc. SMRT were down 31% to $0.2405 after the company announced a mutual termination of merger agreement with Kingswood.

Pulmatrix, Inc. PULM was down, falling 27% to $1.2950 after the company reported an $8 million registered direct offering priced at-the-market under Nasdaq rules.

Commodities


In commodity news, oil traded down 7.2% to $18.45, while gold traded down 1.4% to $1,707.20.

Silver traded down 1.6% Friday to $15.375, while copper rose 2.3% to $2.343.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 2.4%, the Spanish Ibex Index rose 1.6%, while Italy’s FTSE MIB Index climbed 1.6%. Meanwhile, the German DAX gained 2.7%, and the French CAC 40 climbed 3.1% while UK shares rose 2.6%.

Economics

The index of leading economic indicators declined 6.7% for March.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.