Market Overview

Mid-Afternoon Market Update: Gaia Falls After Q1 Results; iBio Shares Gain

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Toward the end of trading Tuesday, the Dow traded up 0.34% to 24215.39 while the NASDAQ fell 0.50% to 8,686.55. The S&P also rose, gaining 0.18% to 2,883.60.

The U.S. is the new epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. U.S. reported a total of 988,460 coronavirus cases with around 56,250 deaths. Spain confirmed a total of over 229,420 coronavirus cases with 23,520 deaths, while Italy reported a total of at least 199,410 confirmed cases and 26,970 deaths. In total, there were at least 3,053,960 cases of COVID-19 worldwide with over 211,520 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 2.2% on Tuesday. Meanwhile, top gainers in the sector included Apergy Corporation (NYSE: APY), up 23%, and Arch Coal, Inc. (NYSE: ARCH), up 9%.

In trading on Tuesday, health care shares fell 1.2%.

Top Headline

PepsiCo, Inc. (NASDAQ: PEP) reported stronger-than-expected earnings and sales for its first quarter.

PepsiCo reported quarterly earnings of $1.07 per share, beating analysts’ estimates of $1.03 per share. The company’s sales came in at $13.88 billion, exceeding the consensus view of $13.21 billion.

PepsiCo and Bang Energy reported a distribution deal for North America.

Equities Trading UP

Syndax Pharmaceuticals, Inc. (NASDAQ: SNDX) shares shot up 61% to $18.53 after the company presented positive preclinical and initial clinical data for SNDX-5613, its potent, highly selective oral menin inhibitor, with the data suggesting the investigational asset can induce response in patients with genetically-defined acute leukemias.

Shares of iBio, Inc. (NYSE: IBIO) got a boost, shooting 26% to $1.15 after the company provided an update on its COVID-19 vaccine manufacturing capacity. The company estimates it can make roughly 500 million doses of COVID-19 vaccines from its FastPharming facility.

NGL Energy Partners LP (NYSE: NGL) shares were also up, gaining 30% to $4.22 after the partnership re-confirmed its fiscal year 2020 forecast and approved quarterly distributions.

Equities Trading DOWN

Gaia, Inc. (NASDAQ: GAIA) shares tumbled 11% to $9.01 after the company reported downbeat Q1 results.

Shares of Avinger, Inc. (NASDAQ: AVGR) were down 18% to $0.2789 after the company priced its $3.15 million underwritten public offering of common stock.

Blueprint Medicines Corporation (NASDAQ: BPMC) was down, falling 18% to $58.31 after the company's Phase 3 VOYAGER trial of Avapritinib did not meet its primary endpoint.

Commodities

In commodity news, oil traded down 1.2% to $12.63, while gold traded down 0.1% to $1,722.60.

Silver traded down 0.1% Tuesday to $15.195, while copper rose 0.1% to $2.352.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.68%, the Spanish Ibex Index rose 1.55%, while Italy’s FTSE MIB Index climbed 1.71%. Meanwhile, the German DAX gained 1.27%, and the French CAC 40 rose 1.43% while UK shares rose 1.91%.

Economics

The Federal Open Market Committee begins its two-day policy meeting today.

U.S. goods deficit increased to $64.22 billion in March, versus $59.9 billion in the prior month.

U.S. wholesale inventories fell 1% in March.

The Johnson Redbook Retail Sales Index for the latest week is scheduled for release at 8:55 a.m. ET.

The S&P CoreLogic Case-Shiller home price index rose 3.5% year-over-year in February.

The Conference Board’s consumer confidence index fell to 86.90 in April, versus prior revised reading of 118.80.

The Richmond Fed manufacturing index dipped to -53.00 in April, versus prior reading of 2.00.

 

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