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Market Overview

Mid-Day Market Update: Dow Jumps Over 600 Points; BioLineRx Shares Plunge

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Midway through trading Tuesday, the Dow traded up 2.66% to 25116.29 while the NASDAQ rose 1.07% to 9424.75. The S&P also rose, gaining 1.90% to 3011.70.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 1,662,760 cases with around 98,220 deaths. Brazil confirmed a total of over 374,890 COVID-19 cases with 23,470 deaths, while Russia reported a total of at least 362,340 confirmed cases and 3,800 deaths. In total, there were at least 5,512,059 cases of COVID-19 worldwide with over 346,610 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares climbed 5% on Tuesday. Meanwhile, top gainers in the sector included Independent Bank Group, Inc. (NASDAQ: IBTX), up 12%, and Amerant Bancorp Inc. (NASDAQ: AMTB), up 11%.

In trading on Tuesday, health care shares rose by just 0.7%.

Top Headline

AutoZone, Inc. (NYSE: AZO) reported better-than-expected results for its third quarter.

AutoZone reported quarterly earnings of $14.39 per share on Tuesday, which beat the analyst consensus estimate of $13.68 per share. The company reported quarterly sales of $2.80 billion, which beat the analyst consensus estimate of $2.67 billion.

Equities Trading UP

argenx SE (NASDAQ: ARGX) shares shot up 33% to $210.55 after the company disclosed positive topline data from the pivotal ADAPT trial of efgartigimod.

Shares of Fly Leasing Limited (NYSE: FLY) got a boost, shooting 29% to $7.93. JP Morgan upgraded Fly Leasing from Neutral to Overweight and lowered the price target from $17 to $15.

MMTec Inc (NASDAQ: MTC) shares were also up, gaining 100% to $2.20 after reporting its financial results for the year ended December 31, 2019. Revenues jumped 647% to $200,797, in 2019.

Equities Trading DOWN

BioLineRx Ltd. (NASDAQ: BLRX) shares tumbled 30% to $1.6750 after the company reported a $9 million registered direct offering.

Shares of Caladrius Biosciences, Inc. (NASDAQ: CLBS) were down 16% to $1.7494 after the company reported a $4.3 million registered direct offering priced at-the-market under Nasdaq rules.

Genetic Technologies Limited (NASDAQ: GENE) was down, falling 18% to $1.98 after the company announced pricing of $8.0 million public offering.

Commodities

In commodity news, oil traded up 1.8% to $33.86, while gold traded down 1.6% to $1,707.10.

Silver traded down 0.3% Tuesday to $17.64, while copper rose 1.7% to $2.428.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 surged 1.22%, the Spanish Ibex Index rose 2.36%, while Italy’s FTSE MIB Index rose 1.62%. Meanwhile, the German DAX gained 1.33%, and the French CAC 40 climbed 1.75% while UK shares rose 1.2%.

Economics

The Chicago Fed National Activity Index dipped to -16.74 in April, versus a revised reading of -4.97 for March.

The S&P Corelogic Case-Shiller home price index rose 3.9% year-over-year in March, versus a 3.5% increase in the earlier month.

The FHFA house price index increased 0.1% for March.

U.S. new home sales gained 0.6% to an annualized rate of 623,000.

The Dallas Fed manufacturing business index climbed to -49.2 in May, versus prior reading of -74.0.

Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 1:00 p.m. ET.

The Treasury will auction 2-year notes at 1:00 p.m. ET.

 

Related Articles (ARGX + AMTB)

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