Market Overview

Mid-Day Market Update: HP Falls On Downbeat Sales; PhaseBio Pharmaceuticals Shares Jump

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Midway through trading Thursday, the Dow traded up 0.44% to 25660.35 while the NASDAQ rose 0.46% to 9455.57. The S&P also rose, gaining 0.49% to 3,050.99.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 1,699,930 cases with around 100,440 deaths. Brazil confirmed a total of over 411,820 COVID-19 cases with 25,590 deaths, while Russia reported a total of at least 379,050 confirmed cases and 4,140 deaths. In total, there were at least 5,716,570 cases of COVID-19 worldwide with over 356,130 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares climbed 2.6% on Thursday. Meanwhile, top gainers in the sector included PG&E Corporation (NYSE: PCG), up 5%, and Sunnova Energy International Inc. (NYSE: NOVA), up 5%.

In trading on Thursday, energy shares fell 1.5%.

Top Headline

Dollar Tree, Inc. (NASDAQ: DLTR) reported better-than-expected earnings for its first quarter.

Dollar Tree reported quarterly earnings of $1.04 per share on Thursday, which exceeded the analyst consensus estimate for earnings of $0.91 per share. The company reported quarterly sales of $6.29 billion, versus the analyst consensus estimate of $6.11 billion.

Equities Trading UP

ARCA biopharma, Inc. (NASDAQ: ABIO) shares shot up 194% to $11.62 after the company announced the development program for its AB201 treatment of coronavirus associated with coagulopathy.

Shares of Triumph Group, Inc. (NYSE: TGI) got a boost, shooting 42% to $11.65 after the company reported better-than-expected Q4 results.

PhaseBio Pharmaceuticals, Inc. (NASDAQ: PHAS) shares were also up, gaining 39% to $6.16 after the company announced FDA authorization to proceed with VANGARD, a potentially pivotal clinical trial to evaluate PB1046 as a treatment for hospitalized COVID-19 patients who are at high risk for rapid clinical deterioration and acute respiratory distress syndrome.

Equities Trading DOWN

Plantronics, Inc. (NYSE: PLT) shares tumbled 10% to $13.12 after the company reported preliminary Q4 earnings results.

Shares of Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) were down 13% to $33.20 after the company announced a $500 million proposed public offering of common stock.

HP Inc. (NYSE: HPQ) was down, falling 12% to $15.02 after the company reported worse-than-expected Q2 sales. The company also issued Q3 adjusted EPS guidance below estimates.

Commodities

In commodity news, oil traded down 0.2% to $32.73, while gold traded up 0.5% to $1,735.70.

Silver traded up 1.3% Thursday to $17.99, while copper rose 0.6% to $2.397.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 surged 1.64%, the Spanish Ibex Index rose 0.81%, while Italy’s FTSE MIB Index rose 2.32%. Meanwhile, the German DAX gained 1.23%, and the French CAC 40 climbed 1.92% while UK shares rose 1.21%.

Economics

U.S. durable goods orders dipped 17.2% in April, versus economists’ expectations for a 18.2% drop.

The U.S. economy shrank at an annual pace of 5% in the first quarter.

Around 2.1 million persons filed for unemployment benefits in the week ended May 23, compared to 2.4 million claims in the previous week.

The pending home sales index dropped 21.8% for April.

Natural gas supplies gained 109 billion cubic feet for the week ended May 22, the Energy Information Administration reported. However, analysts expected a rise of 81 billion cubic feet.

The Kansas City Fed's manufacturing production index rose 37 points to a reading of -25 in May.

U.S. crude inventories increased 7.9 million barrels for the week ended May 22, the Energy Information Administration said. However, analysts projected a decline of 1.2 million barrels. Gasoline stocks declined 700,000 barrels last week, while distillates rose 5.5 million barrels.

The Treasury will auction 7-year notes at 1:00 p.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

 

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