Market Overview

Mid-Afternoon Market Update: U.S. Stocks Turn Higher; Dow Jumps Over 200 Points

Share:

Toward the end of trading Monday, the Dow traded up 0.85% to 25824.46 while the NASDAQ rose 1.56% to 9,738.47. The S&P also rose, gaining 1.02% to 3,072.25.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,094,060 cases with around 115,730 deaths. Brazil confirmed a total of over 867,620 COVID-19 cases with 43,330 deaths, while Russia reported a total of at least 536,480 confirmed cases and 7,080 deaths. In total, there were at least 7,934,270 cases of COVID-19 worldwide with over 433,910 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares climbed 1.5% on Monday. Meanwhile, top gainers in the sector included Jiayin Group Inc. (NASDAQ: JFIN), up 29%, and BrightSphere Investment Group Inc. (NYSE: BSIG), up 17%.

In trading on Monday, health care shares rose by just 0.6%.

Top Headline

JinkoSolar Holding Co., Ltd (NYSE: JKS) reported downbeat earnings for its first quarter.

JinkoSolar posted Q1 adjusted earnings of $0.71 per share, missing analysts’ estimates of $1 per share. The company reported adjusted sales of 1.03 billion, in-line with expectations.

JinkoSolar said it expects Q2 sales of $1.1 billion to $1.18 billion and total solar module shipments of 4.2GW to 4.5GW.
.

Equities Trading UP

Edesa Biotech, Inc. (NASDAQ: EDSA) shares shot up 114% to $6.15 after it announced regulatory approval to begin a late-stage study of its investigational asset for COVID-19. Edesa said it has received expedited approval from Health Canada to begin Phase 2/3 study of EB05, which it is evaluating as a potential treatment for moderate-to-severe COVID-19 patients.

Shares of Net Element, Inc. (NASDAQ: NETE) got a boost, shooting 77% to $8.13 after the company entered into letter of intent to merge with electric vehicle company Mullen Technologies.

Brickell Biotech, Inc. (NASDAQ: BBI) shares were also up, gaining 43% to $1.80 after reporting Phase 3 study results from sofpironium bromide in Japan released by its development partner, Kaken Pharma. Brickell said all primary and secondary endpoints achieved statistical significance.

Equities Trading DOWN

Dillard's, Inc. (NYSE: DDS) shares tumbled 10% to $27.13. Dillard's will be removed from the S&P MidCap 400 on June 22.

Shares of JinkoSolar Holding Co., Ltd. (NYSE: JKS) were down 8% to $16.40 after the company reported worse-than-expected Q1 earnings.

Hertz Global Holdings, Inc. (NYSE: HTZ) was down, falling 26% to $2.09. Hertz Global received the go-ahead to sell potentially worthless new shares from a bankruptcy court on Friday. Hertz’s filing showed registration for $500 million common stock shelf offering.

Commodities

In commodity news, oil traded up 1.8% to $36.91, while gold traded down 0.1% to $1,735.00.

Silver traded up 0.3% Monday to $ 17.53, while copper fell 0.7% to $2.5815.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.27%, the Spanish Ibex Index rose 0.46%, while Italy’s FTSE MIB Index rose 0.43%. Meanwhile, the German DAX 30 declined 0.32%, French CAC 40 fell 0.49% and UK shares fell 0.66%.

Economics

The New York Empire State manufacturing index increased to -0.2 in June, versus a reading of -48.5 in the earlier month.

The Treasury International Capital report for April is scheduled for release at 4:00 p.m. ET.

 

Related Articles (BBI + BSIG)

View Comments and Join the Discussion!

Posted-In: Earnings News Penny Stocks Eurozone Commodities Global Intraday Update Markets