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

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. JFIN, up 29%, and BrightSphere Investment Group Inc. BSIG, up 17%.

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

Top Headline

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

Hertz Global Holdings, Inc. 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.


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%.


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.

Posted In: Mid-Afternoon Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarkets