Market Overview

Mid-Day Market Update: Crude Oil Up 1%; Xeris Pharmaceuticals Shares Plummet

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Midway through trading Thursday, the Dow traded down 0.31% to 25365.94 while the NASDAQ fell 0.19% to 9890.79. The S&P also fell, dropping 0.34% to 3039.82.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,381,360 cases with around 121,970 deaths. Brazil confirmed a total of over 1,188,630 COVID-19 cases with 53,830 deaths, while Russia reported a total of at least 613,140 confirmed cases and 8,590 deaths. In total, there were at least 9,440,530 cases of COVID-19 worldwide with over 483,200 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares climbed 1.1% on Thursday. Meanwhile, top gainers in the sector included BRP Group, Inc. (NYSE: BRP), up 13%, and Grupo Supervielle S.A. (NYSE: SUPV), up 11%.

In trading on Thursday, utilities shares fell 2.2%.

Top Headline

Accenture Plc (NYSE: ACN) reported better-than-expected results for its third quarter.

Accenture posted Q3 earnings of $1.90 per share, beating analysts’ estimates of $1.85 per share. The company reported quarterly sales of $10.99 billion, surpassing expectations of $10.88 billion.

Equities Trading UP

Ekso Bionics Holdings, Inc. (NASDAQ: EKSO) shares shot up 126% to $7.00 after the company received FDA clearance to market its EksoNR robotic exoskeleton.

Shares of Aptevo Therapeutics Inc. (NASDAQ: APVO) got a boost, shooting 80% to $10.34 as the company said it will receive seven year quarterly royalty payment stream from Pfizer for sales of Rituximab Biosimilar.

Vaxart, Inc. (NASDAQ: VXRT) shares were also up, gaining 40% to $4.47 after the company signed a Memorandum of Understanding with Attwill Medical Solutions Sterilflow, LP.

Equities Trading DOWN

Xeris Pharmaceuticals, Inc. (NASDAQ: XERS) shares tumbled 39% to $3.23 after the company said it has commenced concurrent underwritten public offerings of $20 million in shares of its common stockand $60 million in aggregate principal amount of convertible senior notes due 2025.

Shares of Kaleyra, Inc. (NYSE: KLR) were down 17% to $4.34 after the company reported pricing of public offering of common stock.

Magenta Therapeutics, Inc. (NASDAQ: MGTA) was down, falling 17% to $7.99. Magenta Therapeutics priced its 7.5 million share public offering of common stock at $8 per share.

Commodities

In commodity news, oil traded up 1% to $38.38, while gold traded down 0.4% to $1,768.50.

Silver traded up 0.9% Thursday to $17.82, while copper fell 0.3% to $2.6425.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.8%, the Spanish Ibex Index rose 1.23%, while Italy’s FTSE MIB Index gained 0.62%. Meanwhile, the German DAX 30 gained 0.95%, French CAC 40 gained 1.3% and UK shares rose 0.43%.

Economics

US durable goods orders climbed 15.8% in May, versus a revised 18.1% decline in April.

The US economy shrank by an annualized rate of 5% during the first quarter.

The US goods deficit increased to $74.34 billion in May versus $70.73 billion in the earlier month. Exports dipped 34.9%, while imports declined 22.9% for May.

US initial jobless claims rose 1.48 million for the latest week, versus analysts’ estimates for a reading of 1.30 million.

Corporate profits in the US dropped 12.4% to $1,672.3 billion in the first quarter.

US wholesale inventories fell 1.2% in May versus a revised 0.2% rise in April.

Domestic supplies of natural gas gained 120 billion cubic feet for the week ended June 19, the U.S. Energy Information Administration reported. However, analysts expected a rise of 107 billion cubic feet.

The Kansas City Fed manufacturing index climbed to +2 in June, compared to -25 in the earlier month.

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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