Mid-Morning Market Update: Markets Open Lower; Nike Swings To Q4 Loss

Following the market opening Friday, the Dow traded down 1.65% to 25320.33 while the NASDAQ fell 1.63% to 9,853.49. The S&P also fell, dropping 1.36% to 3,041.76.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,422,310 cases with around 124,410 deaths. Brazil confirmed a total of over 1,228,110 COVID-19 cases with 54,970 deaths, while Russia reported a total of at least 619,930 confirmed cases and 8,770 deaths. In total, there were at least 9,628,650 cases of COVID-19 worldwide with over 489,730 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares climbed 0.9% on Friday. Meanwhile, top gainers in the sector included Edison International EIX, up 2%, and TransAlta Corporation TAC, up 2%.

In trading on Friday, financial shares fell 2.8%.

Top Headline

Nike Inc NKE reported a loss for its fourth quarter on Thursday.

Nike posted a quarterly loss of $790 million, or $0.51 per share, versus a year-earlier profit of $989 million, or $0.62 per share. Its sales tumbled to $6.3 billion from $10.1 billion. Analysts expected sales of $7.3 billion.

Equities Trading UP

Vaxart, Inc. VXRT shares shot up 62% to $10.10 after the company's coronavirus vaccine was selected for the US Government's Operation Warp Speed.

Shares of MDC Partners Inc. MDCA got a boost, shooting 120% to $2.5299 after the company announced the formation of a special committee to evaluate potential business combination with Stagwell.

The Gap, Inc. GPS shares were also up, gaining 34% to $13.56 after it was reported the company has partnered with Kanye West's Yeezy brand.

Equities Trading DOWN

Luckin Coffee Inc. LK shares tumbled 53% to $1.42 after the company announced the withdrawal of its request for a Nasdaq hearing. The company's shares will be suspended at the open of business on June 29.

Shares of Professional Diversity Network, Inc. IPDN were down 31% to $2.54 after jumping 143% on Thursday. Professional Diversity Network, on June 25, appointed Xin (Adam) He to be CEO of the company, Reuters reported.

Soliton, Inc. SOLY was down, falling 30% to $8.33 after the company announced pricing of public offering.


In commodity news, oil traded up 0.9% to $39.06, while gold traded up 0.2% to $1,774.20.

Silver traded up 0.4% Friday to $17.96, while copper rose 1.1% to $2.691.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.4%, the Spanish Ibex Index rose 0.9%, while Italy’s FTSE MIB Index gained 1.5%. Meanwhile, the German DAX 30 gained 1.2%, French CAC 40 gained 1.8% and UK shares rose 1.8%.


US personal spending rose 8.2% in May, while personal income fell 4.2% in May.

The University of Michigan's consumer sentiment index declined to 78.1 in June, versus a preliminary reading of 78.9.

The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

Posted In: Mid-Morning Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarkets

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