Skip to main content

Market Overview

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 (NYSE: EIX), up 2%, and TransAlta Corporation (NYSE: TAC), up 2%.

In trading on Friday, financial shares fell 2.8%.

Top Headline

Nike Inc (NYSE: 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. (NASDAQ: 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. (NASDAQ: 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. (NYSE: 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. (NASDAQ: 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. (NASDAQ: 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. (NASDAQ: 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.


Related Articles (EIX + GPS)

View Comments and Join the Discussion!

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

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at