Market Overview

Mid-Afternoon Market Update: Dow Jumps 400 Points; Equillium Shares Spike Higher

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Toward the end of trading Monday, the Dow traded up 1.55% to 26,475 while the NASDAQ rose 0.72% to 10,693.37. The S&P also rose, gaining 1.03% to 3,217.92.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 3,304,940 cases with around 135,200 deaths. Brazil confirmed a total of over 1,864,680 COVID-19 cases with 72,100 deaths, while India reported a total of at least 878,250 confirmed cases and 23,170 deaths. In total, there were at least 12,910,350 cases of COVID-19 worldwide with over 569,120 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health care shares rose 2% on Monday. Meanwhile, top gainers in the sector included Vaxart, Inc. (NASDAQ: VXRT), up 62%, and BiondVax Pharmaceuticals Ltd. (NASDAQ: BVXV), up 29%.

In trading on Monday, real estate shares fell 0.3%.

Top Headline

PepsiCo, Inc. (NASDAQ: PEP) reported better-than-expected results for its second quarter.

Pepsico reported quarterly earnings of $1.32 per share, beating analysts' estimates of $1.25 per share. The company reported sales of $15.95 billion, exceeding expectations of $15.38 billion.

Equities Trading UP

Equillium, Inc. (NASDAQ: EQ) shares shot up 412% to $16.35 after the company disclosed that Itolizumab significantly reduced mortality in coronavirus patients, according to a clinical trial conducted in India by its partner Biocon.

Shares of electroCore, Inc. (NASDAQ: ECOR) got a boost, shooting 148% to $2.11 after the company announced it has received FDA emergency use authorization for the use of gammaCore Sapphire CV for acute treatment of asthma exacerbations in COVID-19 patients.

Benefytt Technologies, Inc. (NASDAQ: BFYT) shares were also up, gaining 38% to $30.78 after the company agreed to be acquired by Madison Dearborn Partners for $31 per share.

Equities Trading DOWN

Celsion Corporation (NASDAQ: CLSN) shares tumbled 63% to $1.3150 after the company received a recommendation from its independent data monitoring committee to consider stopping its Phase 3 OPTIMA study due to efficacy concerns.

Shares of NextCure, Inc. (NASDAQ: NXTC) were down 46% to $9.69 after the company said it would not advance its non-small cell lung cancer and ovarian cancer studies. The company's chief medical officer also departed the company. SunTrust Robinson Humphrey downgraded NextCure from Buy to Hold and lowered the price target from $78 to $13.

Gritstone Oncology, Inc. (NASDAQ: GRTS) was down, falling 49% to $4.1050 after the company gave an update on its immunotherapty product candidates.

Commodities

In commodity news, oil traded down 0.1% to $40.53, while gold traded up 0.6% to $1,812.20.

Silver traded up 3.5% Monday to $19.725, while copper rose 1.7% to $2.9475.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 rose 1%, the Spanish Ibex Index rose 1.45%, while Italy's FTSE MIB Index gained 1.19%. Meanwhile, the German DAX 30 gained 1.32%, French CAC 40 gained 1.73% and UK shares rose 1.33%.

Economics

The US budget deficit increased to $864 billion in June, versus $8 billion in the year-ago period.

 

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