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Market Overview

Mid-Afternoon Market Update: Dow Climbs 400 Points; nCino Shares Jump


Toward the end of trading Tuesday, the Dow traded up 1.59% to 26,500.62 while the NASDAQ rose 0.27% to 10,419.38. The S&P also rose, gaining 0.74% to 3,178.67.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 3,364,547 cases with around 135,615 deaths. Brazil confirmed a total of over 1,884,967 COVID-19 cases with 72,833 deaths, while India reported a total of at least 906,752 confirmed cases and 23,727 deaths. In total, there were at least 13,113,181 cases of COVID-19 worldwide with over 573,288 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 2.7% on Tuesday. Meanwhile, top gainers in the sector included Nabors Industries Ltd. (NYSE: NBR), up 11%, and Matador Resources Company (NYSE: MTDR), up 9%.

In trading on Tuesday, financial shares rose by just 0.04%.

Top Headline

JPMorgan Chase & Co. (NYSE: JPM) reported better-than-expected results for its second quarter.

JPMorgan reported quarterly earnings of $1.38 per share, beating analysts’ estimates of $1.04 per share. The company reported sales of $33.00 billion, exceeding expectations of $30.29 billion.

Equities Trading UP

INmune Bio, Inc. (NASDAQ: INMB) shares shot up 96% to $17.35 following a positive clinical readout from the company. The company released interim results from a Phase 1b study of its lead drug candidate XPro 1595 in Alzheimer's disease, showing the investigational drug reduced neuroinflammation by 40.6% in a brain fiber pathway, which is important for learning and memory.

Shares of Rigel Pharmaceuticals, Inc (NASDAQ: RIGL) got a boost, shooting 109% to $4.51 after the company announced the launch of an investigator-sponsored trial of Fostamatinib for the treatment of COVID-19 pneumonia.

nCino, Inc. (NASDAQ: NCNO) shares were also up, gaining 163% to $81.44 after the company priced its IPO at $31 per share.

Equities Trading DOWN

Equillium, Inc. (NASDAQ: EQ) shares tumbled 41% to $15.62 after the company filed a prospectus supplement related to a common stock offering of up to $150 million. Equillium shares jumped more than 730% on Monday after the company announced its clinical trial showed Itolizumab reduced mortality in patients hospitalized with COVID-19.

Shares of WiMi Hologram Cloud Inc. (NASDAQ: WIMI) were down 26% to $18.24. WiMi Hologram Cloud shares jumped 69% on Monday on continued momentum after the company announced its AR+AI Vision will drive a new wave of 5G applications.

Osmotica Pharmaceuticals plc (NASDAQ: OSMT) was down, falling 21% to $6.11 after the company announced a public offering of 5 million shares at $6.55 per share.


In commodity news, oil traded up 0.4% to $40.26, while gold traded down 0.1% to $1,814.00.

Silver traded down 1.1% Tuesday to $19.57, while copper fell 0.7% to $2.934.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.84%, the Spanish Ibex Index fell 1.01%, while Italy’s FTSE MIB Index declined 0.62%. Meanwhile, the German DAX 30 dropped 0.80%, French CAC 40 declined 0.96% and UK shares rose 0.06%.


The NFIB small business optimism index rose to 100.6 in June, a 6.2 points rise from May's reading.

US inflation rate rose to 0.6% in June versus May's 0.1%.


Related Articles (EQ + INMB)

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

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