Market Overview

Mid-Morning Market Update: Markets Mixed; JD.com Beats Q2 Views

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Following the market opening Monday, the Dow traded down 0.28% to 27853.46 while the NASDAQ rose 0.77% to 11104.22. The S&P also rose, gaining 0.26% to 3,381.68.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 5,403,360 cases with around 170,050 deaths. Brazil confirmed a total of over 3,340,190 COVID-19 cases with 107,850 deaths, while India reported a total of at least 2,647,660 confirmed cases and 50,920 deaths. In total, there were at least 21,698,510 cases of COVID-19 worldwide with over 775,620 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares gained 0.8% on Monday. Meanwhile, top gainers in the sector included Cambium Networks Corp (NASDAQ: CMBM), up 15%, and Riot Blockchain Inc (NASDAQ: RIOT), up 7%.

In trading on Monday, energy shares fell by 1.1%.

Top Headline

JD.Com Inc (NASDAQ: JD) reported better-than-expected Q2 results.

JD.com reported quarterly earnings of $0.50 per share, surpassing analysts’ estimates of $0.38 per share. The company’s sales came in at $28.46 billion, exceeding expectations of $27.45 billion.

Equities Trading UP

CureVac N.V. (NASDAQ: CVAC) shares shot up 32% to $73.51. CureVac shares jumped 249% on Friday after pricing its IPO at $16 per share.

Shares of LMP Automotive Holdings Inc (NASDAQ: LMPX) got a boost, shooting 33% to $9.25 following Q2 results. The company’s earnings came in at $0.02 per share, while revenue jumped 44% to $7.716 million.

Clearone In (NASDAQ: CLRO) shares were also up, gaining 26% to $2.92 after the company announced USPTO and PTAB decision 'significantly limiting Shure's U.S. Patent No. 9,565,493.'

Equities Trading DOWN

Unity Biotechnology Inc (NASDAQ: UBX) shares tumbled 63% to $4.64 after the company announced the 12-week results from the Phase 2 study of UBX0101 failed to meet the primary endpoint.

Shares of Interpace Biosciences Inc (NASDAQ: IDXG) were down 26% to $4.28.

Thermogenesis Holdings Inc (NASDAQ: THMO) was down, falling 19% to $3.82 after reporting Q2 results. Thermogenesis reported a Q2 net loss of $1.02 per share, versus a year-ago loss of $0.47 per share. Its net revenue dropped to $2.2 million from $4.3 million.

Commodities

In commodity news, oil traded down 0.4% to $42.07, while gold traded down 0.9% to $1,952.70.

Silver traded down 4.9% Monday to $26.37, while copper rose 1.8% to $2.856.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.2%, the Spanish Ibex Index fell 1.33%, while Italy’s FTSE MIB Index declined 1.13%. Meanwhile, the German DAX 30 declined 0.71%, French CAC 40 fell 1.58% and UK shares fell 1.55%.

Economics

The New York Empire State manufacturing index declined to 3.7 in August, compared to 17.2 in July.

The NAHB’s housing market index increased 6 points to a reading of 78 in August.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The Treasury International Capital report for June will be released at 4:00 p.m. ET.

 

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