Mid-Day Market Update: Crude Oil Jumps Over 9%; HighPoint Resources Shares Plummet

Midway through trading Monday, the Dow traded up 4.67% to 29,646.85 while the NASDAQ rose 0.82% to 11,992.61. The S&P also rose, gaining 3.14% to 3,619.74.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 9,975,500 cases with around 237,580 deaths. India confirmed a total of at least 8,553,650 confirmed cases and 126,610 deaths, while Brazil reported over 5,664,110 COVID-19 cases with 162,390 deaths. In total, there were at least 50,523,500 cases of COVID-19 worldwide with over 1,258,100 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares climbed 8.8% on Monday. Meanwhile, top gainers in the sector included Signature Bank SBNY, up 26%, and Great Western Bancorp, Inc. GWB, up 25%.

In trading on Monday, consumer discretionary shares rose by just 0.4%.

Top Headline

Pfizer Inc. PFE/BioNTech SE – ADR BNTX became the first among the vaccine developers to release interim results from the largescale final phase clinical results, with the first interim analysis yielding solid efficacy results.

The mRNA vaccine candidate, codenamed BNT162b2, developed by the combo was found to be more than 90% effective in preventing COVID-19 in healthy volunteers, Pfizer/BioNTech said, citing first interim analysis of the large-scale Phase 3 study.

Equities Trading UP

Aptevo Therapeutics Inc. APVO shares shot up 82% to $43.07. Aptevo Therapeutics reported a limited duration stockholder rights plan late Sunday after Tang Capital Partners reported a 54.4% stake in the company. The company also said a 2nd patient showed complete remission in its study for a treatment for acute myeloid leukemia.

Shares of AMC Entertainment Holdings, Inc. AMC got a boost, shooting 60% to $3.9950 amid positive vaccine news which could accelerate moviegoing.

Sundial Growers Inc. . SNDL shares were also up, gaining 73% to $0.4330 after gaining over 13% on Friday. Sundial Growers is expected to report quarterly earnings on November 11. Sundial Growers highlighted expansion into edible market and will collaborate with Choklat.

Equities Trading DOWN

180 Life Sciences Corp. ATNF shares tumbled 33% to $3.366 after KBL Merger Corp. IV announced completion of acquisition of 180 Life Sciences Corp.

Shares of Arcturus Therapeutics Holdings Inc. ARCT were down 44% to $35.65 after the company disclosed interim ARCT-021 (LUNAR-COV19) Phase 1/2 study results for both single shot and prime-boost regimens, and up to $220 million in additional financial commitments from Singapore.

HighPoint Resources Corporation HPR was down, falling 35% to $34.55 after the company announced it would merge with Bonanza Creek Energy in an all-stock transaction. HighPoint Resources reported upbeat quarterly results.

Commodities

In commodity news, oil traded up 9.3% to $40.58, while gold traded down 4.4% to $1,865.10.

Silver traded down 6.8% Monday to $23.925 while copper rose 0.1% to $3.1550.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 3.98%, the Spanish Ibex Index climbed 8.57%, while Italy’s FTSE MIB Index surged 5.43%. Meanwhile, the German DAX 30 climbed 4.94%, French CAC 40 jumped 7.57% and London’s FTSE 100 rose 4.67%.

Germany's trade balance surplus increased in September to EUR 17.8 billion, beating a consensus of EUR 15.8 billion.

Economics

The Treasury will auction 3-year notes at 1:00 p.m. ET.

Federal Reserve Bank of Cleveland President Loretta Master is set to speak at 1:30 p.m. ET.

Philadelphia Fed President Patrick Harker will speak at 2:20 p.m. ET.