Mid-Morning Market Update: Markets Open Higher; AstraZeneca Covid-19 Vaccine Shows Up To 90% Efficacy In Late-Stage Trials

Following the market opening Monday, the Dow traded up 0.61% to 29,442.35 while the NASDAQ rose 0.12% to 11,868.79. The S&P also rose, gaining 0.38% to 3,571.09.


The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 12,249,520 cases with around 256,790 deaths. India confirmed a total of at least 9,139,860 confirmed cases and 133,730 deaths, while Brazil reported over 6,071400 COVID-19 cases with 169,180 deaths. In total, there were at least 58,751,190 cases of COVID-19 worldwide with over 1,389,240 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors


Energy shares rose 3.6% on Monday. Meanwhile, top gainers in the sector included Tsakos Energy Navigation Ltd. TNP, up 17%, and Transocean LTD RIG, up 14%.


In trading on Monday, communication services shares fell 0.4%.


Top Headline


AstraZeneca Plc AZN and Oxford University’s COVID-19 vaccine prevented 70% of the inoculated trial participants from developing COVID-19, early analysis of trial data indicates.

The results were based on data gathered from two different dosing regimens. One dosing regimen, given to 2,700 volunteers, showed 90% efficacy while another administered to 9,000 people had 62% efficacy.

When volunteers were given half a dose of the vaccine prior to a full dose a month later, the best results emerged.

 


Equities Trading UP


DPW Holdings, Inc. DPW shares shot up 94% to $4.12 after the company said it would work with fast food restaurants to install EV chargers.


Shares of Kaixin Auto Holdings KXIN got a boost, shooting 53% to $9.25 after jumping 101% on Friday.

Blink Charging Co. BLNK shares were also up, gaining 34% to $30.42 after surging around 24% on Friday. Blink Charging, last week, announced a cable management solution for use with its electric vehicle charging stations.

 


Equities Trading DOWN

Bellerophon Therapeutics, Inc. BLPH shares tumbled 22% to $6.84 after the company announced it put a clinical hold on its COViNOX Study of ONOpulse for the treatment of COVID-19.

Shares of Montrose Environmental Group, Inc. MEG were down 15% to $28.59 after the company filed for offering of 4.9 million shares of common stock by selling stockholders.


Ashford Hospitality Trust, Inc. AHT was down, falling 13% to $3.5046. Ashford Hospitality Trust reported final results of exchange offers for all outstanding series of its preferred stock.


Commodities


In commodity news, oil traded up 0.9% to $42.80, while gold traded down 0.5% to $1,862.70.


Silver traded down 1.8% Monday to $23.93 while copper fell 0.5% to $3.2735.


Euro zone


European shares were higher today. The eurozone’s STOXX 600 rose 0.2%, the Spanish Ibex Index rose 0.8%, while Italy’s FTSE MIB Index climbed 0.7%. Meanwhile, the German DAX 30 gained 0.6%, French CAC 40 rose 0.5% and London’s FTSE 100 rose 0.3%.

The Eurozone manufacturing PMI declined to 53.6 in November versus 54.8 in the earlier month, while services PMI tumbled to a six-month low of 41.3.


Economics


The Chicago Fed National Activity Index rose to 0.83 in October versus a revised reading of 0.32 in September.


The IHS Markit composite PMI climbed to 57.9 in November versus 56.3 in the prior month.


The Treasury is set to auction 6-month bills and 2-year notes at 11:30 a.m. ET.


The Treasury will auction 3-month bills and 5-year notes at 1:00 p.m. ET.

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Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Morning Market Update
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