Mid-Afternoon Market Update: Dow Surges 370 Points; Mirum Pharmaceuticals Shares Drop

Toward the end of trading Tuesday, the Dow traded up 1.24% to 30,230.94 while the NASDAQ rose 1% to 12,564.05. The S&P also rose, gaining 1.26% to 3,693.31.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 16,522,120 cases with around 300,720 deaths. India confirmed a total of at least 9,906,160 confirmed cases and 143,700 deaths, while Brazil reported over 6,927,140 COVID-19 cases with 181,830 deaths. In total, there were at least 73,011,770 cases of COVID-19 worldwide with over 1,624,810 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares climbed 2% on Tuesday. Meanwhile, top gainers in the sector included Sunnova Energy International Inc. NOVA, up 13%, and Global Water Resources, Inc. GWRS, up 6%.

In trading on Tuesday, consumer staples shares rose by just 0.3%.

Top Headline

Eli Lilly & Co. LLY announced a $1 billion deal to acquire Prevail Therapeutics PRVL.

Equities Trading UP

Prevail Therapeutics Inc. PRVL shares shot up 82% to $22.79 after the company agreed to be acquired by Eli Lilly LLY.

Shares of Elys Game Technology, Corp. ELYS got a boost, shooting 25% to $3.88 after the company's CEO purchased 58,000 shares in the open market at an average price of $3.02 per share.

BioCardia, Inc. BCDA shares were also up, gaining 52% to $6.81. BioCardia reported a 1.789 million share registered direct offering priced at $4.75 per share. The company yesterday said it anticipates data safety monitoring board verbal feedback by the end of Dec. 15 for its pivotal Phase 3 CardiAMP Heart Failure Trial.

Equities Trading DOWN

Apartment Investment and Management Company AIV shares tumbled 87% to $5.11 after the company announced it completed the separation of its businesses, making Apartment Income REIT a separate, publicly-traded company. The company is also being replaced by Tesla in the S&P 500.

Shares of CooTek (Cayman) Inc. CTK were down 32% to $4.30 after the company reported results for the third quarter.

Mirum Pharmaceuticals, Inc. MIRM was down, falling 21% to $18.94 after the company priced its previously announced underwritten public offering of 3.75 million shares of its common stock at $20 per share for raising gross proceeds of $75 million.

Commodities

In commodity news, oil traded up 0.7% to $47.30, while gold traded up 1.3% to $1,856.40.

Silver traded up 2.6% Tuesday to $24.66 while copper rose 0.5% to $3.5450.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.25%, the Spanish Ibex Index rose 0.14%, while Italy’s FTSE MIB Index gained 0.81%. Meanwhile, the German DAX 30 gained 1.06%, French CAC 40 gained 0.04% and London’s FTSE 100 fell 0.28%.

London is witnessing rise in infected cases after the discovery of a new variant of coronavirus. Eurozone industrial production increased 2.1% in October, slightly better than expected.

Economics

The Federal Open Market Committee begins its two-day policy meeting today.

The New York Empire State Manufacturing Index declined to 4.9 in December versus 6.3 in November.

Prices for US imports rose 0.1% in November, while export prices gained 0.6%.

US industrial production rose 0.4% for November.

The Treasury International Capital report for October is scheduled for release at 4:00 p.m. ET.