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Market Overview

Mid-Afternoon Market Update: Dow Surges 130 Points; SCYNEXIS Shares Slide


Toward the end of trading Thursday, the Dow traded up 0.43% to 30,284.88 while the NASDAQ rose 0.70% to 12,747.11. The S&P also rose, gaining 0.54% to 3,721.00.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 16,980,840 cases with around 307,510 deaths. India confirmed a total of at least 9,956,550 confirmed cases and 144,450 deaths, while Brazil reported over 7,040,600 COVID-19 cases with 183,730 deaths. In total, there were at least 74,346,880 cases of COVID-19 worldwide with over 1,651,730 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Materials shares climbed 1.2% on Thursday. Meanwhile, top gainers in the sector included Turquoise Hill Resources Ltd. (NYSE: TRQ), up 13%, and Endeavour Silver Corp. (NYSE: EXK), up 11%.

In trading on Thursday, energy shares fell 0.5%.

Top Headline

Accenture plc (NYSE: CAN) reported stronger-than-expected results for its first quarter on Thursday.

Accenture posted quarterly earnings of $2.17 per share, beating analysts’ estimates of $2.05 per share. The company’s quarterly sales came in at $11.76 billion, versus expectations of $11.36 billion.

Accenture said it expects Q2 sales of $11.55 billion to $11.95 billion, versus estimates of $11.35 billion. The company projects FY21 adjusted EPS of $8.02-$8.25, versus analysts’ expectations of $8.05.

Equities Trading UP

Scopus BioPharma Inc. (NASDAQ: SCPS) shares shot up 498% to $35.38. Scopus BioPharma’s filing showed registration for 500,000 share common stock offering. Scopus Biopharma shares gained around 8% on Wednesday after the company priced its IPO at $5.5 per share.

Shares of MingZhu Logistics Holdings Limited (NASDAQ: YGMZ) got a boost, shooting 185% to $11.41.

Wunong Net Technology Company Limited (NASDAQ: WNW) shares were also up, gaining 87% to $122.00 after jumping 440% on Wednesday. The company, on Tuesday, priced its IPO at $5 per share.

Equities Trading DOWN

Triterras Inc (NASDAQ: TRIT) shares tumbled 33% to $8.87 after confirming it informed a statutory demand for payment was made to Antanium Resources in Singapore. Triterras said in a regulatory filing it was informed that a statutory demand for payment from Antainium Resources (formerly known as Rhodium Resources) was filed by a creditor of Rhodium on Dec. 1.

Shares of BioCardia Inc (NASDAQ: BCDA) were down 27% to $4.2406. BioCardia disclosed positive DSMB review and recommendation to continue Phase III pivotal CardiAMP heart failure study as designed. BioCardia recently reported a 1.789 million share registered direct offering priced at $4.75 per share.

SCYNEXIS, Inc. (NASDAQ: SCYX) was down, falling 20% to $5.88 after the company reported the pricing of $85 million public offering of common stock, pre-funded warrants and warrants.


In commodity news, oil traded up 1.3% to $48.43, while gold traded up 1.7% to $1,891.50.

Silver traded up 4.7% Thursday to $26.23 while copper rose 1.3% to $3.6055.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.3%, the Spanish Ibex Index rose 0.17%, while Italy’s FTSE MIB Index gained 0.12%. Meanwhile, the German DAX 30 gained 0.75%, French CAC 40 gained 0.03% and London’s FTSE 100 slipped 0.3%.

Eurozone consumer prices declined for a third straight month by 0.3% year-over-year in November, while French manufacturing climate indicator rose to 93 in December versus 92 in November.


US housing starts rose 1.2% to an annual rate of 1.547 million in November, while building permits rose 6.2% to 1.639 million.

US initial jobless claims climbed to 885,000 in the week ended December 12, versus a revised level of 862,000 in the prior week

The Philadelphia Fed manufacturing index declined to 11.1 in December versus 26.3 in November.

US natural-gas supplies dropped 122 billion cubic feet last week, the Energy Information Administration said.

The Kansas City Fed's manufacturing production index declined by 8 points to a reading of 12 in December.

Data on money supply for the recent week will be released at 4:30 p.m. ET.


Related Articles (CAN + BCDA)

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