Mid-Afternoon Market Update: Dow Jumps Over 300 Points; Viela Bio Shares Spike Higher

Toward the end of trading Monday, the Dow traded up 1.10% to 30,311.21 while the NASDAQ rose 2.58% to 13,408.42. The S&P also rose, gaining 1.80% to 3,781.16.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 26,188,080 cases with around 441,330 deaths. India confirmed a total of at least 10,757,610 confirmed cases and 154,390 deaths, while Brazil reported over 9,204,730 COVID-19 cases with 224,500 deaths. In total, there were at least 103,034,950 cases of COVID-19 worldwide with over 2,229,560 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors


Information technology shares rose 2.8% on Monday. Meanwhile, top gainers in the sector included Alithya Group Inc. ALYA, up 33%, and Agora, Inc. API, up 29%.


In trading on Monday, consumer staples shares rose by just 0.5%.


Top Headline

Thermo Fisher Scientific Inc. TMO reported better-than-expected results for its fourth quarter.

Thermo Fisher Scientific reported quarterly earnings of $7.09 per share, missing analysts’ expectations of $6.56 per share. The company posted revenue of $10.55 billion, versus estimates of $9.58 billion.

 


Equities Trading UP


Dynavax Technologies Corporation DVAX shares shot up 71% to $10.79 after the company said it would launch a Phase 2/3 trial of its COVID-19 vaccine candidate. HC Wainwright & Co. maintained Dynavax Technologies with a Buy and raised the price target from $14 to $15.


Shares of Viela Bio, Inc. VIE got a boost, shooting 53% to $52.92 after the company agreed to be acquired by Horizon Therapeutics for $53 per share in cash.


Tuscan Holdings Corp. THCB shares were also up, gaining 52% to $23.76 following news that the company and Microvast, Inc have entered into a definitive merger agreement.

Check out these big movers of the day


Equities Trading DOWN

Concert Pharmaceuticals, Inc. CNCE shares tumbled 32% to $7.10 after the company announced that its CTP-692 Phase 2 trial did not achieve its primary endpoint assessing positive and negative syndrome scale total score at 12 weeks.

Shares of Bed Bath & Beyond Inc. BBBY were down 15% to $30.17, selling off following last week's surge, which was driven by high retail investor interest and speculative trading. KeyBanc also downgraded Bed Bath & Beyond from Sector Weight to Underweight and announced a $24 price target.

Matinas BioPharma Holdings, Inc MTNB was down, falling 33% to $0.9838 said the primary endpoint did not meet statistical significance over Vascepa in its ENHANCE-IT study of LYPDISO.


Commodities


In commodity news, oil traded up 2.4% to $53.43, while gold traded up 0.7% to $1,863.10.


Silver traded up 8% Monday to $29.065 while copper rose 0.2% to $3.5615.


Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.24%, the Spanish Ibex Index rose 0.52% and the German DAX 30 gained 1.41%. Meanwhile, the French CAC 40 climbed 1.16%, London’s FTSE 100 rose 0.92% and Italy’s FTSE MIB surged 1.17%.

The Eurozone unemployment rate remained at 8.3% in December, while manufacturing PMI climbed to 54.8 in January from a preliminary reading of 54.7. UK manufacturing PMI rose to 54.1 in January from a preliminary reading of 52.9, while retail sales in Germany dropped 9.6% in December.


Economics

The IHS Markit manufacturing PMI rose to 59.2 in January from preliminary estimate of 59.1.


The ISM manufacturing PMI declined to 58.7 in January from 60.5 in December.


US construction spending rose 1% for December.


Federal Reserve Bank of Boston President Eric Rosengren will speak at 3:10 p.m. ET.

Check out the full economic calendar here

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