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Market Overview

Mid-Morning Market Update: Markets Edge Higher; IHS Markit Profit Beats Views

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Following the market opening Tuesday, the Dow traded up 0.01% to 32,735.49 while the NASDAQ rose 0.02% to 13,379.62. The S&P also rose, gaining 0.09% to 3,944.12.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 29,869,510 cases with around 542,940 deaths. Brazil reported over 12,047,520 COVID-19 cases with 295,420 deaths, while India confirmed a total of at least 11,686,790 cases and 160,160 deaths. In total, there were at least 123,719,950 cases of COVID-19 worldwide with more than 2,724,460 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Communication services shares rose 0.5% on Tuesday. Meanwhile, top gainers in the sector included Takung Art Co., Ltd. (NYSE: TKAT), up 37%, and Glory Star New Media Group Holdings Limited (NASDAQ: GSMG), up 14%.

In trading on Tuesday, materials shares fell 0.8%.

Top Headline

IHS Markit Ltd. (NYSE: INFO) reported better-than-expected earnings for its first quarter on Tuesday.

IHS Markit posted quarterly earnings of $0.71 per share, beating analysts’ estimates of $0.70 per share. The company’s quarterly sales came in at $1.12 billion, versus expectations of $1.11 billion.

 

Equities Trading UP

Dolphin Entertainment, Inc. (NASDAQ: DLPN) shares shot up 148% to $13.52 after the company said it formed a new division which will be dedicated to designing, producing, releasing and promoting Non-Fungible Tokens for itself and its clients within the film, television, music, gaming, epicurean, and technology industries.

Shares of Benitec Biopharma Inc. (NASDAQ: BNTC) got a boost, shooting 79% to $5.72. The surge follows Morgan Stanley disclosing in a filing with the U.S. Securities and Exchange Commission after the markets closed on Monday that it had increased its stake by about 5.2% in the Australian biotechnology company.

Liquid Media Group Ltd. (NASDAQ: YVR) shares were also up, gaining 53% to $6.62. Liquid Media reported closing of $6.0 million registered direct offering of common shares.

Check out these big movers of the day

Equities Trading DOWN

Frequency Therapeutics, Inc. (NASDAQ: FREQ) shares tumbled 73% to $9.80 after the company announced the interim FX-322 Phase 2a results showed that four weekly injections did not demonstrate improvements in hearing measures versus placebo.

Shares of Anixa Biosciences, Inc. (NASDAQ: ANIX) were down 27% to $4.98 after the company priced its roughly 1.9 million shares common stock offering at $5.25 per share.

Windtree Therapeutics, Inc. (NASDAQ: WINT) was down, falling 25% to $2.88 after the company reported pricing of $30 million public offering at $3.25 per share.

Commodities

In commodity news, oil traded down 3.6% to $59.32, while gold traded up 0.2% to $1,741.20.

Silver traded down 0.4% Tuesday to $25.66 while copper fell 1.4% to $4.0830.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.5%, the Spanish Ibex Index fell 0.1% and the German DAX 30 dropped 0.5%. Meanwhile, the French CAC 40 fell 0.6%, London’s FTSE 100 fell 0.3% and Italy’s FTSE MIB declined 0.8%.

The Eurozone’s current account posted a surplus of EUR 5.8 billion in January versus a EUR 8.2 billion deficit in the year-ago month. Italy recorded a current account surplus of EUR 710 million in January versus a EUR 988 million deficit in the year-ago month.

 

Economics

US current account gap increased by $7.6 billion to $188.5 billion during the fourth quarter.

US new home sales dropped 18.2% to an annual rate of 775,000 in February.

The Richmond Fed manufacturing index increase to 17 in March from previous reading of 14.

Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 11:00 a.m. ET.

The Treasury is set to auction 52-week bills at 11:30 a.m. ET.

Federal Reserve Chairman Jerome Powell will speak at 12:00 p.m. ET.

The Treasury will auction 2-year notes at 1:00 p.m. ET.

Data on money supply for the recent week will be released at 1:00 p.m. ET.

Federal Reserve Governor Lael Brainard is set to speak at 1:25 p.m. ET.

Federal Reserve Bank of New York President John Williams will speak at 2:45 p.m. ET.

Federal Reserve Governor Lael Brainard is set to speak at 3:45 p.m. ET.

Federal Reserve Bank of St. Louis President James Bullard will speak at 4:20 p.m. ET.

Check out the full economic calendar here

 

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