Skip to main content

Market Overview

Mid-Afternoon Market Update: Dow Rises 75 Points; Rite Aid Shares Plummet


Toward the end of trading Thursday, the Dow traded up 0.23% to 32,495 while the NASDAQ fell 0.37% to 12,913.99. The S&P also rose, gaining 0.13% to 3,894.05.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 30,011,550 cases with around 545,280 deaths. Brazil reported over 12,220,010 COVID-19 cases with 300,680 deaths, while India confirmed a total of at least 11,787,530 cases and 160,690 deaths. In total, there were at least 124,894,100 cases of COVID-19 worldwide with more than 2,745,700 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares rose 0.8% on Thursday. Meanwhile, top gainers in the sector included Upstart Holdings, Inc. (NASDAQ: UPST), up 7%, and Unity Bancorp, Inc. (NASDAQ: UNTY), up 7%.

In trading on Thursday, communication services shares fell 0.9%.

Top Headline

Darden Restaurants, Inc. (NYSE: DRI) reported better-than-expected results for its third quarter and issued strong guidance for the current quarter.

Darden posted quarterly earnings of $0.98 per share, exceeding analysts’ estimates of $0.69 per share. The company’s quarterly sales came in at $1.73 billion, versus expectations of $1.63 billion.

Darden Restaurants said it sees Q4 earnings of $1.60 to $1.70 per share, on sales of $2.1 billion. Analysts had expected EPS of $1.24 per share on sales of $1.95 billion.


Equities Trading UP

Cellect Biotechnology Ltd. (NASDAQ: APOP) shares shot up 61% to $5.63 after the company and Quoin Pharmaceuticals announced a strategic merger.

Shares of Houston Wire & Cable Company (NASDAQ: HWCC) got a boost, shooting 38% to $5.24 after the company announced it will be acquired by OmniCable for $91 million.

Movado Group, Inc. (NYSE: MOV) shares were also up, gaining 18% to $25.39 after the company reported Q4 results and announced a new $25 million buyback program.

Check out these big movers of the day

Equities Trading DOWN

Evolus, Inc. (NASDAQ: EOLS) shares tumbled 26% to $12.26 after the company posted a wider quarterly loss.

Shares of Evofem Biosciences, Inc. (NASDAQ: EVFM) were down 24% to $1.77 after the company reported pricing of $30 million public offering of common stock.

Rite Aid Corporation (NYSE: RAD) was down, falling 21% to $18.52 after the company issued an update on FY2021 guidance. The company said it expects to report a FY21 net loss of $90 million to $100 million on sales of $23.98 billion to $24.00 billion.


In commodity news, oil traded down 5.1% to $58.04, while gold traded down 0.5% to $1,725.00.

Silver traded down 0.7% Thursday to $25.065 while copper fell 2% to $3.9820.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 fell 0.07%, the Spanish Ibex Index fell 0.41% and the German DAX 30 gained 0.08%. Meanwhile, the French CAC 40 rose 0.09%, London’s FTSE 100 fell 0.57% and Italy’s FTSE MIB gained 0.04%.

German GfK Consumer Climate Indicator rose to -6.2 heading into April versus a revised reading of -12.7 in the previous month, while French manufacturing climate indicator came in unchanged at 98 in March.

Loans to households in the Eurozone increased 3% to EUR 6.42 trillion for February.


The US economy expanded by an annualized rate of 4.3% on quarter during the fourth quarter.

US initial jobless claims dropped to 684,000 in the week ended March 20th, below analysts’ expectations of 730,000.

US natural-gas supplies dropped 36 billion cubic feet last week, the Energy Information Administration said.

San Francisco Federal Reserve Bank President Mary Daly will speak at 7:00 p.m. ET.

Check out the full economic calendar here


Related Articles (DRI + APOP)

View Comments and Join the Discussion!

Posted-In: Earnings News Penny Stocks Eurozone Commodities Small Cap Global Intraday Update

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at