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Market Overview

Mid-Morning Market Update: Markets Open Higher; Bank of America Beats Q1 Estimates

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Following the market opening Thursday, the Dow traded up 0.63% to 33,943.64 while the NASDAQ rose 0.96% to 13,991.07. The S&P also rose, gaining 0.70% to 4,153.56.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 31,422,220 cases with around 564,400 deaths. India confirmed a total of at least 14,074,560 cases and 173,120 deaths, while Brazil reported over 13,673,500 COVID-19 cases with 361,880 deaths. In total, there were at least 138,347,820 cases of COVID-19 worldwide with more than 2,974,830 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health care shares rose 1.6% on Thursday. Meanwhile, top gainers in the sector included Liquidia Corporation (NASDAQ: LQDA), up 11%, and Anixa Biosciences, Inc. (NASDAQ: ANIX), up 5%.

In trading on Thursday, energy shares fell 1%.

Top Headline

Bank of America Corporation (NYSE: BAC) reported stronger-than-expected results for its first quarter.

Bank of America reported quarterly earnings of $0.86 per share, beating analysts’ estimates of $0.66 per share. The company’s quarterly sales came in at $22.93 billion, versus expectations of $22.13 billion.

Equities Trading UP

Wilhelmina International, Inc. (NASDAQ: WHLM) shares shot up 45% to $12.10 after gaining 14% on Wednesday. The company's 13D filing recently showed that Modell's Sporting Goods had reported a stake of 18.4% in the company.

Shares of Wah Fu Education Group Limited (NASDAQ: WAFU) got a boost, shooting 24% to $10.42.

Elite Education Group International Limited (NASDAQ: EEIQ) shares were also up, gaining 16% to $6.72.

Check out these big movers of the day

Equities Trading DOWN

KLX Energy Services Holdings, Inc. (NASDAQ: KLXE) shares tumbled 23% to $11.12 after the company reported worse-than-expected Q4 earnings.

Shares of AmpliTech Group, Inc. (NASDAQ: AMPG) were down 18% to $6.84 after the company reported pricing of $23 million registered direct offering of 2.715 million shares priced at-the-market.

Intrusion Inc. (NASDAQ: INTZ) was down, falling 19% to $19.35. Intrusion shares dropped around 16% on Wednesday following earlier short report from White Diamond Research 'Why A Cybersecurity Expert Calls Intrusion And Its New Shield Product "Garbage" As Insiders Liquidate Holdings.'

Commodities

In commodity news, oil traded down 0.7% to $62.74, while gold traded up 0.7% to $1,747.60.

Silver traded up 0.6% Thursday to $25.67 while copper rose 1% to $4.1705.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.3%, the Spanish Ibex Index rose 0.2% and the German DAX 30 gained 0.2%. Meanwhile, the French CAC 40 rose 0.2% London’s FTSE 100 rose 0.3% and Italy’s FTSE MIB rose 0.1%.

The annual inflation rate in Italy rose to 0.8% in March from 0.6% in the earlier month, while French annual inflation rate increased to 1.1% in March from 0.6% in February. Consumer prices in Germany rose 1.7% year-over-year in March. Spain's trade deficit shrank sharply to EUR 1.08 billion in February.

Economics

US initial jobless claims dropped by 193,000 to 576,000 in the week ending April 10.

The Philadelphia Fed Manufacturing Index surged to 50.2 in April from a revised reading of 44.5 in March.

US retail sales surged 9.8% in March following a revised 2.7% decline in the earlier month .

The New York Empire State Manufacturing Index climbed to 26.3 in April from 17.4 in March.

Industrial production rose 1.4% in March following a 2.6% drop in February.

US business inventories rose 0.5% from a month ago in February.

The NAHB housing market index rose 1 point to 83 in April.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released at 10:30 a.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 11:30 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 2:00 p.m. ET.

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

Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 4:00 p.m. ET.

Check out the full economic calendar here

 

Related Articles (ANIX + AMPG)

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