Mid-Morning Market Update: Markets Open Higher; Estée Lauder Reports Mixed Q3 Results

Following the market opening Monday, the Dow traded up 0.80% to 34,147.27 while the NASDAQ rose 0.54% to 14,038.00. The S&P also rose, gaining 0.65% to 4,208.31.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 32,421,920 cases with around 577,040 deaths. India confirmed a total of at least 19,925,510 cases and 218,950 deaths, while Brazil reported over 14,754,910 COVID-19 cases with 407,630 deaths. In total, there were at least 152,903,900 cases of COVID-19 worldwide with more than 3,203,490 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed by 2% on Monday. Meanwhile, top gainers in the sector included PBF Energy Inc. PBF, up 8%, and Peabody Energy Corporation BTU, up 9%.

In trading on Monday, real estate shares fell 0.4%.

Top Headline

The Estée Lauder Companies Inc. EL reported stronger-than-expected earnings for its third quarter, while sales missed views.

Estee Lauder reported quarterly earnings of $1.62 per share, beating analysts’ estimates of $1.31 per share. The company’s quarterly sales came in at $3.86 billion, missing expectations of $3.93 billion.

Estee Lauder said it sees FY21 EPS growth of 45%-47%, and sales growth of 11%-12%.

Equities Trading UP

Regional Health Properties, Inc. RHE shares shot up 88% to $13.56 after jumping 38% on Friday.

Shares of Brooklyn ImmunoTherapeutics, Inc. BTX got a boost, shooting 43% to $71.12 as the stock continued to increase in popularity on the subreddit r/wallstreetbets.

Scully Royalty Ltd. SRL shares were also up, gaining 21% to $12.91. Scully Royalty said it has 'taken the first step by approving a policy for future cash dividends.' However, no dividends have been declared or determined to date.

Check out these big movers of the day

Equities Trading DOWN

Vaxart, Inc. VXRT shares tumbled 13% to $9.35 after the company reported a wider Q1 loss.

Shares of EHang Holdings Limited EH were down 11% to $24.86. EHang, last week, reported worse-than-expected Q4 results.

Humanigen, Inc. HGEN was down, falling 11% to $17.20. Humanigen, last month, announced data from the Phase 1b portion of the ZUMA-19 trial evaluating its lead candidate lenzilumab in patients treated with CAR-T in diffuse large B-cell lymphoma (DLBCL).

Commodities

In commodity news, oil traded up 0.1% to $63.64, while gold traded up 0.6% to $1,778.10.

Silver traded up 1.4% Monday to $26.23 while copper rose 0.5% to $4.4895.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.4%, the Spanish Ibex Index rose 0.5% and the German DAX 30 gained 0.6%. Meanwhile, the French CAC 40 rose 0.53% and Italy’s FTSE MIB climbed 0.9%.

The IHS Markit Eurozone manufacturing PMI rose to 62.9 in April from March's final level of 62.5. Germany’s manufacturing PMI slipped to 66.2 in April from a record high level of 66.6 in March, while French manufacturing PMI declined to 58.9 in April from 59.3 in March. Spain’s manufacturing PMI gained to 57.7 in April, compared to 56.9 in the earlier month.

Economics

The IHS Markit manufacturing PMI was revised lower to 60.5 in April from a preliminary reading of 60.6.

The ISM manufacturing PMI declined to 60.7 in April from 64.7 in March.

Construction spending rose 0.2% to an annual rate of $1.51 trillion in March.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

Federal Reserve Bank of New York President John Williams is set to speak at 2:10 p.m. ET.

Check out the full economic calendar here