Mid-Afternoon Market Update: Dow Tumbles 250 Points; Enochian Biosciences Shares Spike Higher

Toward the end of trading Monday, the Dow traded down 0.74% to 34,225.89 while the NASDAQ rose 0.45% to 14,132.55. The S&P also fell, dropping 0.27% to 4,236.03.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,462,280 cases with around 599,760 deaths. India confirmed a total of at least 29,510,410 cases and 374,300 deaths, while Brazil reported over 17,412,760 COVID-19 cases with 487,400 deaths. In total, there were at least 176,001,660 cases of COVID-19 worldwide with more than 3,805,010 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares climbed 0.6% on Monday. Meanwhile, top gainers in the sector included Canaan Inc. CAN, up 21%, and Corsair Gaming, Inc. CRSR, up 26%.

In trading on Monday, materials shares fell 1.7%.

Top Headline

Accenture PLC ACN agreed to acquire Aachen, Germany's engineering consulting and services firm, umlaut.

The financial terms of the transaction remain undisclosed


Equities Trading UP

Enochian Biosciences, Inc. ENOB shares shot up 100% to $8.81. The FDA has accepted Enochian BioSciences Inc's pre-IND (Investigational New Drug) request for a potential functional cure or treatment of HIV.

Shares of RAPT Therapeutics, Inc. RAPT got a boost, shooting 116% to $40.16 as the company announced topline results from its Phase 1b trial of RPT193 as monotherapy for moderate-to-severe atopic dermatitis (AD).

iTeos Therapeutics, Inc. ITOS shares were also up, gaining 37% to $27.47. iTeos Therapeutics and GlaxoSmithKline plc have agreed to co-develop and co-commercialize EOS-448, an anti-TIGIT monoclonal antibody.

Check out these big movers of the day

Equities Trading DOWN

Washington Prime Group Inc. WPG shares tumbled 30% to $3.40 after the company filed for Chapter 11 bankruptcy.

Shares of Avenue Therapeutics, Inc. ATXI were down 29% to $2.97 after the company received a second Complete Response Letter from the FDA regarding its marketing application seeking approval for IV tramadol.

Inhibikase Therapeutics, Inc. IKT was down, falling 19% to $4.8750. Inhibikase Therapeutics filed for offering of up to 8 million shares of common stock.


In commodity news, oil traded down 0.2% to $70.74, while gold traded down 0.8% to $1,865.30.

Silver traded down 0.5% Monday to $28.01 while copper fell 0.3% to $4.5245.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.18%, the Spanish Ibex Index rose 0.83% and the German DAX 30 fell 0.13%. Meanwhile, the London’s FTSE 100 gained 0.18%, French CAC 40 climbed 0.24% and Italy’s FTSE MIB rose 0.16%.

Eurozone industrial production increased 0.8% in April versus a revised 0.4% rise in the previous month.


There are no major economic releases for Monday.

Check out the full economic calendar here

Posted In: Mid-Afternoon Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets

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