Mid-Morning Market Update: Markets Rise; Delta Air Lines Profit Tops Estimates

Following the market opening Thursday, the Dow traded up 0.37% to 36,423.44 while the NASDAQ rose 0.12% to 15,206.73. The S&P also rose, gaining, 0.21% to 4,736.11.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 64,359,400 cases with around 866,890 deaths. India confirmed a total of at least 36,317,920 cases and 485,030 deaths, while Brazil reported over 22,718,600 COVID-19 cases with 620,410 deaths. In total, there were at least 317,843,630 cases of COVID-19 worldwide with more than 5,532,990 deaths.

Leading and Lagging Sectors

Industrials shares rose 0.7% on Thursday. Meanwhile, top gainers in the sector included Nikola Corporation NKLA, up 6% and Li-Cycle Holdings Corp. LICY up 4%.

In trading on Thursday, health care shares fell by 1.1%.

Top Headline

Delta Air Lines, Inc. DAL reported better-than-expected results for its fourth quarter.

Delta Air Lines posted quarterly earnings of $0.22 per share, beating analysts’ estimates of $0.13 per share. The company’s quarterly sales came in at $9.47 billion, versus expectations of $9.14 billion.


Equities Trading UP

Takung Art Co., Ltd. TKAT shares shot up 23% to $4.31. Traders are circulating earlier news that China is looking to separate NFTs from crypto via new blockchain infrastructure.

Shares of Dave Inc. DAVE got a boost, shooting 24% to $6.46.

KB Home KBH shares were also up, gaining 13% to $47.98 after the company reported better-than-expected Q4 EPS results and issued FY22 housing revenue guidance.

Check out these big movers of the day

Equities Trading DOWN

Virgin Galactic Holdings, Inc. SPCE shares tumbled 15% to $10.49 after the company announced a proposed convertible senior notes offering.

Shares of Denali Therapeutics Inc. DNLI were down 14% to $33.04. The FDA issued a clinical hold on Denali Therapeutics’ Investigational New Drug (IND) application for DNL919 TREM.

GreenTree Hospitality Group Ltd. GHG was down, falling 11% to $7.48 after the company posted results for the third quarter.


In commodity news, oil traded down 0.1% to $82.63, while gold traded down 0.5% to $1,817.80.

Silver traded down 0.3% Thursday to $23.15 while copper fell 0.8% to $4.5405.

Euro zone

European shares were slightly higher today. The eurozone’s STOXX 600 gained 0.1%, London’s FTSE 100 rose 0.1%, while Spain’s IBEX 35 Index rose 0.3%. The German DAX gained 0.1%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index gained 0.4%.

Italy’s industrial production rose 1.9% from a month ago in November following a revised 0.5% decline in the prior month.


US initial jobless claims rose by 23 thousand from the previous week to 230 thousand in the recent week.

The Producer Price Index rose 0.2% for December following a revised 1% rise in the previous month.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

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

Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 12:00 p.m. ET.

Chicago Fed President Charles Evans will speak at 1:00 p.m. ET.

The Treasury will auction 30-year bonds at 1:00 p.m. ET.

Check out the full economic calendar here

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