Mid-Day Market Update: Dow Drops 250 Points; DMC Global Shares Jump

U.S. stocks traded lower midway through trading, with the Dow Jones dropping 250 points on Friday.

The Dow traded down 0.79% to 32,737.24 while the NASDAQ fell 0.99% to 12,196.08. The S&P also fell, dropping, 0.75% to 4,115.64.

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Leading and Lagging Sectors

Energy shares gained 1.2% on Friday. Meanwhile, top gainers in the sector included DMC Global Inc. BOOM, up 21% and BP Prudhoe Bay Royalty Trust BPT up 6%.

In trading on Friday, materials shares dipped by 1.9%.

Top Headline

The US economy added 428,000 jobs in April versus a revised 428,000 in March. However, analysts were expecting for a gain of 391,000 jobs. The unemployment rate came in unchanged at 3.6% in April.

Equities Trading UP

DMC Global Inc. BOOM shares shot up 21% to $25.75 following strong Q1 results.

Shares of Swvl Holdings Corp. SWVL got a boost, shooting 22% to $7.35. Swvl Holdings 13D Filing from investor Ahmed Sabbah showed a new 6.4% stake in the company.

Funko, Inc. FNKO shares were also up, gaining 21% to $20.25 after The Chernin Group announced a consortium led by TCG will make a $263 million strategic investment in Funko at $21 per share.

Equities Trading DOWN

The Joint Corp. JYNT shares tumbled 40% to $16.72 after the company reported downbeat Q1 results.

Shares of Endo International plc ENDP were down 31% to $1.3850 after the company reported Q1 earnings results and issued Q2 guidance.

Digital Brands Group, Inc. DBGI was down, falling 55% to $0.2219 after the company priced its 37.39 million share offering at $0.25 per share.

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Commodities

In commodity news, oil traded up 2% to $110.45, while gold traded up 0.7% to $1,887.90.

Silver traded down 0.4% to $22.345  Friday while copper fell 0.6% to $4.2665.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 slipped 1.7%, London’s FTSE 100 fell 1.22% and Spain’s IBEX 35 Index fell 1.07%. The German DAX dropped 1.35%, French CAC 40 fell 1.44% and Italy’s FTSE MIB Index fell 0.92%.

The S&P Global/CIPS UK Construction PMI declined to a three-month low level of 58.2 in April, while Halifax house price index climbed 10.8% year-over-year in April. Industrial production in Spain rose 0.1% year-over-year in March, while industrial production in Germany dropped 3.9% month-over-month in March. Retail sales in Italy declined 0.5% in March.

Economics

The US economy added 428,000 jobs in April versus a revised 428,000 in March. However, analysts were expecting for a gain of 391,000 jobs. The unemployment rate came in unchanged at 3.6% in April.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

Data on consumer credit for March will be released at 3:00 p.m. ET. Consumer credit is projected to rise $20.0 billion in March following a $41.9 billion increase in the previous month.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 3:20 p.m. ET.

Federal Reserve Governor Christopher Waller will speak at 7:15 p.m. ET.

Federal Reserve Bank of St. Louis President James Bullard is set to speak at 7:15 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 8:00 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 84,437,150 cases with around 1,023,900 deaths. India confirmed a total of at least 43,094,540 cases and 523,970 deaths, while Brazil reported over 30,524,180 COVID-19 cases with 663,960 deaths. In total, there were at least 515,960,930 cases of COVID-19 worldwide with more than 6,272,390 deaths.