Mid-Afternoon Market Update: Dow Jumps 300 Points; Crude Oil Rises Over 3%

U.S. stocks traded mostly higher toward the end of trading, with the Dow Jones gaining around 300 points on Monday.

The Dow traded up 0.96% to 32,505.29 while the NASDAQ fell 0.02% to 11,803.19. The S&P also rose, gaining, 0.53% to 4,045.31.

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Leading and Lagging Sectors

Energy shares jumped by 3.5% on Monday. Meanwhile, top gainers in the sector included Rattler Midstream LP RTLR, up 16% and Indonesia Energy Corporation Limited INDO up 33%.

In trading on Monday, consumer discretionary shares fell 1.6%.

Top Headline

The New York Empire State Manufacturing Index unexpectedly declined to -11.6 in May from 24.6 in April. Analysts, meanwhile, were expecting a reading of 17.


Equities Trading UP

Data Storage Corporation DTST shares shot up 40% to $3.22 after the company reported better-than-expected Q1 financial results.

Shares of Griffon Corporation GFF got a boost, shooting 23% to $29.85. Griffon Board of Directors initiated a process to explore a comprehensive range of strategic alternatives, including a sale.

Clear Secure, Inc. YOU shares were also up, gaining 14% to $32.33 after the company announced Q1 results and announced a $100 million buyback plan.

Equities Trading DOWN

Chimerix, Inc. CMRX shares tumbled 61% to $1.65. Emergent BioSolutions Inc EBS agreed to acquire Chimerix’s exclusive worldwide rights to Tembexa (brincidofovir), the first FDA-approved antiviral for all age groups for smallpox.

Shares of Iris Energy Limited IREN were down 37% to $4.87. The company recently posted downbeat quarterly sales.

Eliem Therapeutics, Inc. ELYM was down, falling 28% to $3.19 after the company reported a Q1 loss of $0.50 per share.

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In commodity news, oil traded up 3.4% to $114.21, while gold traded up 0.5% to $1,816.80.

Silver traded up 2.8% to $21.585 on Monday while copper rose 0.8% to $4.2065.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 rose 0.04%, London’s FTSE 100 gained 0.63% and Spain’s IBEX 35 Index rose 0.19%. The German DAX dropped 0.45%, French CAC 40 fell 0.23% and Italy’s FTSE MIB Index fell 0.06%.

The Eurozone reported a trade gap of €16.4 billion for March, versus a year-ago surplus of €22.5 billion.


The New York Empire State Manufacturing Index unexpectedly declined to -11.6 in May from 24.6 in April. Analysts, meanwhile, were expecting a reading of 17.

The Treasury International Capital report for March will be released at 4:00 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 84,230,820 cases with around 1,026,670 deaths. India confirmed a total of at least 43,123,800 cases and 524,240 deaths, while Brazil reported over 30,688,390 COVID-19 cases with 664,960 deaths. In total, there were at least 521,354,660 cases of COVID-19 worldwide with more than 6,288,630 deaths.


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