Mid-Morning Market Update: Markets Open Higher; US Goods Trade Deficit Narrows In April

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 100 points on Friday.

Following the market opening Friday, the Dow traded up 0.34% to 32,746.75 while the NASDAQ rose 1.59% to 11,927.74. The S&P also rose, gaining, 1% to 4,098.61.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 2% on Friday. Meanwhile, top gainers in the sector included <b> Red Robin Gourmet Burgers, Inc. </b> RRGB, up 24% and <b> Solo Brands, Inc.</b> DTC up 19%.

In trading on Friday, energy shares rose by just 0.2%.

Top Headline

US goods trade deficit shrank to $105.9 billion in April from a revised record high of $125.9 billion in the previous month, as exports rose 3.1% to a fresh all-time high of $173.9 billion.

Equities Trading UP

PMV Pharmaceuticals, Inc. PMVP shares shot up 31% to $17.36. PMV Pharmaceuticals announced initial PC14586 Phase 1 clinical data to be presented at the 2022 American Society of Clinical Oncology Annual Meeting June 7.

Shares of Red Robin Gourmet Burgers, Inc. RRGB got a boost, shooting 21% to $10.41 after the company reported better-than-expected Q1 adjusted EPS and sales results.

Dell Technologies Inc. DELL shares were also up, gaining 18% to $51.64 after the company reported better-than-expected Q1 adjusted EPS and sales results.

Equities Trading DOWN

Iovance Biotherapeutics, Inc. IOVA shares tumbled 54% to $7.03 after reporting clinical data for lifileucel in advanced melanoma. Piper Sandler and Chardan Capital lowered their price targets on the stock.

Shares of SpringWorks Therapeutics, Inc. SWTX were down 54% to $14.31. SpringWorks Therapeutics highlighted Nirogacestat clinical data at the 2022 ASCO Annual Meeting .

Mirati Therapeutics, Inc. MRTX was down, falling 39% to $35.42. Mirati Therapeutics reported positive results from the registration-enabling Phase 2 cohort of the KRYSTAL-1 study evaluating adagrasib 600 mg BID in patients with non-small cell lung cancer (NSCLC) harboring the KRASG12C mutation who have received at least one prior systemic therapy.

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Commodities

In commodity news, oil traded up 0.1% to $114.22, while gold traded up 0.4% to $1,855.40.

Silver traded up 1.1% to $22.21 on Friday while copper rose 0.7% to $4.29.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 1%, London’s FTSE 100 gained 0.1% and Spain’s IBEX 35 Index rose 0.4%. The German DAX gained 1.1%, French CAC 40 rose 1.2% and Italy’s FTSE MIB Index rose 0.3%.

Retail sales in Spain rose by 1.5% year-over-year in April following a revised 4.1% decline in the prior month. Loans to households in the Eurozone increased 4.5% year-over-year in April.

Economics

The goods trade deficit shrank to $105.9 billion in April from a revised record high of $125.9 billion in the previous month, as exports rose 3.1% to a fresh all-time high of $173.9 billion.

Personal income rose 0.4% from a month ago in April, while personal spending rose 0.9% month-over-month. Core PCE prices climbed by 0.3% month-over-month in April.

Wholesale inventories rose by 2.1% month-over-month to $860.8 billion in April.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 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 85,570,750 cases with around 1,030,770 deaths. India confirmed a total of at least 43,147,530 cases and 524,530 deaths, while Brazil reported over 30,880,510 COVID-19 cases with 666,240 deaths. In total, there were at least 530,468,150 cases of COVID-19 worldwide with more than 6,308,120 deaths.