Mid-Morning Market Update: Markets Mixed; ISM Manufacturing PMI Rises To 56.1 In May

U.S. stocks traded mixed this morning, with the Dow Jones dropping more than 50 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.21% to 32,921.55 while the NASDAQ rose 0.31% to 12,118.63. The S&P also fell, dropping, 0.17% to 4,125.13.

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Leading and Lagging Sectors

Energy shares jumped by 1% on Wednesday. Meanwhile, top gainers in the sector included Laredo Petroleum, Inc. LPI, up 12% and Borr Drilling Limited BORR up 9%.

In trading on Wednesday, real estate shares fell 1.6%.

Top Headline

The ISM manufacturing PMI unexpectedly climbed to 56.1 in May from 55.4 in the previous month and beating analysts’ estimates of 54.5.

Equities Trading UP

Tonix Pharmaceuticals Holding Corp. TNXP shares shot up 45% to $3.54 after the company announced the USPTO issued a patent to the company titled "Synthetic Chimeric Poxviruses."

Shares of Spark Networks SE LOV got a boost, shooting 28% to $2.7046 after the company announced initiation of exploration of strategic alternatives.

Avaya Holdings Corp. AVYA shares were also up, gaining 17% to $4.3089.

Equities Trading DOWN

Enochian Biosciences, Inc. ENOB shares tumbled 43% to $3.00. Enochian's founder and inventor of its scientific breakthroughs was recently arrested in a murder for hire plot in California.

Shares of Dogness (International) Corporation DOGZ were down 24% to $3.05 after the company reported a $12 million offering.

Digital Turbine, Inc. APPS was down, falling 18% to $20.78 after the company issued Q1 EPS guidance below analyst restimates.

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Commodities

In commodity news, oil traded up 1.6% to $116.55, while gold traded down 0.9% to $1,832.30.

Silver traded down 1% to $21.48 on Wednesday while copper fell 0.3% to $4.2825.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.3%, London’s FTSE 100 fell 0.2% and Spain’s IBEX 35 Index fell 0.3%. The German DAX gained 0.3%, French CAC 40 rose 0.1% and Italy’s FTSE MIB Index gained 0.1%.

The unemployment rate in the Eurozone came in unchanged at a record low of 6.8% in April, the same as in the earlier month, while manufacturing PMI was revised higher to 54.6 in May versus an initial reading of 54.4. UK’s manufacturing PMI dropped to 54.6 in May from 55.8 in April, while German manufacturing PMI rose to 54.8 in May from 54.6 in April.

The S&P Global French manufacturing PMI dropped to a 7-month low of 54.6 in May, while Italy’s manufacturing PMI slipped to 51.9 in May. The S&P Global Spanish manufacturing PMI climbed to 53.8 in May from 53.3 in the previous month.

Economics

The S&P Global manufacturing PMI was revised lower to 57 in May versus a preliminary reading of 57.5.

The ISM manufacturing PMI unexpectedly climbed to 56.1 in May from 55.4 in the previous month and beating analysts’ estimates of 54.5.

The number of job openings fell to 11.400 million in April from a revised record high level of 11.855 million in March.

New York Fed President John Williams is set to speak at 11:30 a.m. ET.

Federal Reserve Bank of St. Louis President James Bullard will speak at 1:00 p.m. ET.

The Federal Open Market Committee will release its Beige Book report at 2:00 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 85,901,790 cases with around 1,031,610 deaths. India confirmed a total of at least 43,161,360 cases and 524,630 deaths, while Brazil reported over 31,019,030 COVID-19 cases with 666,720 deaths. In total, there were at least 532,950,980 cases of COVID-19 worldwide with more than 6,314,040 deaths.