U.S. Markets Open Higher; Dow Rises Around 200 Points

U.S. stocks traded higher this morning, with the Dow Jones gaining around 200 points on Friday.

The Dow traded up 0.66% to 30,125.89 while the NASDAQ rose 1.39% to 10,794.45. The S&P also rose, gaining, 0.90% to 3,699.66.

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Leading and Lagging Sectors


Real estate shares jumped by 1.5% on Friday. Meanwhile, top gainers in the sector included Franklin Street Properties Corp. FSP, up 4% and Getty Realty Corp. GTY up 3%.


In trading on Friday, energy shares tumbled by 1%.


Top Headline

 

Manufacturing production in the US declined 0.1% month-over-month in May, recording the first decline in four months. Industrial production increased 0.2% from a month ago in May.

 

Equities Trading UP


bluebird bio, Inc. BLUE shares shot up 24% to $3.80. The FDA's Advisory Committee recently unanimously backed Bluebird bio’s gene therapy for a rare blood disorder.


Shares of Rhythm Pharmaceuticals, Inc. RYTM got a boost, shooting 22% to $4.7506. Rhythm Pharmaceuticals entered into a Revenue Interest Financing Agreement with HealthCare Royalty Partners for a total investment of $100 million.


Scholar Rock Holding Corporation SRRK shares were also up, gaining 15% to $5.57. Scholar Rock reported Phase 2 topaz trial extension data showing 'sizable and sustained motor function improvement at 24 months with apitegromab for non-ambulatory patients with types 2 and 3 spinal muscular atrophy.'

 

Equities Trading DOWN

Addex Therapeutics Ltd ADXN shares tumbled 54% to $1.64 after the company terminated its Phase 2b/3 study of Dipraglurant for dyskinesia associated with Parkinson's disease due to slow recruitment. The company suspended its guidance amid the termination.


Shares of ToughBuilt Industries, Inc. TBLT were down 48% to $1.5888 after the company priced a $6 million offering.


Heart Test Laboratories, Inc. HSCS was down, falling 12% to $2.13. Heart Test Laboratories announced pricing of its IPO of 1.5 million units at a price of $4.25 per unit.


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Commodities

In commodity news, oil traded up 1% to $118.75, while gold traded up 0.3% to $1,854.70.


Silver traded up 0.3% to $21.94 on Friday while copper fell 0.2% to $4.10.



Euro zone


European shares were higher today. The eurozone’s STOXX 600 gained 1.2%, London’s FTSE 100 gained 0.8% while Spain’s IBEX 35 Index rose 1.1%. The German DAX gained 1.2%, French CAC 40 climbed 1.1% and Italy’s FTSE MIB Index climbed 1.8%.

Annual inflation rate in the Eurozone was confirmed at a record-high level of 8.1% in May, up from 7.4% in each of the prior two months. Construction output in Italy climbed 16.9% year-over-year in April.

 

Economics

 

Manufacturing production in the US declined 0.1% month-over-month in May, recording the first decline in four months. Industrial production increased 0.2% from a month ago in May.


The index of leading economic indicators for May will be released at 10:00 a.m. ET. After declining a sharp 0.3% in April, analysts expect the LEI dropping a further 0.4% in May.


The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

Check out this: Insiders Buy More Than $57M Of 2 Stocks


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 87,861,130 cases with around 1,037,920 deaths. India confirmed a total of at least 43,270,570 cases and 524,810 deaths, while Brazil reported over 31,644,700 COVID-19 cases with 668,890 deaths. In total, there were at least 543,210,920 cases of COVID-19 worldwide with more than 6,338,360 deaths.

Posted In: Mid-Morning Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets

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