Dow Jones Turns Lower; Revlon Shares Jump

Dow Jones Turns Lower; Revlon Shares Jump

U.S. stocks pared gains midway through trading, with the Dow Jones dropping around 100 points on Friday.

The Dow traded down 0.35% to 29,821.15 while the NASDAQ rose 0.97% to 10,749.10. The S&P also fell, dropping, 0.16% to 3,660.85.

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Leading and Lagging Sectors


Health care shares jumped by 0.4% on Friday. Meanwhile, top gainers in the sector included bluebird bio, Inc. BLUE, up 33% and Allakos Inc. ALLK up 13%.


In trading on Friday, energy shares tumbled by 5.3%.


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


Mereo BioPharma Group plc MREO shares shot up 81% to $1.4428. AstraZeneca is rumored to be eyeing take over of Mereo BioPharma Group, according to a report in The Times.


Shares of Revlon, Inc. REV got a boost, shooting 88% to $3.6728 following a report suggesting Reliance Industries is considering buying out the company, which recently filed for bankruptcy.


Scholar Rock Holding Corporation SRRK shares were also up, gaining 26% to $6.14. 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 56% to $1.59 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 51% to $1.5001 after the company priced a $6 million offering.


Heart Test Laboratories, Inc. HSCS was down, falling 14% to $2.07. 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 down 5.5% to $111.16, while gold traded down 0.4% to $1,841.80.


Silver traded down 1.2% to $21.615 on Friday while copper fell 2.5% to $4.0045.



Euro zone


European shares were mixed today. The eurozone’s STOXX 600 gained 0.03%, London’s FTSE 100 fell 0.17% while Spain’s IBEX 35 Index rose 0.51%. The German DAX gained 0.26%, French CAC 40 slipped 0.11% and Italy’s FTSE MIB Index climbed 0.35%.

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 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-Day Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarkets

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