Mid-Morning Market Update: Markets Open Lower; Big Lots Beats Q1 Estimates

Following the market opening Friday, the Dow traded down 0.57% to 25256.94 while the NASDAQ fell 0.20% to 9350.01. The S&P also fell, dropping 0.41% to 3017.18.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 1,721,920 cases with around 101,620 deaths. Brazil confirmed a total of over 438,230 COVID-19 cases with 26,750 deaths, while Russia reported a total of at least 387,620 confirmed cases and 4,370 deaths. In total, there were at least 5,831,160 cases of COVID-19 worldwide with over 360,860 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares climbed 0.3% on Friday. Meanwhile, top gainers in the sector included Companhia Paranaense de Energia - COPEL ELP, up 2%, and Suburban Propane Partners, L.P. SPH, up 3%.

In trading on Friday, energy shares fell 1.2%.

Top Headline

Big Lots, Inc. BIG reported better-than-expected results for its first quarter.

Big Lots reported quarterly earnings of $1.26 per share on Friday, which exceeded the analyst consensus estimate for earnings of $0.32 per share. The company reported quarterly sales of $1.44 billion, versus the analyst consensus estimate of $1.31 billion. Its same-store sales climbed 10.3% during the quarter.

Equities Trading UP

Sonoma Pharmaceuticals, Inc. SNOA shares shot up 217% to $17.13. Sonoma Pharmaceuticals and MicroSafe Group disclosed that Nanocyn disinfectant & sanitizer has received approval to be entered into the Australian Register of Therapeutic Goods for use against coronavirus.

Shares of Phio Pharmaceuticals Corp. PHIO got a boost, shooting 106% to $4.63 after the company reported positive data from in vivo studies that show strong antitumoral efficacy.

Adaptimmune Therapeutics plc ADAP shares were also up, gaining 82% to $8.83 after the company announced updated data from its ADP-A2M4 Phase 1 trial at the American Society for Clinical Oncology Annual Meeting.

Equities Trading DOWN

Minerva Neurosciences, Inc. NERV shares tumbled 67% to $4.50 after the company reported results from Phase 3 Trial of Roluperidone for the treatment of negative symptoms in schizophrenia.

Shares of ARCA biopharma, Inc. ABIO were down 34% to $12.63. ARCA biopharma shares climbed 386% on Thursday after the company announced the development program for its AB201 treatment of coronavirus associated with coagulopathy.

Arvinas, Inc. ARVN was down, falling 22% to $34.97 after the company reported updated data from the dose escalation portion of its Phase 1/2 clinical trial of ARV-110 in men with metastatic castration-resistant prostate cancer.

Commodities


In commodity news, oil traded down 2.8% to $32.76, while gold traded up 0.7% to $1,740.80.

Silver traded up 1.4% Friday to $18.215, while copper rose 0.1% to $2.4155.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.8%, the Spanish Ibex Index fell 1.1%, while Italy’s FTSE MIB Index slipped 0.1%. Meanwhile, the German DAX dropped 1%, and the French CAC 40 fell 0.6% while UK shares fell 1%.

Economics

U.S. goods deficit increased to $69.68 billion in April, versus $64.99 billion in the earlier. Exports dipped 25.2% to $95.37 billion, while imports declined 14.3% to $165.05 billion.

U.S. personal income climbed 10.5% in April, versus a revised 2.2% decline in March. Personal spending dropped 13.6% in April, following a revised 6.9% drop in March.

U.S. wholesale inventories increased 0.4% in April, versus a revised 1% decline in March.

The Chicago PMI fell to 32.3 in May, versus a reading of 35.4 in April.

The University of Michigan's consumer sentiment index dropped to 72.3 in May, versus preliminary reading of 73.7.

Federal Reserve Chairman Jerome Powell is set to speak at 11:00 a.m. ET.

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

Data on farm prices for April will be released at 3:00 p.m. ET.