Mid-Afternoon Market Update: Dow Rises Over 100 Points; Evoke Pharma Shares Jump

Toward the end of trading Monday, the Dow traded up 0.41% to 25978.03 while the NASDAQ rose 0.96% to 10041.88. The S&P also rose, gaining 0.53% to 3,114.07.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,280,960 cases with around 119,970 deaths. Brazil confirmed a total of over 1,083,340 COVID-19 cases with 50,590 deaths, while Russia reported a total of at least 591,460 confirmed cases and 8,190 deaths. In total, there were at least 8,970,970 cases of COVID-19 worldwide with over 468,580 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares climbed 1.5% on Monday. Meanwhile, top gainers in the sector included Ideanomics, Inc. IDEX, up 41%, and Synchronoss Technologies, Inc. SNCR, up 17%.

In trading on Monday, real estate shares fell 0.8%.

Top Headline

American Airlines Group Inc AAL plans to sell shares and convertible senior notes due 2025 to raise $3.5 billion to ease the liquidity crisis during the pandemic.

On Sunday, American Airlines proposed a public offering of $750 million of its common stock as well as $750 million worth of convertible senior notes due 2025.


Equities Trading UP

Evoke Pharma, Inc. EVOK shares shot up 60% to $3.76 after the FDA gave its nod for its Gimoti nasal spray that would allow the company to commercially market it in the U.S. HC Wainwright & Co. also upgraded the company's stock from Neutral to Buy and announced a $10 price target.

Shares of Ideanomics, Inc. IDEX got a boost, shooting 43% to $3.18 after the company received a 200 electric vehicle order worth $3.2 million.

Sintx Technologies, Inc. SINT shares were also up, gaining 174% to $2.12 after the company announced the SARS-CoV-2 virus was inactivated in a lab study when exposed to its sintered silicon nitride powder.


Equities Trading DOWN

Urban One, Inc. UONE shares tumbled 41% to $21.32 after gaining 45% on Friday.

Shares of Carver Bancorp, Inc. CARV were down 25% to $9.10.

Livent Corporation LTHM was down, falling 22% to $6.00 after the company reported a proposed private offering of $225 million of convertible senior notes due 2025.

Commodities


In commodity news, oil traded up 1% to $40.14, while gold traded up 0.8% to $1,767.10.

Silver traded up 0.5% Monday to $17.935, while copper rose 1.7% to $2.655.

Euro zone


European shares closed lower today. The eurozone’s STOXX 600 fell 0.76%, the Spanish Ibex Index fell 0.92%, while Italy’s FTSE MIB Index dropped 0.71%. Meanwhile, the German DAX 30 declined 0.55%, French CAC 40 fell 0.62% and UK shares slipped 0.76%.


Economics

The Chicago Fed National Activity Index climbed to 2.61 in May, versus a revised reading of -17.89 for April.

Sales of existing houses in the US fell 9.7% to an annual rate of 3.91 million units in May.

Posted In: NewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Afternoon Market Update
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