Mid-day market update: Crude Oil down over 7%; Stein Mart shares plunge
|Midway through trading Friday, the Dow traded up 1.47% to 23883.41 while the NASDAQ rose 0.49% to 8574.36. The S&P also rose, gaining 1.33% to 2,836.68.
The U.S. is the epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. U.S. reported a total of 671,420 coronavirus cases with around 33,280 deaths. Spain confirmed a total of over 184,940 coronavirus cases with 19,310 deaths, while Italy reported a total of at least 168,940 confirmed cases and 22,170 deaths. In total, there were at least 2,167,950 cases of COVID-19 worldwide with over 146,050 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Energy shares climbed 5.6% on Friday. Meanwhile, top gainers in the sector included USA Compression Partners, LP (NYSE: USAC), up 25%, and PBF Energy Inc (NYSE: PBF), up 14%.
In trading on Friday, consumer staples shares rose by just 0.1%.
Top Headline
The Procter & Gamble Company (NYSE: PG) reported better-than-expected earnings for its first quarter, while sales missed views.
Procter & Gamble posted quarterly earnings of $1.17 per share, beating analysts’ estimates of $1.13 per share. Its sales came in at $17.20 billion, missing expectations of $17.46 billion.
Equities Trading UP
AMC Entertainment Holdings, Inc. (NYSE: AMC) shares shot up 31% to $3.19 as equities gain amid a report suggesting Gilead Sciences' Remdesivir drug showed some effectiveness in treating the coronavirus. This has raised hopes of a sooner return to spending, economic activity, and investment.
Shares of Taronis Technologies, Inc. (NASDAQ: TRNX) got a boost, shooting 110% to $0.4838 after jumping 109% on Thursday.
Tronox Holdings plc (NYSE: TROX) shares were also up, gaining 22% to $6.06 after the company reported better-than-expected preliminary results for the first quarter.
Equities Trading DOWN
MoSys, Inc. (NASDAQ: MOSY) shares tumbled 36% to $1.6301 after jumping 88% on Thursday.
Shares of Stein Mart, Inc. (NASDAQ: SMRT) were down 31% to $0.2405 after the company announced a mutual termination of merger agreement with Kingswood.
Pulmatrix, Inc. (NASDAQ: PULM) was down, falling 27% to $1.2950 after the company reported an $8 million registered direct offering priced at-the-market under Nasdaq rules.
Commodities
In commodity news, oil traded down 7.2% to $18.45, while gold traded down 1.4% to $1,707.20.
Silver traded down 1.6% Friday to $15.375, while copper rose 2.3% to $2.343.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 2.4%, the Spanish Ibex Index rose 1.6%, while Italy’s FTSE MIB Index climbed 1.6%. Meanwhile, the German DAX gained 2.7%, and the French CAC 40 climbed 3.1% while UK shares rose 2.6%.
Economics
The index of leading economic indicators declined 6.7% for March.
The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.