Mid-day market update: Crude oil up 1%, MiMedx group shares plummet
|Midway through trading Monday, the Dow traded up 0.80% to 34,885.46 while the NASDAQ fell 0.10% to 15,100.02. The S&P also rose, gaining 0.23% to 4,468.75.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 40,955,260 cases with around 659,970 deaths. India confirmed a total of at least 33,264,170 cases and 442,870 deaths, while Brazil reported over 20,999,770 COVID-19 cases with 586,850 deaths. In total, there were at least 224,677,810 cases of COVID-19 worldwide with more than 4,630,890 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Energy shares gained 3% on Monday. Meanwhile, top gainers in the sector included Uranium Royalty Corp. UROY +undefined% (Get Free Alerts for UROY), up 20% and Ring Energy, Inc. REI +undefined% (Get Free Alerts for REI) up 13%.
In trading on Monday, health care shares fell by 0.9%.
Top Headline
The U.K. government has terminated its COVID-19 vaccine contract with Valneva SE VALN +40.19% over alleged breach of obligations.
Britain has ordered 100 million doses of Valneva's vaccine candidate, VLA2001, and had an option to secure an additional 90 million doses. The total value of these 190 million doses is around €1.4 billion.
Equities Trading UP
Itamar Medical Ltd. ITMR +40.19% shares shot up 45% to $30.12. ZOLL Medical Corporation, an Asahi Kasei company, agreed to acquire Itamar Medical for a total value of approximately $538 million.
Shares of Aterian, Inc. ATER +40.19% got a boost, shooting 41% to $16.61. Investor presentation released on Friday is now circulating on news outlets.
aTyr Pharma, Inc. LIFE +40.19% shares were also up, gaining 40% to $7.63 as the company announced positive results from its Phase 1b/2a trial evaluating its lead therapeutic candidate, ATYR1923, in pulmonary sarcoidosis, a major form of interstitial lung disease.
Equities Trading DOWN
MiMedx Group, Inc. MDXG +58.47% shares tumbled 61% to $6.12 after announcing top-line results from two musculoskeletal trials of micronized dehydrated Human Amnion Chorion Membrane (mdHACM). Top-line results from an interim analysis of the six-month efficacy data for the Phase 2B trial for Knee Osteoarthritis (KOA) did not meet primary endpoints.
Shares of Valneva SE VALN +40.19% were down 40% to $28.20 after the company announced it received a termination notice from the UK Government in relation to the Supply Agreement for its COVID-19 vaccine candidate, VLA2001.
Farmmi, Inc. FAMI +49.91% was down, falling 51% to $0.2825 after the company announced a 368,261,717 share public offering to be priced at $0.22 per share.
Commodities
In commodity news, oil traded up 1.1% to $70.47, while gold traded up 0.3% to $1,796.90.
Silver traded down 0.4% Monday to $23.815 while copper fell 2% to $4.3630.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 surged 0.37%, the Spanish Ibex Index rose 1.49% and the German DAX 30 climbed 0.69%. Meanwhile, the London’s FTSE 100 rose 0.69%, French CAC 40 gained 0.26% and Italy’s FTSE MIB rose 1%.
Wholesale prices in Germany surged 12.3% year-over-year in August, recording the highest rate since October 1974.
Economics
The U.S. Treasury budget statement for August will be released at 2:00 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.