Mid-afternoon market update: Dow rises over 50 points, ImmunoPrecise Antibodies shares spike higher


Toward the end of trading Thursday, the Dow traded up 0.16% to 34,853.89 while the NASDAQ rose 0.38% to 14,687.85. The S&P also rose, gaining 0.20% to 4,367.55.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 34,229,800 cases with around 609,870 deaths. India confirmed a total of at least 31,257,720 cases and 418,980 deaths, while Brazil reported over 19,473,950 COVID-19 cases with 545,600 deaths. In total, there were at least 192,054,100 cases of COVID-19 worldwide with more than 4,128,050 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares climbed 0.7% on Thursday. Meanwhile, top gainers in the sector included ACM Research, Inc. ACMR 3.71%, up 4%, and Adobe Inc. ADBE 1.87%, up 2%.

In trading on Thursday, financial shares fell 0.9%.

Top Headline

AT&T Inc. T 0.32% reported better-than-expected results for its second quarter.

AT&T reported quarterly adjusted earnings of $0.89 per share, beating analysts’ estimates of $0.79 per share. The company’s revenue came in at $44.05 billion, versus expectations of $42.64 billion.

AT&T said it expects FY21 sales growth in the 2-3% range and also projects adjusted EPS to grow in the mid to mid-single digits.

Equities Trading UP

NRx Pharmaceuticals, Inc. NRXP 62.71% shares shot up 45% to $14.64 as the company said it has validated the first commercial formulation of Zyesami for intravenous use, allowing for high volume manufacturing, with an anticipated one year or greater stability under appropriate storage conditions.

Shares of Couchbase, Inc. NASDAQBASE got a boost, shooting 30% to $31.19 as the company priced its IPO at $24 per share.

ImmunoPrecise Antibodies Ltd. IPA 136.49% shares were also up, gaining 102% to $11.22 after the company announced new results from its TATX-03 PolyTope Therapy, demonstrating potent pseudovirus neutralizing activity against the SARS-CoV-2 Delta (B.1.617.2) variant.

Equities Trading DOWN

Seres Therapeutics, Inc. MCRB 61.83% shares tumbled 55% to $9.30 after the company announced topline results from the Phase 2b ECO-RESET study evaluating SER-287 in patients with mild-to-moderate ulcerative colitis (UC). The study did not meet its primary endpoint of improving clinical remission rates compared to placebo.

Shares of TRACON Pharmaceuticals, Inc. TCON 24.54% were down 25% to $3.70 after the company announced it increased a previously announced bought deal offering of common stock to $15 million.

Jupiter Wellness, Inc. JUPW 26.88% was down, falling 23% to $2.15 after the company announced pricing of a $32.5 million underwritten public offering of common stock and warrants.

Commodities

In commodity news, oil traded up 2.1% to $71.77, while gold traded up 0.2% to $1,807.70.

Silver traded up 0.7% Thursday to $25.43 while copper rose 1.4% to $4.3320.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.56%, the Spanish Ibex Index rose 0.64% and the German DAX 30 gained 0.60%. Meanwhile, the London’s FTSE 100 fell 0.43%, French CAC 40 surged 0.26% and Italy’s FTSE MIB climbed 0.53%.

The European Central Bank announced plans to keep interest rates and asset purchases unchanged. The manufacturing climate indicator in France climbed to 110 in July from a revised reading of 108 in the prior month. The CBI's quarterly gauge of manufacturing optimism for the UK declined to 27 in the third quarter compared to 38 in the prior three-month period.

Economics

US initial jobless claims rose to 419,000 in the latest week, versus a revised reading of 368,000 in the previous week.

The Chicago Fed National Activity Index fell to 0.09 in June from a revised reading of 0.26 in May.

Existing home sales rose 1.4% to 5.86 million in June.

The index of leading economic indicators rose 0.7% for June.

The Kansas City Fed's manufacturing production index surged to a record high of 41 in July versus 30 in the prior month.

Benzinga does not provide investment advice. All rights reserved.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD rises toward 1.1800 amid falling Treasury yields

EUR/USD is advancing toward 1.1800, as a worsening market mood drags the US Treasury yields lower alongside the dollar. Escalating covid concerns and US-China trade tensions weigh. German IFO Survey awaited. 

EUR/USD News

GBP/USD recaptures 1.3750 on US dollar's weakness

GBP/USD is regaining ground above 1.3750 amid a broad-based US dollar weakness despite risk-aversion. The pair moves in a narrow trading range with no clear direction, awaiting a fresh catalyst heading into Wednesday's FOMC decision. 

GBP/USD News

Gold flirts with $1,800 as USD weakens

Gold prices record a sudden uptick after opening below the $1,800 mark on Monday morning. The rise in the price attributed to the fall in the US dollar index from the 93.00 mark. The general risk-off mood also boosted the demand for the precious metal. 

Gold News

Bitcoin price hits $40,000 as Amazon allegedly prepares for cryptocurrency payments

Bitcoin price is currently hovering below $40,000 after a retest. A pullback to the range’s mid-point seems likely after such a massive rally. Such a move will provide buyers a breather to recuperate and prepare for the next leg of the upswing.

Read more

Week Ahead: Fed to talk taper but stall on action, growth data in focus amid recovery doubts

The Federal Reserve is expected to provide more hints on tapering when it meets next week but may stop short of revealing a timeline. Amidst jitters about the Delta variant, markets could whipsaw if the Fed cites both progress and dangers ahead.

Read more

Majors

Cryptocurrencies

Signatures