Mid-afternoon market update: Dow surges 150 points, Applied Therapeutics shares slide

Toward the end of trading Monday, the Dow traded up 0.43% to 36,496.18 while the NASDAQ rose 0.93% to 15,790.97. The S&P also rose, gaining 0.43% to 4,786.68.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 56,142,170 cases with around 847,400 deaths. India confirmed a total of at least 34,922,880 cases and 481,890 deaths, while Brazil reported over 22,293,220 COVID-19 cases with 619,170 deaths. In total, there were at least 290,705,240 cases of COVID-19 worldwide with more than 5,461,870 deaths.

Leading and Lagging Sectors

Energy shares climbed 2.6% on Monday. Meanwhile, top gainers in the sector included Peabody Energy Corporation BTU +12.61%, up 15% and Calumet Specialty Products Partners, L.P. CLMT +14.09%, up 15%.

In trading on Monday, real estate shares fell 1.9%.

Top Headline

Tesla, Inc. TSLA +13.53% reported record quarterly and annual deliveries that exceeded the most optimistic Wall Street forecasts.

Tesla's fourth-quarter deliveries came in at 308,600 units, the company said in a statement on Sunday. This represented a roughly 28% quarter-over-quarter increase from the 241,300 cars delivered in the third quarter. On a year-over-year basis, the change was about 71%.

Equities Trading UP

Immix Biopharma, Inc. IMMX +62.36% shares shot up 112% to $7.54. The FDA granted Rare Pediatric Disease (RPD) designation to newly listed Immix Biopharma's IMX-110 for rhabdomyosarcoma, a form of pediatric cancer.

Shares of Creative Medical Technology Holdings, Inc. CELZ +44.8% got a boost, shooting 40% to $3.10. The stock may be seeing increased interested from retail investors.

Pear Therapeutics, Inc. PEAR +23.06% shares were also up, gaining 19% to $7.39. BTIG initiated coverage on Pear Therapeutics with a Buy rating and announced a price target of $12.

Equities Trading DOWN

Applied Therapeutics, Inc. APLT -30.5% shares tumbled 32% to $6.11. Following discussions with the FDA, Applied Therapeutics decided to hold on submitting a marketing application for AT-007 for Galactosemia pending additional talks with the agency.

Shares of uCloudlink Group Inc. UCL -42.34% were down 44% to $76.00 after climbing 32% on Friday.

CNH Industrial N.V. CNHI -13.92% was down, falling 14% to $16.70. CNH Industrial NV and Iveco Group executed the deed of demerger whereby, effective January 1, 2022, the relevant Iveco Group business segments separated from CNH Industrial.

Commodities

In commodity news, oil traded up 1.1% to $76.00, while gold traded down 1.6% to $1,799.10.

Silver traded down 2.3% Monday to $22.82 while copper fell 1% to $4.4200.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.45%, while Spain’s IBEX 35 Index gained 0.54%. The German DAX gained 0.86%, French CAC 40 surged 0.90% and Italy’s FTSE MIB Index jumped 1.40%.

The IHS Markit Eurozone manufacturing PMI was confirmed at 58 for December, recording weakest level since February. French manufacturing PMI rose to 55.6 in December from a preliminary reading of 54.9, while German manufacturing PMI fell to 57.4 in December from a preliminary level of 57.9. The IHS Markit Spain manufacturing PMI declined to 56.2 in December versus 57.1 a month ago.

Economics

The IHS Markit manufacturing PMI was revised lower to 57.7 in December from a preliminary reading of 57.8.

US construction spending rose 0.4% for November.