Mid-day market update: Crude oil down 1%, Celldex Therapeutics shares spike higher

Midway through trading Monday, the Dow traded up 0.28% to 34,967.12 while the NASDAQ rose 0.08% to 14,714.09. The S&P also rose, gaining 0.23% to 4,379.69.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,854,110 cases with around 607,150 deaths. India confirmed a total of at least 30,874,370 cases and 408,760 deaths, while Brazil reported over 19,089,940 COVID-19 cases with 533,480 deaths. In total, there were at least 186,846,570 cases of COVID-19 worldwide with more than 4,032,630 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares rose by 0.6% on Monday. Meanwhile, top gainers in the sector included State Auto Financial Corporation STFC 191.08%, up 194%, and 1st Constitution Bancorp FCCY 5.51%, up 5%.

In trading on Monday, consumer staples shares fell 0.3%.

Top Headline

Novo Nordisk A/S NVO 0.09% will acquire Prothena Corporation plc's PRTA 7.39% clinical stage antibody PRX004 and broader ATTR amyloidosis program.

PRX004 is a Phase 2 ready immunotherapy designed to deplete the amyloid deposits associated with the disease pathology of ATTR amyloidosis. Under the terms of the agreement, Prothena is eligible to receive milestone payments of up to $1.2 billion, including $100 million in upfront and near-term clinical milestone payments.

Equities Trading UP

State Auto Financial Corporation STFC 191.08% shares shot up 194% to $50.72 after the company agreed to be acquired by Liberty Mutual Insurance for $52 per share in cash.

Shares of Origin Agritech Limited SEED 28.67% got a boost, shooting 35% to $12.12 after the company announced it expanded its GMO trait portfolio.

Celldex Therapeutics, Inc. CLDX 20.62% shares were also up, gaining 27% to $41.12 after the company reported data from its CDX-0159 Phase 1b study in chronic inducible urticaria. HC Wainwright & Co maintained a Buy rating on the stock and raised its price target from $36 to $50.

Equities Trading DOWN

Moving iMage Technologies, Inc. MITQ 1.5% shares tumbled 30% to $11.11 after dropping over 33% on Friday. Moving iMage Technologies recently priced its initial public offering of 4.2 million common shares at $3 per share.

Shares of ToughBuilt Industries, Inc. TBLT 31.42% were down 29% to $0.7404. Toughbuilt Industries shares jumped over 45% on Friday after the company reported first-half sales through Amazon of $5.48 million, up 118% year over year.

BIT Mining Limited BTCM 18.65% was down, falling 16% to $5.75 as the company reported a $50 million private placement.

Commodities

In commodity news, oil traded down 1% to $73.86, while gold traded down 0.2% to $1,806.30.

Silver traded up 0.2% Monday to $26.29 while copper fell 0.6% to $4.3175.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 surged 0.68%, the Spanish Ibex Index rose 0.38% and the German DAX 30 climbed 0.68%. Meanwhile, the London’s FTSE 100 gained 0.13%, French CAC 40 rose 0.52% and Italy’s FTSE MIB jumped 0.89%.

Wholesale prices in Germany surged 10.7% year-over-year in June following a 9.7% rise in April.

Economics

The Treasury is set to auction 3-month bills and 10-year notes at 1:00 p.m. ET.