Mid-day market update: Crude Oil down over 6%; Wayfair shares spike higher

Midway through trading Monday, the Dow traded up 4.75% to 22053.54 while the NASDAQ rose 4.72% to 7721.07. The S&P also rose, gaining 4.62% to 2,603.75.

The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases around the world. U.S. reported a total of 337,600 coronavirus cases with around 9,600 deaths. Spain confirmed a total of over 131,600 coronavirus cases with 12,600 deaths, while Italy reported a total of at least 128,900 confirmed cases and 15,800 deaths. In total, there were at least 1,280,000 cases of COVID-19 worldwide with over 69,700 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares climbed 6.9% on Monday. Meanwhile, top gainers in the sector included Companhia Energetica de Minas Gerais CIG 13.56%, up 11%, and NorthWestern Corporation NWE 13.03%, up 11%.

In trading on Monday, energy shares rose by just 2.3%.

Top Headline

Simply Good Foods Co SMPL 4.16% reported better-than-expected results for its second quarter.

Simply Good Foods reported quarterly earnings of $0.23 per share, beating analysts’ estimates of $0.18 per share. The company’s sales came in at $227.1 million, exceeding the consensus view of $220.9 million.

Equities Trading UP

Immunomedics, Inc. IMMU 93.71% shares shot up 99% to $18.70 after the company said it would stop its Ascent Study due to compelling evidence of efficacy.

Shares of XpresSpa Group, Inc. XSPA 49.08% got a boost, shooting 50% to $0.3265 after jumping over 31% on Friday. The company is converting its airport spa locations into testing locations.

Wayfair Inc W 38.3% shares were also up, gaining 33% to $67.33 after the company said it expects to meet or exceed its previously announced guidance. Wayfair reported private placement of $535 million of convertible senior notes.

Equities Trading DOWN

Millendo Therapeutics Inc MLND 69.28% shares tumbled 68% to $1.55 after the company announced its phase 2b trial did not achieve statistically significant results.

Shares of Menlo Therapeutics Inc MNLO 48.65% were down 48% to $1.35 after the company announced two phase 3 trials did not achieve their primary endpoints.

OncoSec Medical Incorporated ONCS 18.07% was down, falling 18% to $1.65. OncoSec reported collaboration with providence cancer institute to conduct first-in-human trial of its CORVax12 investigational vaccine as prevention for coronavirus.

Commodities

In commodity news, oil traded down 6.3% to $26.57, while gold traded up 2.6% to $1,688.60.

Silver traded up 3.2% Monday to $14.95, while copper rose 1.2% to $2.2185.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 3.52 % the Spanish Ibex Index rose 3.99%, while Italy’s FTSE MIB Index climbed 3.57%. Meanwhile, the German DAX gained 5.31%, and the French CAC 40 rose 4.34% while UK shares rose 2.93%.

Economics

The TD Ameritrade Investor Movement Index for March is scheduled for release at 12:30 p.m. ET.