Mid-day market update: Crude oil rises 1.5%, Tarsus Pharmaceuticals shares slide


Midway through trading Monday, the Dow traded up 1.48% to 33,782.47 while the NASDAQ rose 0.74% to 14,134.01. The S&P also rose, gaining 1.17% to 4,215.39.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,541,990 cases with around 601,820 deaths. India confirmed a total of at least 29,935,220 cases and 388,130 deaths, while Brazil reported over 17,927,920 COVID-19 cases with 501,820 deaths. In total, there were at least 178,513,810 cases of COVID-19 worldwide with more than 3,866,730 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares surged by 2.4% on Monday. Meanwhile, top gainers in the sector included Torchlight Energy Resources, Inc. TRCH 43.54%, up 32%, and Dynagas LNG Partners LP DLNG 12.46%, up 13%.

In trading on Monday, consumer discretionary shares rose by just 0.5%.

Top Headline

CNH Industrial N.V. CNHI 1.14% announced plans to acquire Raven Industries, Inc. RAVN 49.57% for $58 per share in cash.

Equities Trading UP

Lydall, Inc. LDL 85.64% shares shot up 83% to $60.77 after the company agreed to be acquired by Unifrax for $61.10 per share.

Shares of Alset EHome International Inc. AEI 41.14% got a boost, shooting 36% to $6.69 after the company announced an agreement with Tesla for 20 Ehomes.

Raven Industries, Inc. RAVN 49.57% shares were also up, gaining 49% to $57.67 after CNH Industrial announced it will acquire the company for $58 per share in cash.

Equities Trading DOWN

AiHuiShou International Co. Ltd. RERE 18.8% shares tumbled 19% to $14.01. AiHuiShou International, last week, priced its IPO at $14 per share.

Shares of Amarin Corporation plc AMRN 4.03% were down 10% to $4.4950 after a report suggested the company was rejected in a Supreme Court bid to revive Vascepa patents.

Tarsus Pharmaceuticals, Inc. TARS 15.88% was down, falling 14% to $29.84 after the company reported topline data from Phase 2b/3 Saturn-1 trial evaluating TP-03 (lotilaner ophthalmic solution, 0.25%) in patients with Demodex blepharitis.

Commodities

In commodity news, oil traded up 1.5% to $72.69, while gold traded up 0.7% to $1,781.90.

Silver traded up 0.2% Monday to $26.025 while copper rose 0.6% to $4.1815.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.67%, the Spanish Ibex Index rose 0.31% and the German DAX 30 gained 0.98%. Meanwhile, the London’s FTSE 100 rose 0.6%, French CAC 40 rose 0.56% and Italy’s FTSE MIB gained 0.65 %.

Economics

The Chicago Fed National Activity Index rose to 0.29 in May versus a revised reading of -0.09 in April.

Benzinga does not provide investment advice. All rights reserved.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD: Bulls knock the door ahead of Fed

EUR/USD struggles to extend two-day uptrend, sidelined of late. The major currency pair rose for the second consecutive day on Tuesday while confirming the falling wedge bullish formation on the daily chart.

EUR/USD News

GBP/USD rebounds toward 1.3900 as USD weakens

GBP/USD extends the previous two day’s gains in Wednesday’s Asian session. The pair trades in a very narrow trade band and awaits for confirmation. US dollar trades below 93.00 ahead of the FOMC meeting. The sterling gains on the sharp decline in coronavirus infections.

GBP/USD News

EUR/USD: Bulls knock the door ahead of Fed

EUR/USD struggles to extend two-day uptrend, sidelined of late. The major currency pair rose for the second consecutive day on Tuesday while confirming the falling wedge bullish formation on the daily chart.

EUR/USD News

Three reasons why Cardano could rally 60%

Cardano price triggers a large symmetrical triangle pattern with yesterday’s close above the upper trend line. ADA/BTC is nearing a critical support level with the intra-day Relative Strength Indexes (RSI) flashing a bullish momentum divergence.

Read more

Fed Interest Rate Decision Preview: The horns of a inflation dilemma

No change in rate policy or bond purchases expected. US economy appears to be slowing under labor, supply chain shortages. Treasury curve has flattened, inflation has jumped since the June 16 FOMC. Dollar has gained against most majors since mid-June.

Read more

Majors

Cryptocurrencies

Signatures