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.