Mid-Day Market Update: Dow rises 1%; Rigel Pharmaceuticals shares spike higher

Midway through trading Tuesday, the Dow traded up 1.03% to 26,354.06 while the NASDAQ fell 0.37% to 10352.46. The S&P also rose, gaining 0.34% to 3,166.08.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 3,364,547 cases with around 135,615 deaths. Brazil confirmed a total of over 1,884,967 COVID-19 cases with 72,833 deaths, while India reported a total of at least 906,752 confirmed cases and 23,727 deaths. In total, there were at least 13,113,181 cases of COVID-19 worldwide with over 573,288 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 2.5% on Tuesday. Meanwhile, top gainers in the sector included Nabors Industries Ltd. NBR 8.56%, up 10%, and Golar LNG Partners LP GMLP 10.65%, up 9%.

In trading on Tuesday, information technology shares fell 0.4%.

Top Headline

JPMorgan Chase & Co. JPM 0.16% reported better-than-expected results for its second quarter.

JPMorgan reported quarterly earnings of $1.38 per share, beating analysts’ estimates of $1.04 per share. The company reported sales of $33.00 billion, exceeding expectations of $30.29 billion.

Equities Trading UP

INmune Bio, Inc. INMB 102.24% shares shot up 119% to $19.39 following a positive clinical readout from the company. The company released interim results from a Phase 1b study of its lead drug candidate XPro 1595 in Alzheimer's disease, showing the investigational drug reduced neuroinflammation by 40.6% in a brain fiber pathway, which is important for learning and memory.

Shares of Rigel Pharmaceuticals, Inc RIGL 61.17% got a boost, shooting 60% to $3.4599 after the company announced the launch of an investigator-sponsored trial of Fostamatinib for the treatment of COVID-19 pneumonia.

Perceptron, Inc. PRCP 121.02% shares were also up, gaining 92% to $6.02 after the company received an order from an automotive supplier for its in-line measurement technology.

Equities Trading DOWN

Equillium, Inc. EQ 49.13% shares tumbled 48% to $13.90 after the company filed a prospectus supplement related to a common stock offering of up to $150 million. Equillium shares jumped more than 730% on Monday after the company announced its clinical trial showed Itolizumab reduced mortality in patients hospitalized with COVID-19.

Shares of WiMi Hologram Cloud Inc. WIMI 30.88% were down 31% to $17.18. WiMi Hologram Cloud shares jumped 69% on Monday on continued momentum after the company announced its AR+AI Vision will drive a new wave of 5G applications.

Osmotica Pharmaceuticals plc OSMT 18.59% was down, falling 19% to $6.27 after the company announced a public offering of 5 million shares at $6.55 per share.

Commodities

In commodity news, oil traded up 0.5% to $40.31, while gold traded down 0.1% to $1,813.60.

Silver traded down 1.3% Tuesday to $19.535, while copper fell 0.9% to $2.93.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.03%, the Spanish Ibex Index fell 1.23%, while Italy’s FTSE MIB Index declined 0.65%. Meanwhile, the German DAX 30 dropped 1.03%, French CAC 40 declined 1.19% and UK shares fell 0.13%.