Mid-Day market update: NASDAQ jumps 1.8%; Edison Nation shares spike higher

Midway through trading Thursday, the Dow traded down 0.07% to 23487.68 while the NASDAQ rose 1.8% to 8544. The S&P also fell, dropping 0.63% to 2801.00.

The U.S. is the epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. U.S. reported a total of 639,660 coronavirus cases with around 30,980 deaths. Spain confirmed a total of over 182,810 coronavirus cases with 19,130 deaths, while Italy reported a total of at least 165,150 confirmed cases and 21,640 deaths. In total, there were at least 2,076,000 cases of COVID-19 worldwide with over 138,000 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares climbed 2% on Thursday. Meanwhile, top gainers in the sector included Bed Bath & Beyond Inc. BBBY 18.92%, up 18%, and Jack in the Box Inc. JACK 17.42%, up 19%.

In trading on Thursday, energy shares dipped 2.4%.

Top Headline

Morgan Stanley MS 0.49% reported weaker-than-expected earnings for its first quarter.

Morgan Stanley posted quarterly earnings of $0.99 per share, missing analysts’ estimates of $1.14 per share. Its sales came in at $9.50 billion, missing expectations of $9.73 billion.

Equities Trading UP

Edison Nation, Inc.. EDNT 70.66% shares shot up 80% to $3.01 after the company announced more than $10 million in orders for personal protective equipment. Edison Nation is a microcap company with a valuation under $20 million.

Shares of ThermoGenesis Holdings, Inc. THMO 39.65% got a boost, shooting 57% to $7.22 after the company received an acknowledgement letter form the FDA allowing its coronavirus antibody fast detection kit for distribution.

Arcus Biosciences, Inc. RCUS 84.57% shares were also up, gaining 83% to $28.56 amid Bloomberg report that Gilead is holding talks to take a stake in company.

Equities Trading DOWN

Athersys, Inc. ATHX 26.94% shares tumbled 24% to $2.37 after the company reported a common stock offering of 22.5 million shares at $2.25 per share.

Shares of Rite Aid Corporation RAD 22.06% were down 22% to $11.29 after the company reported mixed Q4 earnings results.

Calithera Biosciences, Inc. CALA 18.59% was down, falling 17% to $6.48 after the company priced its 5 million share offering at $6.25 per share.

Commodities

In commodity news, oil traded up 1.4% to $20.15, while gold traded up 0.5% to $1,748.00.

Silver traded up 1.1% Thursday to $15.675, while copper rose 0.5% to $2.3065.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.78%, the Spanish Ibex Index fell 0.58%, while Italy’s FTSE MIB Index climbed 0.93%. Meanwhile, the German DAX gained 0.46%, and the French CAC 40 rose 0.02% while UK shares rose 0.72%.

Economics

U.S. housing starts fell 22.3% to an annualized rate of 1.216 million for March. However, analysts were expecting a 1.33 million rate.

The Philadelphia Fed manufacturing index dipped to a reading of -56.60 for April, versus prior reading of -12.7. Economists expected a reading of -30.00.

U.S. initial jobless claims climbed by 5.25 million in the latest week. However, analysts were projecting a rise of 5.11 million.

Domestic supplies of natural gas climbed 73 billion cubic feet for the week ended April 10, the U.S. Energy Information Administration reported. However, analysts were expecting a gain of 71 billion cubic feet.

Data on money supply for the recent week will be released at 4:30 p.m. ET.