Mid-Afternoon Market Update: Dow Jumps 300 Points; Crude Oil Rises Over 3%
U.S. stocks traded mostly higher toward the end of trading, with the Dow Jones gaining around 300 points on Monday.
The Dow traded up 0.96% to 32,505.29 while the NASDAQ fell 0.02% to 11,803.19. The S&P also rose, gaining, 0.53% to 4,045.31.
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Leading and Lagging Sectors
Energy shares jumped by 3.5% on Monday. Meanwhile, top gainers in the sector included Rattler Midstream LP (NASDAQ:RTLR), up 16% and Indonesia Energy Corporation Limited (NYSE:INDO) up 33%.
In trading on Monday, consumer discretionary shares fell 1.6%.
Top Headline
The New York Empire State Manufacturing Index unexpectedly declined to -11.6 in May from 24.6 in April. Analysts, meanwhile, were expecting a reading of 17.
Equities Trading UP
Data Storage Corporation (NASDAQ:DTST) shares shot up 40% to $3.22 after the company reported better-than-expected Q1 financial results.
Shares of Griffon Corporation (NYSE:GFF) got a boost, shooting 23% to $29.85. Griffon Board of Directors initiated a process to explore a comprehensive range of strategic alternatives, including a sale.
Clear Secure, Inc. (NYSE:YOU) shares were also up, gaining 14% to $32.33 after the company announced Q1 results and announced a $100 million buyback plan.
Equities Trading DOWN
Chimerix, Inc. (NASDAQ:CMRX) shares tumbled 61% to $1.65. Emergent BioSolutions Inc (NYSE:EBS) agreed to acquire Chimerix’s exclusive worldwide rights to Tembexa (brincidofovir), the first FDA-approved antiviral for all age groups for smallpox.
Shares of Iris Energy Limited (NASDAQ:IREN) were down 37% to $4.87. The company recently posted downbeat quarterly sales.
Eliem Therapeutics, Inc. (NASDAQ:ELYM) was down, falling 28% to $3.19 after the company reported a Q1 loss of $0.50 per share.
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Commodities
In commodity news, oil traded up 3.4% to $114.21, while gold traded up 0.5% to $1,816.80.
Silver traded up 2.8% to $21.585 on Monday while copper rose 0.8% to $4.2065.
Euro zone
European shares closed mixed today. The eurozone’s STOXX 600 rose 0.04%, London’s FTSE 100 gained 0.63% and Spain’s IBEX 35 Index rose 0.19%. The German DAX dropped 0.45%, French CAC 40 fell 0.23% and Italy’s FTSE MIB Index fell 0.06%.
The Eurozone reported a trade gap of €16.4 billion for March, versus a year-ago surplus of €22.5 billion.
Economics
The New York Empire State Manufacturing Index unexpectedly declined to -11.6 in May from 24.6 in April. Analysts, meanwhile, were expecting a reading of 17.
The Treasury International Capital report for March will be released at 4:00 p.m. ET.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 84,230,820 cases with around 1,026,670 deaths. India confirmed a total of at least 43,123,800 cases and 524,240 deaths, while Brazil reported over 30,688,390 COVID-19 cases with 664,960 deaths. In total, there were at least 521,354,660 cases of COVID-19 worldwide with more than 6,288,630 deaths.
