Mid-Afternoon Market Update: Nasdaq Tumbles 300 Points; Neuronetics Shares Spike Higher

Toward the end of trading Tuesday, the Dow traded down 0.22% to 34,036.73 while the NASDAQ fell 2.2% to 13,589.88. The S&P also fell, dropping 1.06% to 4,148.42.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 32,472,120 cases with around 577,560 deaths. India confirmed a total of at least 20,282,830 cases and 222,400 deaths, while Brazil reported over 14,779,520 COVID-19 cases with 408,620 deaths. In total, there were at least 153,594,320 cases of COVID-19 worldwide with more than 3,214,790 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Materials shares rose 0.7% on Tuesday. Meanwhile, top gainers in the sector included Domtar Corporation UFS, up 18%, and Arconic Corporation ARNC, up 16%.

In trading on Tuesday, information technology shares fell 2.4%.

Top Headline

Pfizer Inc. PFE reported stronger-than-expected results for its first quarter and boosted its FY21 forecast.

Pfizer reported quarterly earnings of $0.93 per share, beating analysts’ estimates of $0.78 per share. The company’s quarterly sales came in at $14.60 billion, versus expectations of $13.60 billion.

Pfizer raised FY21 adjusted EPS guidance from 3.10-$3.20 to $3.55-$3.65. The company also raised sales guidance from $59.4 billion-$61.4 billion to $70.5 billion-$72.5 billion.

Equities Trading UP

BioLineRx Ltd. BLRX shares shot up 64% to $5.24 after the company announced positive top-line results from the GENESIS Phase 3 trial evaluating its lead clinical candidate, Motixafortide, in combination with granulocyte colony stimulating factor, the standard-of-care, for hematopoietic stem-cell mobilization for autologous bone marrow transplantation in multiple myeloma patients.

Shares of Neuronetics, Inc. STIM got a boost, shooting 34% to $13.61 after the company reported Q1 results and raised its FY21 sales guidance.

Shineco, Inc. TYHT shares were also up, gaining 21% to $14.43 after the company proposed to acquire 51% equity interests in Mayah Biological Holdings Limited.

Check out these big movers of the day

Equities Trading DOWN

Sequential Brands Group, Inc. SQBG shares tumbled 35% to $17.71. Sequential Brands Group’s 8-K showed the resignation of Chair William Sweedler.

Shares of Maxar Technologies Inc. MAXR were down 25% to $29.32 after the company swung to a loss in the first quarter.

Image Sensing Systems, Inc. ISNS was down, falling 26% to $8.32 following Q1 results. The company reported a decline in quarterly sales.

Commodities

In commodity news, oil traded up 1.3% to $65.35, while gold traded down 0.8% to $1,777.60.

Silver traded down 1.8% Tuesday to $26.48 while copper fell 0.1% to $4.5260.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 declined 1.43%, the Spanish Ibex Index fell 0.71% and the German DAX 30 dropped 2.49%. Meanwhile, the London’s FTSE 100 dropped 0.67%, French CAC 40 fell 0.89% and Italy’s FTSE MIB fell 1.81%.

The IHS Markit/CIPS UK manufacturing PMI was revised higher to 60.9 in April from a preliminary reading of 60.7, while consumer credit in the UK fell by GBP 0.5 billion in March. French government budget deficit increased to EUR 60.1 billion in the first quarter from EUR 52.5 billion in the year-ago period.

Economics

US trade deficit increased to $74.4 billion in March from a revised $70.5 billion gap in the earlier month. Exports surged 6.6%, while imports to the US climbed 6.3%.

The IBD/TIPP Economic Optimism Index fell by 3.5% to 54.4 in May.

US factory orders rose 1.1% in March following a revised 0.5% decline in February.

Check out the full economic calendar here