Mid-Day Market Update: Crude Oil Surges 3.5%; Immunovant Shares Plummet

Midway through trading Tuesday, the Dow traded up 0.35% to 34,651.75 while the NASDAQ fell 0.31% to 13,705.51. The S&P also rose, gaining 0.04% to 4,205.97.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,264,560 cases with around 594,560 deaths. India confirmed a total of at least 28,175,040 cases and 331,890 deaths, while Brazil reported over 16,545,550 COVID-19 cases with 462,790 deaths. In total, there were at least 170,749,250 cases of COVID-19 worldwide with more than 3,550,970 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 3.8% on Tuesday. Meanwhile, top gainers in the sector included Vertex Energy, Inc. VTNR, up 33%, and SilverBow Resources, Inc. SBOW, up 13%.

In trading on Tuesday, health care shares fell 1.3%.

Top Headline

The ISM manufacturing PMI climbed to 61.2 in May from 60.7 in April. However, analysts were expecting a reading of 60.9.

Equities Trading UP

Orbital Energy Group, Inc. OEG shares shot up 67% to $5.92 after the company announced its subsidiary, Gibson Technical Services, reached an agreement with TEC on a 700-mile engineering and construction project across central Mississippi.

Shares of LexinFintech Holdings Ltd. LX got a boost, shooting 28% to $11.73 following Q1 results.

Cloudera, Inc. CLDR shares were also up, gaining 24% to $15.94 after the company announced it entered into a definitive agreement to be acquired by Clayton, Dubilier & Rice and KKR for $5.3 billion. The company also reported Q1 earnings results..

Check out these big movers of the day

Equities Trading DOWN

Immunovant, Inc. IMVT shares tumbled 27% to $11.00 after the company issued corporate updates and reported a loss for the fourth quarter.

Shares of eMagin Corporation EMAN were down 15% to $3.44 after jumping around 53%on Friday.

Shineco, Inc. TYHT was down, falling 11% to $7.10 after dropping over 40% on Friday.

Commodities

In commodity news, oil traded up 3.5% to $68.69, while gold traded down 0.5% to $1,895.70.

Silver traded up 0.3% Tuesday to $28.105 while copper fell 0.3% to $4.6640.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.77%, the Spanish Ibex Index rose 0.38% and the German DAX 30 gained 1.02%. Meanwhile, the London’s FTSE 100 gained 0.82%, French CAC 40 rose 0.79% and Italy’s FTSE MIB rose 0.66%.

Annual inflation rate in the Eurozone increased to 2% in May from 1.6% in April, while manufacturing PMI rose to 63.1 in May from a preliminary level of 62.8.

UK manufacturing PMI was revised lower to 65.6 in May versus a preliminary reading of 66.1, while German manufacturing PMI rose to 64.4 in May from a preliminary reading of 64. The IHS Markit French manufacturing PMI increased to 59.4 in May from 58.9 in April, while Spanish manufacturing PMI climbed to 59.4 in May versus 57.7 in the earlier month.

Economics

The IHS Markit manufacturing PMI rose to 62.1 in May from a preliminary reading of 61.5 and versus 60.5 in April.

The ISM manufacturing PMI climbed to 61.2 in May from 60.7 in April.

US construction spending rose 0.2% for April.

The Dallas Fed manufacturing index fell 2.4 points to a reading of 34.9 in May.

Federal Reserve Governor Lael Brainard will speak at 2:00 p.m. ET.

Check out the full economic calendar here