Mid-Morning Market Update: Markets Down; US Consumer Sentiment Edges Higher

Following the market opening Friday, the Dow traded down 0.37% to 34,622.25 while the NASDAQ fell 0.58% to 15,094.19. The S&P also fell, dropping 0.55% to 4,449.03.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 41,788,110 cases with around 670,020 deaths. India confirmed a total of at least 33,381,720 cases and 444,240 deaths, while Brazil reported over 21,069,010 COVID-19 cases with 589,240 deaths. In total, there were at least 227,118,470 cases of COVID-19 worldwide with more than 4,671,540 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares gained 0.4% on Friday. Meanwhile, top gainers in the sector included 1847 Goedeker Inc. GOED, up 9% and Vitru Limited VTRU up 6%.

In trading on Friday, materials shares tumbled 1.6%.

Top Headline

The University of Michigan's consumer sentiment index rose to 71 in September from a decade-low reading of 70.3 in August. However, analysts were expecting a reading of 72.

 

Equities Trading UP

Helbiz, Inc. HLBZ shares shot up 86% to $16.77 after the company announced its media unit has entered into an agreement with FOX Networks to broadcast the Italian Serie B championship across the USA and the Caribbean.

Shares of Corvus Pharmaceuticals, Inc. CRVS got a boost, shooting 73% to $3.9199.

Innate Pharma S.A. IPHA shares were also up, gaining 57% to $9.03 as its partner AstraZeneca Plc AZN presented results from the COAST Phase 2 trial during the European Society for Medical Oncology (ESMO21) Congress 2021.

Check out these big movers of the day

Equities Trading DOWN

Protagonist Therapeutics, Inc. PTGX shares tumbled 60% to $18.44 after the company reported the FDA placed a clinical hold on rusfertide development program.

Shares of TCR2 Therapeutics Inc. TCRR were down 32% to $10.73 after the company announced interim results from an ongoing Phase 1/2 trial of gavo-cel for the treatment of refractory mesothelin-expressing solid tumors.

IronNet Cybersecurity, Inc. IRNT was down, falling 17% to $34.31. IronNet shares climbed over 28% on Thursday amid increased retail investor interest in the stock on social media.

Commodities

In commodity news, oil traded down 0.5% to $72.22, while gold traded up 0.3% to $1,761.40.

Silver traded up 0.9% Friday to $23.005 while copper rose 1% to $4.3220.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.1%, the Spanish Ibex Index rose 0.6% and the German DAX 30 dropped 0.2%. Meanwhile, the London’s FTSE 100 fell 0.1%, French CAC 40 slipped 0.1% and Italy’s FTSE MIB fell 0.4%.

The Eurozone annual inflation rate was confirmed at 3.0% for August, while construction output increased 3.3% year-over-year in July. The Eurozone current account surplus increased to EUR 30.2 billion in July from EUR 26.1 billion in the year-ago period. Retail sales volumes in the UK fell 0.9% in August.

Economics

The University of Michigan's consumer sentiment index rose to 71 in September from a decade-low reading of 70.3 in August. However, analysts were expecting a reading of 72.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

Check out the full economic calendar here