Mid-Day Market Update: Nasdaq Down 300 Points; Turning Point Therapeutics Shares Jump

U.S. stocks extended losses midway through trading, with the Nasdaq Composite dropping more than 300 points on Friday.

The Dow traded down 0.99% to 32,919.61 while the NASDAQ fell 2.61% to 11,995.68. The S&P also fell, dropping, 1.66% to 4,107.48.

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Leading and Lagging Sectors

Energy shares jumped by 0.9% on Friday. Meanwhile, top gainers in the sector included Sprague Resources LP SRLP, up 20% and Nine Energy Service, Inc. NINE up 5%.

In trading on Friday, communication services shares fell 2.5%.

Top Headline

The US economy added 390,000 jobs in May, above market estimates of 325,000. The unemployment rate, however, came in unchanged at 3.6% in May.

Equities Trading UP

Turning Point Therapeutics, Inc. TPTX shares shot up 116% to $73.72 after Bristol Myers Squibb announced it will acquire Turning Point Therapeutics for $76 per share.

Shares of Amylyx Pharmaceuticals, Inc. AMLX got a boost, shooting 19% to $11.60 after the company announced the FDA extended the review timeline of the New Drug Application for AMX0035.

Sprague Resources LP SRLP shares were also up, gaining 20% to $18.96 after the company announced an agreement to be acquired by Hartree Partners for $19 per common unit.

Equities Trading DOWN

HashiCorp, Inc. HCP shares tumbled 21% to $32.55 after the company reported Q1 earnings results and issued guidance.

Shares of Bit Origin Limited BTOG were down 42% to $0.5018 after the company priced a 9,803,922 share offering at $0.51 per share.

TC Biopharm (Holdings) Plc TCBP was down, falling 34% to $0.3981 after the company reported pricing of $4 million underwritten public offering.

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Commodities

In commodity news, oil traded up 1.4% to $118.52, while gold traded down 0.5% to $1,862.40.

Silver traded down 0.9% to $22.07 on Friday while copper fell 1.6% to $4.4815.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 slipped 0.23%, while Spain’s IBEX 35 Index fell 0.38%. The German DAX dropped 0.16%, French CAC 40 fell 0.26% and Italy’s FTSE MIB Index dropped 1.18%.

Retail sales in the Eurozone dropped 1.3% month-over-month in April, recording the first decline so far this year. The S&P Global Eurozone services PMI was revised lower to 56.1 in May versus a preliminary reading of 56.3.

The S&P Global Germany Services PMI was revised lower to 55 in May versus a preliminary reading of 56.3, while Italy services PMI declined to 53.7 in May from 55.7 in the prior period. French services PMI declined to 58.3 in May from 58.9 in April, while Spain services PMI fell to 56.5 in May from 57.1 in April.

Economics

The US economy added 390,000 jobs in May, above market estimates of 325,000. The unemployment rate, however, came in unchanged at 3.6% in May.

The S&P Global US services PMI was revised lower to 53.4 in May from a preliminary reading of 53.5.

The ISM services PMI declined to 55.9 in May from 57.1 in April.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 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 86,271,280 cases with around 1,032,860 deaths. India confirmed a total of at least 43,169,590 cases and 524,650 deaths, while Brazil reported over 31,101,290 COVID-19 cases with 666,970 deaths. In total, there were at least 534,246,130 cases of COVID-19 worldwide with more than 6,317,730 deaths.