Mid-Morning Market Update: Markets Mostly Higher; Thor Industries Earnings Top Views

Following the market opening Monday, the Dow traded up 0.78% to 27323.67 while the NASDAQ fell 0.30% to 9784.43. The S&P also rose, gaining 0.19% to 3199.99.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 1,942,360 cases with around 110,510 deaths. Brazil confirmed a total of over 691,750 COVID-19 cases with 36,450 deaths, while Russia reported a total of at least 476,040 confirmed cases and 5,960 deaths. In total, there were at least 7,033,330 cases of COVID-19 worldwide with over 403,130 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 3.1% on Monday. Meanwhile, top gainers in the sector included Valaris PLC VAL, up 91%, and Chesapeake Energy Corporation CHK, up 75%.

In trading on Monday, information technology shares fell 1%.

Top Headline

Thor Industries, Inc. THO reported better-than-expected Q3 results.

Thor Industries posted Q3 earnings of $0.43 per share, beating analysts’ estimates of a loss of $0.26 per share. The company posted sales of $1.68 billion, versus analysts’ estimates of $1.68 billion.

Equities Trading UP

Enochian Biosciences Inc ENOB shares shot up 122% to $9.16 after the company announced the completion of an FDA INTERACT meeting for a potential cure for HIV.

Shares of Extraction Oil & Gas Inc XOG got a boost, shooting 138% to $1.01 following a 53% gain on Friday. The OPEC+ agreed to extend production cuts into July.

Michaels Companies Inc MIK shares were also up, gaining 42% to $7.80 after JP Morgan upgraded the company's stock from Neutral to Overweight and announced a $13 price target.

Equities Trading DOWN

Ascena Retail Group Inc ASNA shares tumbled 28% to $1.97. Ascena Retail Group is in discussions regarding a potential bankruptcy filing, Bloomberg reported.

Shares of Opiant Pharmaceuticals Inc OPNT were down 27% to $8.50 after the company issued a statement on district court decision. The U.S. District Court for the District of New Jersey ruled in favor of Teva Pharmaceutical in a patent litigation regarding Narcan nasal spray.

Yatra Online Inc YTRA was down, falling 23% to $1.15 as the company disclosed that it has terminated its merger agreement with Ebix and also filed a litigation over Ebix's alleged breach of terms of agreement.

Commodities


In commodity news, oil traded up 0.7% to $39.83, while gold traded up 0.8% to $1,696.70.

Silver traded up 2% Monday to $17.825, while copper fell 0.1% to $2.552.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.3%, the Spanish Ibex Index rose 0.6%, while Italy’s FTSE MIB Index gained 0.2%. Meanwhile, the German DAX 30 slipped 0.3%, French CAC 40 fell 0.4% and UK shares rose 0.2%.

Economics

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The TD Ameritrade Investor Movement Index for May will be released at 12:30 p.m. ET.

The Treasury will auction 3-year notes at 1:00 p.m. ET.