Mid-Morning Market Update: Markets Mostly Higher; Morgan Stanley Beats Q1 Expectations

Following the market opening Friday, the Dow traded up 0.30% to 34,138.98 while the NASDAQ fell 0.30% to 13,996.20. The S&P also rose, gaining 0.10% to 4,174.56.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 31,496,430 cases with around 565,290 deaths. India confirmed a total of at least 14,291,910 cases and 174,300 deaths, while Brazil reported over 13,746,680 COVID-19 cases with 365,440 deaths. In total, there were at least 139,214,610 cases of COVID-19 worldwide with more than 2,988,960 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Materials shares rose 1.2% on Friday. Meanwhile, top gainers in the sector included PPG Industries, Inc. PPG, up 11%, and Alcoa Corporation AA, up 7%.

In trading on Friday, energy shares fell 0.7%.

Top Headline

Morgan Stanley MS reported stronger-than-expected results for its first quarter.

Morgan Stanley reported quarterly earnings of $2.22 per share, beating analysts’ estimates of $1.70 per share. The company’s quarterly sales came in at $15.70 billion, versus expectations of $14.09 billion.

Equities Trading UP

Mer Telemanagement Solutions Ltd. MTSL shares shot up 61% to $4.62 after the company announced it signed a definitive merger agreement with SharpLink.

Shares of General Finance Corporation GFN got a boost, shooting 56% to $18.99 after United Rental said it would acquire the company for $19 per share in cash.

Brooklyn ImmunoTherapeutics, Inc. BTX shares were also up, gaining 13% to $7.19 after the company said it paid $1 million towards acquisition of license for mRNA technology platform to develop genetically edited cells for multiple cancers and blood disorders.

Check out these big movers of the day

Equities Trading DOWN

Sequential Brands Group, Inc. SQBG shares tumbled 31% to $19.18 after the company reported a wider Q4 loss.

Shares of Wilhelmina International, Inc. WHLM were down 24% to $ 8.23 after climbing around 30% on Thursday. The company's 13D filing recently showed that Modell's Sporting Goods had reported a stake of 18.4% in the company.

PHX Minerals Inc. PHX was down, falling 23% to $2.03 after the company priced an underwritten public offering of 5,500,000 shares at $2.00 per share.

Commodities

In commodity news, oil traded down 0.1% to $63.39, while gold traded up 0.7% to $1,778.20.

Silver traded up 1% Friday to $26.225 while copper rose 0.2% to $4.2275.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.5%, the Spanish Ibex Index rose 0.2% and the German DAX 30 gained 0.9%. Meanwhile, the French CAC 40 rose 0.3% London’s FTSE 100 rose 0.5% and Italy’s FTSE MIB gained 0.2%.

The consumer price inflation rate in the Eurozone was confirmed at 1.3% year-over-year in March, while trade surplus shrank to EUR 17.7 billion in February from EUR 23.4 billion in the year-ago month. Italy's trade surplus narrowed to EUR 4.75 billion for February from EUR 5.98 billion.

Economics

US housing starts jumped 19.4% to an annualized rate of 1.739 million in March, while building permits increased 2.7% to an annual rate of 1.766 million.

The University of Michigan's consumer sentiment index rose to 86.5 in April from previous reading of 84.9.

Federal Reserve Bank of Dallas President Robert Kaplan is set to speak at 10:45 a.m. ET.

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 12:30 p.m. ET.

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