Mid-Afternoon Market Update: Dow Falls 1%; Iovance Biotherapeutics Shares Plunge

Toward the end of trading Wednesday, the Dow traded down 1.08% to 33,693.98 while the NASDAQ fell 0.66% to 13,215.41. The S&P also fell, dropping 0.94% to 4,088.99.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 32,997,870 cases with around 587,220 deaths. India confirmed a total of at least 25,496,330 cases and 283,240 deaths, while Brazil reported over 15,732,830 COVID-19 cases with 439,050 deaths. In total, there were at least 164,284,760 cases of COVID-19 worldwide with more than 3,406,260 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information Technology shares slipped by just 0.2% on Wednesday. Meanwhile, top gainers in the sector included PaySign, Inc. PAYS, up 14%, and VIA optronics AG VIAO, up 9%.

In trading on Wednesday, energy shares dipped 1.9%.

Top Headline

Target Corporation WMT reported stronger-than-expected results for its first quarter.

Target reported quarterly adjusted earnings of $3.69 per share, beating analysts’ estimates of $2.25 per share. The company’s quarterly sales came in at $24.20 billion, exceeding market views of $21.81 billion. Target’s store comparable sales surged 18% last quarter.

Target said it sees Q2 comparable sales growth in mid-to-high single digits.

Equities Trading UP

ZIM Integrated Shipping Services Ltd. ZIM shares shot up 8% to $45.18 after the company reported better-than-expected Q1 results.

Shares of Reata Pharmaceuticals, Inc. RETA got a boost, shooting 22% to $101.45. Reata Pharmaceuticals announced that it received a communication from the Division of Neurology Products 1 of the FDA, stating that, after a preliminary review of briefing materials for an upcoming Type C meeting, a pre-NDA meeting is the most appropriate format for a discussion of the development program for omaveloxolone in Friedreich's ataxia.

TAT Technologies Ltd. TATT shares were also up, gaining 7% to $5.85 after the company reported a partnership with Lufthansa Technik Shenzhen.

Check out these big movers of the day

Equities Trading DOWN

BIT Mining Limited BTCM shares tumbled 19% to $11.06. BIT Mining said it entered into binding investment term sheet with Bitdeer's Dory creek to invest $25.74 million in a crypto mining data center in Texas.

Shares of Iovance Biotherapeutics, Inc. IOVA were down 38% to $16.82. Iovance Biotherapeutics received regulatory feedback from the FDA on its potency assays for lifileucel. Following FDA feedback, Iovance will have to submit additional assay data and meet with the FDA in the second half of 2021.

Bit Digital, Inc. BTBT was down, falling 17% to $8.99 amid a decrease in the price of Bitcoin.

Commodities

In commodity news, oil traded down 3% to $63.56, while gold traded up 0.7% to $1,881.00.

Silver traded down 1.3% Wednesday to $27.975 while copper fell 3.1% to $4.5770.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 declined 1.51%, the Spanish Ibex Index fell 1.23% and the German DAX 30 dropped 1.77%. Meanwhile, the London’s FTSE 100 dropped 1.19%, French CAC 40 dipped 1.43% and Italy’s FTSE MIB tumbled 1.58%.

The Eurozone’s consumer price inflation rate was confirmed at 1.6% year-over-year in April, while new car registrations in the European Union jumped 218.6% year-over-year in April.

Producer prices in the UK increased 3.9% year-over-year in April, while UK’s annual inflation rate rose to 1.5% in April from 0.7% in March.

Economics

US crude oil inventories climbed 1.3 million barrels last week, the Energy Information Administration said.

The Federal Open Market Committee released minutes of its latest meeting.

Check out the full economic calendar here