Mid-Day Market Update: Crude Oil Down Over 1%; Intellia Therapeutics Shares Jump

Midway through trading Monday, the Dow traded down 0.52% to 34,253.86 while the NASDAQ rose 0.72% to 14,463.56. The S&P also fell, dropping 0.01% to 4,280.50.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,625,390 cases with around 603,960 deaths. India confirmed a total of at least 30,279,330 cases and 396,730 deaths, while Brazil reported over 18,420,590 COVID-19 cases with 513,470 deaths. In total, there were at least 181,167,050 cases of COVID-19 worldwide with more than 3,924,860 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares jumped by 1.1% on Monday. Meanwhile, top gainers in the sector included QAD Inc. QADB, up 79%, and JinkoSolar Holding Co., Ltd. JKS, up 21%.

In trading on Monday, energy shares fell 3.3%.

Top Headline

Perion Network Ltd PERI reported preliminary second-quarter FY21 revenue growth of 74% year-on-year to $105 million, exceeding the consensus of $95.86 million.

Perion Network raised the FY21 revenue guidance from the previous $390 million - $410 million to $410 million- $430 million. The Adjusted EBITDA outlook increased from $39 million - $41 million to $49 million $51 million.

Equities Trading UP

Intellia Therapeutics, Inc. NTLA shares shot up 47% to $130.89 after the company announced positive clinical data for its CRISPR therapy.

Shares of QAD Inc. QADB got a boost, shooting 80% to $86.32 after the company announced it will be acquired by Thoma Bravo for $2 billion, or $87.50 per share in cash.

New Senior Investment Group Inc. SNR shares were also up, gaining 29% to $8.94. Ventas announced plans to acquire New Senior Investment Group in a transaction valued at $2.3 billion.

Check out these big movers of the day

Equities Trading DOWN

CEL-SCI Corporation CVM shares tumbled 44% to $14.14. CEL-SCI announced results from its Phase 3 study for its immunotherapy Multikine for advanced previously untreated squamous cell carcinoma of the head and neck (SCCHN).

Shares of Kiromic BioPharma, Inc. KRBP were down 25% to $7.52. Kiromic Biopharma announced the company will be presenting at 2021 Next-Gen Immuno Oncology Congress showcasing its proprietary AI targets for off-the-shelf allogenic CAR-T for solid tumors.

Exelixis, Inc. EXEL was down, falling 20% to $18.82 after the company provided a data update on its Phase 3 trial in patients with previously untreated advanced liver cancer.

Commodities

In commodity news, oil traded down 1.4% to $73.05, while gold traded up 0.1% to $1,779.60.

Silver traded up 0.3% Monday to $26.17 while copper fell 0.4% to $4.2745.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 slipped 0.59%, the Spanish Ibex Index fell 1.93% and the German DAX 30 fell 0.36%. Meanwhile, the London’s FTSE 100 fell 0.89%, French CAC 40 dropped 0.99% and Italy’s FTSE MIB declined 1.02%.

Import prices in Germany increased 11.8% year-over-year in May versus a 10.3% surge in the earlier month .

Economics

The Dallas Fed manufacturing index for June is scheduled for release at 10:30 a.m. ET. After a strong 34.9 reading in May, analysts expect the index retreating to 32.5 in June.

Fed Vice Chairman for Supervision Randal Quarles is set to speak at 1:10 p.m. ET.

Check out the full economic calendar here