Mid-Morning Market Update: Markets Mostly Higher; ISM Manufacturing Index Rises In September

Following the market opening Friday, the Dow traded up 0.49% to 34,010.27 while the NASDAQ fell 0.23% to 14,415.00. The S&P also rose, gaining 0.16% to 4,314.50.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 43,459,970 cases with around 697,840 deaths. India confirmed a total of at least 33,766,700 cases and 448,330 deaths, while Brazil reported over 21,427,070 COVID-19 cases with 596,740 deaths. In total, there were at least 233,799,140 cases of COVID-19 worldwide with more than 4,784,200 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares jumped 2.1% on Friday. Meanwhile, top gainers in the sector included PEDEVCO Corp. PED, up 13% and Nordic American Tankers Limited NAT up 10%.

In trading on Friday, health care shares fell 0.9%.

Top Headline

The ISM manufacturing PMI rose to 61.1 in September, versus analysts’ estimates of 59.6.

 

Equities Trading UP

Biomerica, Inc. BMRA shares shot up 30% to $5.87. Biomerica entered into a Supplier Agreement with Walmart to sell its EZ Detect colorectal disease screening test within the Walmart retail system.

Shares of Atea Pharmaceuticals, Inc. AVIR got a boost, shooting 21% to $42.28 following data from Merck & Co's investigational oral antiviral molnupiravir, which boosted sentiment for Atea Pharmaceutical's AT-527, an oral antiviral drug candidate.

Paltalk, Inc. PALT shares were also up, gaining 23% to $12.97 after jumping over 25% on Thursday.

Check out these big movers of the day

Equities Trading DOWN

Spire Global, Inc.. SPIR shares tumbled 43% to $7.09. Spire Global, Inc. recently appointed Dr. Kevin Petty as Vice President of Weather.

Shares of Omeros Corporation OMER were down 38% to $8.53 after the company announced the FDA notified it that they identified deficiencies that preclude discussion of labeling and post-marketing requirements/commitments at this time.

Adagio Therapeutics, Inc. ADGI was down, falling 37% to $26.42. Adagio Therapeutics recently announced new data from its COVID-19 antibody program.

Commodities

In commodity news, oil traded down 0.8% to $74.41, while gold traded down 0.1% to $1,755.50.

Silver traded up 0.8% Friday to $22.225 while copper rose 1.6% to $4.1560.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.9%, the Spanish Ibex Index fell 0.9% and the German DAX 30 dropped 0.9%. Meanwhile, the London’s FTSE 100 fell 0.9%, French CAC 40 dropped 0.9% and Italy’s FTSE MIB slipped 0.9%.

The IHS Markit manufacturing PMI for France dropped to 55 in September from 57.5 in the previous month, while Spain manufacturing PMI slipped to 58.1 in September from 59.5 in August.

Germany's retail sales increased 1.1% in August, while manufacturing PMI fell to 58.4 in September from a preliminary level of 58.5.

Economics

Personal spending increased 0.8% month-over-month in August, while personal income rose 0.2%.

The IHS Markit manufacturing PMI was revised higher to 60.7 in September from a preliminary reading of 60.5.

The ISM manufacturing PMI rose to 61.1 in September, versus analysts’ estimates of 59.6.

Construction spending was virtually unchanged at an annual rate of $1.584 trillion in August.

The University of Michigan's consumer sentiment index was revised higher to 72.8 in September from a preliminary level of 71.

Federal Reserve Bank of Philadelphia President Patrick Harker is set to speak at 11:30 a.m. ET.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

Cleveland Fed President Loretta Mester will speak at 1:00 p.m. ET.

Check out the full economic calendar here