Mid-Afternoon Market Update: Nasdaq Drops 100 Points; Concert Pharmaceuticals Shares Plummet

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping 100 points on Wednesday.

The Dow traded down 0.62% to 32,785.41 while the NASDAQ fell 0.83% to 11,980.98. The S&P also fell, dropping, 0.76% to 4,100.85.

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Leading and Lagging Sectors

Energy shares jumped by 2.4% on Wednesday. Meanwhile, top gainers in the sector included Laredo Petroleum, Inc. LPI, up 18% and Borr Drilling Limited BORR up 16%.

In trading on Wednesday, consumer staples shares fell 1.6%.

Top Headline

The ISM manufacturing PMI unexpectedly climbed to 56.1 in May from 55.4 in the previous month and beating analysts’ estimates of 54.5.

Equities Trading UP

Tonix Pharmaceuticals Holding Corp. TNXP shares shot up 52% to $3.7102 after the company announced the USPTO issued a patent to the company titled "Synthetic Chimeric Poxviruses." After the market closed on Tuesday, Tonix also announced a $12.5 million share repurchase program.

Shares of vTv Therapeutics Inc. VTVT got a boost, shooting 41% to $0.7799 after the company announced entry into agreements that include a $25 million investment by G42 Investments.

Helius Medical Technologies, Inc. HSDT shares were also up, gaining 41% to $2.0550. Helius Medical Technologies announced the launch of patient therapy access program for Portable Neuromodulation Stimulator.

Equities Trading DOWN

Concert Pharmaceuticals, Inc. CNCE shares tumbled 21% to $5.00 after the company announced a common stock offering of 10 million shares.

Shares of Dogness (International) Corporation DOGZ were down 31% to $2.75 after the company reported a $12 million offering.

Digital Turbine, Inc. APPS was down, falling 22% to $19.89 after the company issued Q1 EPS guidance below analyst restimates.

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Commodities

In commodity news, oil traded up 1.8% to $116.74, while gold traded up 0.1% to $1,848.50.

Silver traded up 0.9% to $21.885 on Wednesday while copper rose 0.7% to $4.3280.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.04%, London’s FTSE 100 fell 0.98% and Spain’s IBEX 35 Index fell 1.18%. The German DAX dropped 0.33%, French CAC 40 fell 0.77% and Italy’s FTSE MIB Index dropped 0.90%.

The unemployment rate in the Eurozone came in unchanged at a record low of 6.8% in April, the same as in the earlier month, while manufacturing PMI was revised higher to 54.6 in May versus an initial reading of 54.4. UK’s manufacturing PMI dropped to 54.6 in May from 55.8 in April, while German manufacturing PMI rose to 54.8 in May from 54.6 in April.

The S&P Global French manufacturing PMI dropped to a 7-month low of 54.6 in May, while Italy’s manufacturing PMI slipped to 51.9 in May. The S&P Global Spanish manufacturing PMI climbed to 53.8 in May from 53.3 in the previous month.

Economics

The S&P Global manufacturing PMI was revised lower to 57 in May versus a preliminary reading of 57.5.

The ISM manufacturing PMI unexpectedly climbed to 56.1 in May from 55.4 in the previous month and beating analysts’ estimates of 54.5.

The number of job openings fell to 11.400 million in April from a revised record high level of 11.855 million in March.

The Federal Open Market Committee released its Beige Book report.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 85,901,790 cases with around 1,031,610 deaths. India confirmed a total of at least 43,161,360 cases and 524,630 deaths, while Brazil reported over 31,019,030 COVID-19 cases with 666,720 deaths. In total, there were at least 532,950,980 cases of COVID-19 worldwide with more than 6,314,040 deaths.