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Mid-Day Market Update: Crude Oil Down Over 2%; Insmed Shares Spike Higher

Midway through trading Monday, the Dow traded up 0.54% to 28408.76 while the NASDAQ rose 1.1% to 9,251.87. The S&P also rose, gaining 0.61% to 3,245.20.

Benzinga · 02/03/2020 17:09

Midway through trading Monday, the Dow traded up 0.54% to 28408.76 while the NASDAQ rose 1.1% to 9,251.87. The S&P also rose, gaining 0.61% to 3,245.20.

Leading and Lagging Sectors

Information technology shares climbed 1.3% on Monday. Meanwhile, top gainers in the sector included Zoom Video Communications, Inc. (NASDAQ: ZM), up 10%, and Information Services Group, Inc. (NASDAQ: III), up 6%.

In trading on Monday, energy shares fell 1.5%.

Top Headline

SYSCO Corporation (NYSE: SYY) reported better-than-expected earnings for its second quarter, while sales missed views.

SYSCO reported quarterly earnings of $0.85 per share, which beat the analyst consensus estimate of $0.84. The company reported quarterly sales of $15 billion, which missed the analyst consensus estimate of $15.1 billion.

Equities Trading UP

Artelo Biosciences, Inc. (NASDAQ: ARTL) shares shot up 49% to $3.0149 after the company reported NCI grant of $4.2 million to Stony Brook University to advance FABP5 inhibitor cancer program.

Shares of Insmed Incorporated (NASDAQ: INSM) got a boost, shooting up 40% to $28.74 after the company announced its Phase 2 WILLOW study of INS1007 met both primary and key secondary endpoints.

BOQI International Medical Inc. (NASDAQ: BIMI) shares were also up, gaining 33% to $6.62 after the company announced plans to acquire Chongqing Guanzan Technology.

Equities Trading DOWN

NanoViricides, Inc. (NYSE: NNVC) shares tumbled 31% to $11.62. Investors who made money in coronavirus-related stocks were taking some profit Monday morning. Following a 40% rally on Friday and up nearly 400% since the middle of January, NanoViricides shares were down over 28% Monday.

Shares of Cleveland BioLabs, Inc. (NASDAQ: CBLI) were down 25% to $3.1746 after gaining 34.3% on Friday.

NortonLifeLock Inc. (NASDAQ: NLOK) was down, falling 40% to $16.95.

Commodities

In commodity news, oil traded down 2.3% to $50.40, while gold traded down 0.4% to $1,582.20.

Silver traded down 2% Monday to $17.655, while copper fell 0.1% to $2.5135.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.29%, the Spanish Ibex Index rose 0.4%, while Italy’s FTSE MIB Index rose 0.88% Meanwhile, the German DAX gained 0.47%, and the French CAC 40 rose 0.51% while UK shares rose 0.55%.

Economics

The IHS Markit manuafacturing PMI rose to 51.9 in January, versus a preliminary reading of 51.7 and December’s reading of 52.4.

U.S. construction spending declined 0.2% in December, compared to revised 0.7% rise in November.

The ISM manufacturing PMI climbed to 50.9 in January, versus a reading of 47.8 in December.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 4:30 p.m. ET.