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Mid-Afternoon Market Update: NASDAQ Rises Over 1%; Anavex Life Sciences Shares Surge

Toward the end of trading Monday, the Dow traded up 0.62% to 28,431.07 while the NASDAQ rose 1.28% to 9,267.72. The S&P also rose, gaining 0.87% to 3,253.52.

Benzinga · 02/03/2020 19:40

Toward the end of trading Monday, the Dow traded up 0.62% to 28,431.07 while the NASDAQ rose 1.28% to 9,267.72. The S&P also rose, gaining 0.87% to 3,253.52.

Leading and Lagging Sectors

Material shares climbed 1.5% on Monday. Meanwhile, top gainers in the sector included Amyris, Inc. (NASDAQ: AMRS), up 14%, and Braskem S.A. (NYSE: BAK), up 7%.

In trading on Monday, energy shares fell 1.4%.

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 34% to $2.71 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 41% to $28.88 after the company announced its Phase 2 WILLOW study of INS1007 met both primary and key secondary endpoints.

Anavex Life Sciences Corp. (NASDAQ: AVXL) shares were also up, gaining 16% to $3.32 after the company was granted Fast Track designation by the FDA for its ANAVEX 2-73.

Equities Trading DOWN

NanoViricides, Inc. (NYSE: NNVC) shares tumbled 30% to $11.76. 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 27% to $3.0809 after gaining 34.3% on Friday.

NortonLifeLock Inc. (NASDAQ: NLOK) was down, falling 39% to $17.20.

Commodities

In commodity news, oil traded down 1.4% to $50.84, while gold traded down 0.4% to $1,581.20.

Silver traded down 2% Monday to $17.645, while copper fell 0.3% to $2.5085.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.25%, the Spanish Ibex Index rose 0.39%, while Italy’s FTSE MIB Index rose 0.96% Meanwhile, the German DAX gained 0.49%, and the French CAC 40 rose 0.45% 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.