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Mid-Morning Market Update: Markets Open Higher; FDA Issues Emergency Use Authorization For Convalescent Plasma To Treat Coronavirus

Following the market opening Monday, the Dow traded up 0.69% to 28122.38 while the NASDAQ rose 0.64% to 11384.46. The S&P also rose, gaining 0.68% to 3420.18.

Benzinga · 08/24/2020 14:20

Following the market opening Monday, the Dow traded up 0.69% to 28122.38 while the NASDAQ rose 0.64% to 11384.46. The S&P also rose, gaining 0.68% to 3420.18.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 5,704,440 cases with around 176,800 deaths. Brazil confirmed a total of over 3,605,780 COVID-19 cases with 114,740 deaths, while India reported a total of at least 3,106,340 confirmed cases and 57,540 deaths. In total, there were at least 23,454,460 cases of COVID-19 worldwide with over 809,330 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares gained 1.9% on Monday. Meanwhile, top gainers in the sector included Brooge Energy Limited (NASDAQ:BROG), up 8%, and Transocean Ltd. (NYSE:RIG), up 10%.

In trading on Monday, real estate shares fell by 0.9%.

Top Headline

The U.S. Food and Drug Administration issued emergency use authorization for the use of investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.

The EUA, according to the FDA, will allow the distribution of COVID-19 convalescent plasma in the U.S. and its administration by health care providers.


Equities Trading UP

Cancer Genetics, Inc. (NASDAQ:CGIX) shares shot up 216% to $9.19 after the company signed a definitive merger agreement with StemoniX.

Shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) got a boost, shooting 46% to $3.85 after the U.S. FDA issued an emergency use authorization for investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.

Liminal BioSciences Inc. (NASDAQ:LMNL) shares were also up, gaining 35% to $17.18 after the FDA issued emergency use authorization for the use of investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.


Equities Trading DOWN

Odonate Therapeutics, Inc. (NASDAQ:ODT) shares tumbled 33% to $22.61 after the company announced the results from CONTESSA, a phase 3 study of Tesetaxel.

Shares of Hexindai Inc. (NASDAQ:HX) were down 25% to $1.92.

MOGU Inc. (NYSE:MOGU) was down, falling 19% to $2.55 after the company reported Q1 results.

Commodities


In commodity news, oil traded up 0.6% to $42.61, while gold traded up 0.6% to $1,958.40.

Silver traded up 0.8% Monday to $26.935, while copper rose 1.2% to $2.9525.


Euro zone


European shares were higher today. The eurozone’s STOXX 600 climbed 1.8%, the Spanish Ibex Index rose 1.7%, while Italy’s FTSE MIB Index surged 2.1%. Meanwhile, the German DAX 30 climbed 2.4%, French CAC 40 rose 2.3% and UK shares rose 1.9%.


Economics

The Chicago Fed National Activity Index declined to 1.18 in July versus a reading of 5.33 in June.

The Treasury will auction 3-and 6-month bills at 11:30 a.m. ET.