Dow Jones Turns Lower; Revlon Shares Jump

U.S. stocks pared gains midway through trading, with the Dow Jones dropping around 100 points on Friday.

The Dow traded down 0.35% to 29,821.15 while the NASDAQ rose 0.97% to 10,749.10. The S&P also fell, dropping, 0.16% to 3,660.85.

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Leading and Lagging Sectors



Health care shares jumped by 0.4% on Friday. Meanwhile, top gainers in the sector included bluebird bio, Inc. BLUE, up 33% and Allakos Inc. ALLK up 13%.



In trading on Friday, energy shares tumbled by 5.3%.



Top Headline



US initial jobless claims fell by 3,000 to 229,000 in the week ended June 11th, compared to market estimates of 210,000.

 

Equities Trading UP



Mereo BioPharma Group plc MREO shares shot up 81% to $1.4428. AstraZeneca is rumored to be eyeing take over of Mereo BioPharma Group, according to a report in The Times.



Shares of Revlon, Inc. REV got a boost, shooting 88% to $3.6728 following a report suggesting Reliance Industries is considering buying out the company, which recently filed for bankruptcy.



Scholar Rock Holding Corporation SRRK shares were also up, gaining 26% to $6.14. Scholar Rock reported Phase 2 topaz trial extension data showing ‘sizable and sustained motor function improvement at 24 months with apitegromab for non-ambulatory patients with types 2 and 3 spinal muscular atrophy.’

 

Equities Trading DOWN

Addex Therapeutics Ltd ADXN shares tumbled 56% to $1.59 after the company terminated its Phase 2b/3 study of Dipraglurant for dyskinesia associated with Parkinson’s disease due to slow recruitment. The company suspended its guidance amid the termination.



Shares of ToughBuilt Industries, Inc. TBLT were down 51% to $1.5001 after the company priced a $6 million offering.



Heart Test Laboratories, Inc. HSCS was down, falling 14% to $2.07. Heart Test Laboratories announced pricing of its IPO of 1.5 million units at a price of $4.25 per unit.



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Commodities

In commodity news, oil traded down 5.5% to $111.16, while gold traded down 0.4% to $1,841.80.



Silver traded down 1.2% to $21.615 on Friday while copper fell 2.5% to $4.0045.

Euro zone



European shares were mixed today. The eurozone’s STOXX 600 gained 0.03%, London’s FTSE 100 fell 0.17% while Spain’s IBEX 35 Index rose 0.51%. The German DAX gained 0.26%, French CAC 40 slipped 0.11% and Italy’s FTSE MIB Index climbed 0.35%.

Annual inflation rate in the Eurozone was confirmed at a record-high level of 8.1% in May, up from 7.4% in each of the prior two months. Construction output in Italy climbed 16.9% year-over-year in April.

 

Economics

 

Manufacturing production in the US declined 0.1% month-over-month in May, recording the first decline in four months. Industrial production increased 0.2% from a month ago in May.



The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

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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 87,861,130 cases with around 1,037,920 deaths. India confirmed a total of at least 43,270,570 cases and 524,810 deaths, while Brazil reported over 31,644,700 COVID-19 cases with 668,890 deaths. In total, there were at least 543,210,920 cases of COVID-19 worldwide with more than 6,338,360 deaths.

Lisa Levin

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