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News

Mid-Morning Market Update: Markets Open Higher; US Inflation Rate Increases to 5%

Author: Lisa Levin | June 10, 2021 10:16am

Following the market opening Thursday, the Dow traded up 0.54% to 34,632.83 while the NASDAQ rose 0.72% to 14,011.98. The S&P also rose, gaining 0.58% to 4,243.96.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,414,110 cases with around 598,760 deaths. India confirmed a total of at least 29,182,530 cases and 355,700 deaths, while Brazil reported over 17,122,870 COVID-19 cases with 479,510 deaths. In total, there were at least 174,458,300 cases of COVID-19 worldwide with more than 3,759,030 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Health care shares climbed 1.1% on Thursday. Meanwhile, top gainers in the sector included Community Health Systems, Inc. (NYSE:CYH), up 10%, and Verona Pharma plc (NASDAQ:VRNA), up 10%.


In trading on Thursday, financial shares fell 0.1%.


Top Headline

US annual inflation rate increased to 5% in May from 4.2% in April, above analysts’ estimates of 4.7%. The country recorded the highest reading since August 2008.

 

Equities Trading UP


Medley Management Inc. (NASDAQ:MDLY) shares shot up 82% to $10.65 after gaining 9% on Wednesday. Medley LLC recently received NYSE notice regarding delayed Form 10-Q filing.


Shares of TRxADE HEALTH, Inc. (NASDAQ:MEDS) got a boost, shooting 71% to $6.97 as the company reported the launch of MedCheks Health Passport App for iOS devices.


Orbsat Corp. (NASDAQ:OSAT) shares were also up, gaining 30% to $6.53.

Check out these big movers of the day


Equities Trading DOWN

Aethlon Medical, Inc. (NASDAQ:AEMD) shares tumbled 22% to $8.47 after the company reported a 1.38 million share offering at $9 per share.

Shares of Ocugen, Inc. (NASDAQ:OCGN) were down 19% to $7.57 after the company announced it will pursue a biologics license application path for its COVID-19 vaccine instead of emergency use authorization.

Materialise NV (NASDAQ:MTLS) was down, falling 18% to $22.91 after the company reported pricing of public offering of 4.0 million American Depositary Shares.


Commodities


In commodity news, oil traded up 0.1% to $70.03, while gold traded down 0.7% to $1,881.50.


Silver traded down 0.8% Thursday to $27.77 while copper fell 1.5% to $4.4610.


Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index rose 0.1% and the German DAX 30 rose 0.1%. Meanwhile, the London’s FTSE 100 gained 0.4%, French CAC 40 slipped 0.1% and Italy’s FTSE MIB fell 0.3%.

French industrial production slipped 0.1% in April following a revised 1.0% rise in March, while payroll employment in the private sector increased 0.5% to 19.51 million in the first quarter. Italy's industrial production rose 1.8% in April.


Economics

US annual inflation rate increased to 5% in May from 4.2% in April, above analysts’ estimates of 4.7%.


US initial jobless claims fell to 376 thousand for the week ending June 5.


The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.


The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.


The Treasury will to auction 30-year bonds at 1:00 p.m. ET.


The U.S. Treasury statement for May will be released at 2:00 p.m. ET.

Check out the full economic calendar here

Posted In: AEMD CYH MDLY MEDS MTLS OCGN OSAT VRNA