News - "Mid-Afternoon Market Update: Dow Up 350 Points; G1 Therapeutics Shares Spike Higher"
Toward the end of trading Tuesday, the Dow traded up 1.34% to 26,463.40 while the NASDAQ rose 1.55% to 7,966.72. The S&P also rose, gaining 1.05% to 2,920.11.
Leading and Lagging Sectors
Information technology shares rose 1.7% on Tuesday. Meanwhile, top gainers in the sector included SunPower Corporation (NASDAQ: SPWR), up 28%, and NVE Corporation (NASDAQ: NVEC), up 10%.
In trading on Tuesday, utilities shares fell by 0.6%.
Blockchain payments firm Ripple has made an investment in MoneyGram International, Inc. (NASDAQ: MGI) and will also allow the group to use its XRP cryptocurrency as part of the cross-border payments process.
Ripple made an initial investment of $30 million in the money transfer company, made up of common stock and a warrant to purchase common stock. Ripple purchased newly-issued common stock including the shares underlying the warrant from MoneyGram at $4.10 per share.
Equities Trading UP
MoneyGram International, Inc. (NASDAQ: MGI) shares shot up 128% to $3.30 after the company reported a strategic partnership with Ripple.
Shares of G1 Therapeutics, Inc. (NASDAQ: GTHX) got a boost, shooting up 26% to $24.92 after the company announced Phase 2 trial of Trilaciclib in combination with Chemotherapy showed statistically significant improvement in overall survival in women with metastatic triple negative breast cancer.
SunPower Corporation (NASDAQ: SPWR) shares were also up, gaining 29% to $10.68 after Goldman Sachs upgraded the stock from Neutral to Buy and announced an $11 price target.
Equities Trading DOWN
Digital Ally, Inc. (NASDAQ: DGLY) shares tumbled 43% to $1.66. Axon Enterprise Inc (NASDAQ: AAXN) reported the U.S. District Court for the District of Kansas has granted summary judgment in favor of the company stating that Axon's Signal technology does not infringe Digital Ally's 452 patent. The court entered judgment for Axon and dismissed the case in its entirety.
Shares of ContraVir Pharmaceuticals, Inc. (NASDAQ: CTRV) were down 39% to $5.89 after the company reported a 2.6 million unit offering priced at $6 per unit.
Senmiao Technology Limited (NASDAQ: AIHS) was down, falling 39% to $2.7805 after the company reported entry into agreements for registered direct public offering of $6.0 million of common stock and warrants.
In commodity news, oil traded up 3.3% to $53.66, while gold traded up 0.5% to $1,349.90.
Silver traded up 1.1% Tuesday to $14.99, while copper rose 2.2% to $2.704.
European shares closed higher today. The eurozone’s STOXX 600 rose 1.67%, the Spanish Ibex Index rose 1.19%, while Italy’s FTSE MIB Index gained 2.46%. Meanwhile, the German DAX gained 2.03%, and the French CAC 40 rose 2.2% while UK shares rose 1.17%.
The Federal Open Market Committee begins its two-day policy meeting today.
U.S. housing starts fell 0.9% at an annual pace of 1.269 million for May, while building permits rose 0.3% at an annual rate of 1.294 million.