Mid-Afternoon Market Update: Dow Gains 500 Points; Red Robin Gourmet Burgers Shares Spike Higher

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining 500 points on Friday.

The Dow traded up 1.53% to 33,138.06 while the NASDAQ rose 3.06% to 12,099.92. The S&P also rose, gaining, 2.20% to 4,147.14.

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Leading and Lagging Sectors

Information technology shares jumped by 3.2% on Friday. Meanwhile, top gainers in the sector included Investview, Inc. (OTC:INVU), up 22% and Applied Blockchain, Inc. (NASDAQ:APLD) up 21%.

In trading on Friday, consumer staples shares rose by just 0.8%.

Top Headline

US goods trade deficit shrank to $105.9 billion in April from a revised record high of $125.9 billion in the previous month, as exports rose 3.1% to a fresh all-time high of $173.9 billion.

Equities Trading UP

Oncternal Therapeutics, Inc. (NASDAQ:ONCT) shares shot up 70% to $1.3901. Oncternal Therapeutics presented updated interim data for zilovertamab in combination with ibrutinib at ASCO 2022.

Shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) got a boost, shooting 24% to $10.71 after the company reported better-than-expected Q1 adjusted EPS and sales results.

Allarity Therapeutics, Inc. (NASDAQ:ALLR) shares were also up, gaining 38% to $2.8385 after Ladenburg Thalmann initiated coverage on the stock with a Buy rating and an $8 price target.

Equities Trading DOWN

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) shares tumbled 53% to $7.07 after the company reported results from its C-144-01 clinical study in patients with advanced melanoma.

Shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) were down 40% to $18.46 after the company announced initial clinical data from the Phase 1/2 study evaluating nirogacestat.

Aurora Cannabis Inc. (NASDAQ:ACB) was down, falling 38% to $1.7001 after the company announced upsized bought deal financing of $150 million.

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Commodities

In commodity news, oil traded up 0.7% to $114.87, while gold traded up 0.2% to $1,851.30.

Silver traded up 0.8% to $22.13 on Friday while copper rose 1.4% to $4.32.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 1.42%, London’s FTSE 100 gained 0.27% and Spain’s IBEX 35 Index rose 0.5%. The German DAX gained 1.62%, French CAC 40 rose 1.64% and Italy’s FTSE MIB Index rose 0.37%.

Retail sales in Spain rose by 1.5% year-over-year in April following a revised 4.1% decline in the prior month. Loans to households in the Eurozone increased 4.5% year-over-year in April.

Economics

The goods trade deficit shrank to $105.9 billion in April from a revised record high of $125.9 billion in the previous month, as exports rose 3.1% to a fresh all-time high of $173.9 billion.

Personal income rose 0.4% from a month ago in April, while personal spending rose 0.9% month-over-month. Core PCE prices climbed by 0.3% month-over-month in April.

Wholesale inventories rose by 2.1% month-over-month to $860.8 billion in April.

The University of Michigan consumer sentiment index was revised lower to 58.4 in May from a preliminary reading of 59.1.

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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 85,570,750 cases with around 1,030,770 deaths. India confirmed a total of at least 43,147,530 cases and 524,530 deaths, while Brazil reported over 30,880,510 COVID-19 cases with 666,240 deaths. In total, there were at least 530,468,150 cases of COVID-19 worldwide with more than 6,308,120 deaths.

Source: https://markets.businessinsider.com/news/stocks/mid-afternoon-market-update-dow-gains-500-points-red-robin-gourmet-burgers-shares-spike-higher-1031494097?op=1

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