Market Movers | August 4th, 2020
SRNE - Sorrento Therapeutics, Inc.
SEDG - SolarEdge Technologies, Inc.
ENPH - Enphase Energy, Inc.
ATHE - Athene Holding Ltd.
IRTC - iRhythm Technologies, Inc.
SSNT - SilverSun Technologies, Inc.
WIMI - WiMi Hologram Cloud Inc.
MOS - WiMi Hologram Cloud Inc.
CRNC - Cerence Inc.
TLRY - Tilray, Inc.
(MT Newswires) -- US stocks were mixed in choppy trade, while Treasuries advanced and gold surged alongside higher oil prices as lawmakers on both sides of the aisle continued to negotiate a coronavirus economic relief program.
The Dow Jones Industrial Index rose by 99.84 points, or 0.4%, to 26,762.44. S&P 500 climbed by 0.1% to 3,297.03. The Nasdaq Composite Index slipped by 0.1% to 10,892.29. Energy led the gainers while financials led the decliners. All but three sectors were in the green after midday on Tuesday.
The US 10-year yield dropped by five basis points to 0.51%, with gold higher by $27.1 per ounce to $2,013.40. West Texas Intermediate futures jumped by 1.5% to $41.63.
Democratic congressional leaders and The White House have failed to close the gap on a range of issues such as the size of money allocated for the dependents. The $600-a-week coronavirus unemployment benefit that expired last week is also a bone of contention among lawmakers.
Shares of Mosiac (MOS) surged by 14% intraday, the most on S&P 500, after a surprise second-quarter profit and revenue topping the Street's views. AMD (AMD) jumped by 9.4% after unveiling its new graphics processing units that power a variety of graphically intensive applications and workloads and use the seven-nanometer process technology, an area of the business that Intel recently reported delays.
Microsoft fell 2.5%, the steepest decliner on the Dow, as the company is making moves to acquire the US operations of social media app TikTok from China-based ByteDance. US officials have raised privacy and security concerns about a potential deal while ByteDance reportedly told employees that the US government is ultimately seeking to ban the app.
Microsoft "with this deal would be making an aggressive bet to transform its consumer strategy," which "has been on a treadmill as (it is) heavily tied to the mature PC/Windows environment," said Wedbush analyst Dan Ives in a note.
In the precious metals markets, gold was 1.4% higher to $2,013.40 an ounce, with silver up 5% to $25.64 an ounce but copper down 0.6% to $2.89 per pound.
Among energy ETFs, the United States Oil Fund rose 1.6% to $29.80 and the United States Natural Gas Fund was up 3% to $12.36. Among precious-metal funds, the Market Vectors Gold Miners ETF was up 1.8% to $43.38 and SPDR Gold Shares were up 1% to $187.54. The iShares Silver Trust was up 4.4% to $23.75.
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