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Shares of Spring Bank Pharmaceuticals , a biopharmaceutical company, opened at $11.28 midday Friday, below the company’s issue price of $12. The company sold 920,000 shares to raise about $11 million. The company said it expects to receive net proceeds of about $8.2 million after discounts and commissions. Dawson James Securities, Inc. acted as the sole underwriter of the offering.

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From:: Stock Market News

Crude-oil futures logged a gain Friday as a wildfire in oil-rich Canadian regions and an attack on a Chevron-operated offshore oil facility in southern Nigeria fueled concerns about global crude-output disruptions. West Texas Intermediate crude oil for June delivery added 34 cents, or 0.8%, to settle at $44.66 a barrel. For the week, WTI lost 2.7% as oversupply supply worries and a strong dollar dragged prices lower.

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From:: Stock Market News

Gold futures finished sharply higher Friday after a weaker-than-expected jobs report heightened expectations that the Federal Reserve would keep interest rates lower for longer. June gold gained $21.70, or 1.7%, to settle at $1,294 an ounce, snapping a three-session string of losses and registering a 0.3% weekly gain. Lower interest rates are bullish for assets that don’t offer a yield like gold.

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From:: Stock Market News

Oil futures extended gains after data from Baker Hughes Inc. showed that the number of active U.S. rigs drilling for crude fell for a seventh straight week.
The oil rig count was down by 4 to 328 as of Friday. The total U.S. rig count fell by 5 to 415 rigs. June crude traded up 46, cents, or 1% to $44.77 a barrel on the New York Mercantile Exchange.

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Shares of Intellia Therapeutics Inc. , a gene editing company, started trading at $22, above their $18 issue price, in the company’s debut on the Nasdaq Friday. The company sold six million shares to raise about $108 million. The company had priced its shares at the high end of its $16 to $18 range Thursday. The offering was underwritten by Credit Suisse, Jeferies and Leerink Partners.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

U.S. stocks opened lower on Friday, with the main benchmarks on track for weekly losses, after April’s official employment report came in below expectations, in a sign the U.S. economy still hasn’t recovered from an early-year chill. The S&P 500 was down 8 points, or 0.4%, to 2,042. The Dow Jones Industrial Average was down 74 points, or 0.4%, to 17,586 at the open. Meanwhile, the Nasdaq Composite began the session down 21 points, or 0.5%, at 4,695.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

U.S. stocks opened lower on Friday, with the main benchmarks on track for weekly losses, after April’s official employment report came in below expectations, in a sign the U.S. economy still hasn’t recovered from an early-year chill. The S&P 500 was down 8 points, or 0.4%, to 2,042. The Dow Jones Industrial Average was down 74 points, or 0.4%, to 17,586 at the open. Meanwhile, the Nasdaq Composite began the session down 21 points, or 0.5%, at 4,695.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Financial stocks turned lower in premarket trade Friday, after a weaker-than-expected April jobs report sent Treasury yields lower. The SPDR Financial ETF , which was inactive prior to the jobs data, slumped 0.8%. Among some of its more heavily-weighted components, shares of Bank of America Corp. dropped 1.8%, after being down just 0.1% prior to the data. Shares of Citigroup Inc. slumped 1.5%, of J.P. Morgan Chase shed 1.4% and of Wells Fargo & Co. lost 1.4%; just before the data, they were down 0.5%, down 0.4% and up 0.4%, respectively. After data showing nonfarm payrolls increased 160,000 in April, below expectations of 205,000, the yield on the 10-year Treasury note declined 0.017 percentage points to 1.744%. Lower long-term yield can hurt bank earnings as they compress margins banks earn on loans.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News