The U.S stock markets have tanked today, with the Dow, S&P 500, and the NASDAQ all in negative territory. This follows high unemployment data that points to a weakening economy as the COVID-19 crisis continues to bite. The latest data shows that weekly unemployment insurance claims shot up by 1.4 million last week. This is the first time that these numbers have increased since March.
With these new numbers, the total unemployment figures are now north of 52 million. With these numbers out, the market is likely to remain sluggish. That’s because they show that the full economic impact of the COVID-19 crisis is yet to fully emerge and that more pain is on the way. The pandemic is not relenting yet the number of corporate bankruptcies is on the rise.
However, the market could get a boost if the U.S government offers a new bailout for businesses. But even in this uncertain business environment, there are stocks that are making big moves. Below are some of the stock market’s top performers this afternoon.
Milestone Pharmaceuticals Inc [NASDAQ:MIST]
Milestone Pharmaceuticals Inc is one of the top gainers today and is up by over 100%. The stock’s rally follows an announcement on a clinical and regulatory update for the development of Etripamil. The company offered this update after a recent interaction with the FDA. Etripamil is the company’s new investigational nasal spray. Commenting on the development, the CEO has stated that they are happy with the outcome of their meetings with the FDA. He added that the interaction with the FDA offers a clear path to registration and eliminates the need for a phase 3 study.
RigNet Inc [NASDAQ:RNET]
RigNet Inc is another top performer this afternoon and is currently up by 60%. This stock’s exponential gains in value are driven by news that the company has secured a government partnership. The company stated that it was working with CACI International Inc to develop Steelbox™ and a text app for the government. Commenting on the deal, the company’s Vice President stated that the move to work with the government as part of its strategic ventures. Through the service, authorized users will be in a position to download the highly secure pp on to their government cell phones.
PolyMet Mining Corp [NYSE:PLM]
PolyMet is another top performer this afternoon and is currently up by 58%. This is purely a factor of market forces as there is no major news around this stock at the moment. Volumes have shot up and pushed the stock to open the day with a gap up. Earlier in the market, the company had announced that it was beefing up its board with the entry of Nathan Bullock as an executive board member.