Market Overview

Mid-Afternoon Market Update: Dow Up 1%; NASDAQ Crosses 8000 For First Time

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Toward the end of trading Monday, the Dow traded up 1 percent to 26,048.83 while the NASDAQ climbed 0.92 percent to 8,019.22. The S&P also rose, gaining 0.78 percent to 2,897.01.

Leading and Lagging Sectors

Monday afternoon, the financial shares rose 1.6 percent. Meanwhile, top gainers in the sector included Lithium Americas Corp. (NYSE: LAC) up 12 percent, and First Majestic Silver Corp. (NYSE: AG) up 6 percent.

In trading on Monday, utilities shares fell 0.9 percent.

Top Headline

American Woodmark Corporation (NASDAQ: AMWD) reported better-than-expected earnings for its fiscal first quarter.

American Woodmark posted quarterly earnings of $2.04 per share on revenue of $429 million. However, analysts were expecting earnings of $1.92 per share on revenue of $429 million.

 

Equities Trading UP

Tilray, Inc. (NASDAQ: TLRY) shares shot up 29 percent to $56.6671. The Canada-based cannabis company said its fully owned subsidiary was selected by the province of Nova Scotia to supply cannabis products for sale to the public ahead of the recreational legalization of cannabis in October.

Shares of Cronos Group Inc. (NASDAQ: CRON) got a boost, shooting up 25 percent to $12.47 after surging 16.39 percent on Friday.

ATA Inc. (NASDAQ: ATAI) shares were also up, gaining 133 percent to $1.68. ATA disclosed that it intends to use proceeds of $23 million to $26 million cash from the sale of its testing services business to explore M&A targets in the education sector.

Equities Trading DOWN

Eidos Therapeutics, Inc. (NASDAQ: EIDX) shares dropped 30 percent to $14.08. The decline is being attributed to rival company Pfizer's positive clinical data from its trial of tafamidis.

Shares of Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL) were down 9 percent to $2.14.

Fossil Group, Inc. (NASDAQ: FOSL) was down, falling around 10 percent to $23.83.

Commodities

In commodity news, oil traded up 0.17 percent to $68.84 while gold traded up 0.17 percent to $1,215.40.

Silver traded up 0.26 percent Monday to $14.94, while copper rose 0.24 to $2.7295.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.52 percent, the Spanish Ibex Index rose 0.73 percent, while Italy’s FTSE MIB Index rose 0.27 percent. Meanwhile the German DAX climbed 1.16 percent, and the French CAC 40 climbed 0.86 percent while U.K. shares rose 0.19 percent.

Economics

The Chicago Fed National Activity Index dropped to a reading of +0.13 in July, compared to +0.48 in June.

The Dallas Fed manufacturing business index rose to 30.90 for August, versus prior reading of 17.00.

Posted-In: Mid-Afternoon Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

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