S&P 500 Surges 2%; Crude Oil Rises Sharply

U.S. stocks extended gains midway through trading, with the Dow Jones gaining more than 600 points on Monday.

The Dow traded up 2.17% to 29,349.33 while the NASDAQ rose 1.72% to 10,757.76. The S&P 500 also rose, gaining, 2.03% to 3,658.58.

Also check this: Nike, Lululemon, Dick's Sporting Goods And Other Big Losers From Friday

Leading and Lagging Sectors

Energy shares jumped by 4.4% on Monday. Leading the sector was strength from Ultrapar Participações S.A. UGP and Petróleo Brasileiro S.A. - Petrobras PBR.

In trading on Monday, consumer discretionary shares rose by just 0.1%.

Top Headline

The ISM manufacturing PMI unexpectedly dropped to 50.9 in September, compared with 52.8 in the previous month. However, analysts were expecting a reading of 52.2.


Equities Trading UP


  • LogicBio Therapeutics, Inc. LOGC shares shot up 641% to $2.0202 after the company announced it will be acquired by AstraZeneca's subsidiary, Alexion, for $2.07 per share.
  • Shares of Viasat, Inc. VSAT got a boost, shooting 42% to $42.84 after the company announced it entered into a definitive agreement to sell its Link 16 Tactical Data Links business to L3Harris Technologies for $1.96 billion.
  • Myovant Sciences Ltd. MYOV shares were also up, gaining 37% to $24.53 after the company received an acquisition offer from Sumitovant Biopharma and Sumitormo Pharma to acquire the company for $22.75 per share in cash.


Equities Trading DOWN

  • Clene Inc. CLNN shares tumbled 34% to $1.8350 after the company released topline results from the Healey ALS Platform trial of CNM-Au8, an investigational gold nanocrystal suspension, in participants with amyotrophic lateral sclerosis (ALS).
  • Shares of Blue Apron Holdings, Inc. APRN were down 32% to $3.93 after the company announced an equity distribution agreement allowing the company to sell up to $15 million of stock.
  • Timber Pharmaceuticals, Inc. TMBR was down, falling 23% to $0.0930 after the company announced a $1.3 million registered direct offering.

Also check out: Dow Tumbles 500 Points, Volatility In Markets Increases Further


In commodity news, oil traded up 5.5% to $83.84, while gold traded up 1.3% at $1,693.70.

Silver traded up 7.2% to $20.41 on Monday while copper rose 0.2% to $3.4205.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.77%, London’s FTSE 100 rose 0.36% while Spain’s IBEX 35 Index rose 1.21%. The German DAX gained 0.81%, French CAC 40 gained 0.46% and Italy’s FTSE MIB Index gained 1.38%.

The S&P Global Eurozone manufacturing PMI was revised lower to 48.4 in September compared to a preliminary reading of 48.5. The S&P Global/CIPS manufacturing PMI for UK was revised lower to 48.4 in September from a preliminary level of 48.5, while German manufacturing PMI fell to 47.8 in September from a preliminary reading of 48.3.

The S&P Global French manufacturing PMI fell to 47.7 in September versus 50.6 in the previous month, while Italian manufacturing PMI rose to 48.3 in September from the 48 a month ago. The S&P Global manufacturing PMI for Spain dropped to 49 in September from 49.9 in the prior month.



  • The final reading of S&P Global manufacturing PMI was revised higher to 52 for September from preliminary reading of 51.8 and up from 51.5 in August.
  • The ISM manufacturing PMI unexpectedly dropped to 50.9 in September, compared with 52.8 in the previous month. However, analysts were expecting a reading of 52.2.
  • Construction spending in the US dropped by 0.7% from the prior month to an annual rate of $1.78 billion in August.
  • Kansas City Federal Reserve Bank President Esther George will speak at 2:15 p.m. ET.

Check out this: Investor Fear Eases Slightly Despite Dow Dipping Around 9% In September

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,254,650 cases with around 1,084,890 deaths. India confirmed a total of at least 44,597,490 cases and 528,700 deaths, while France reported over 35,475,260 COVID-19 cases with 155,110 deaths. In total, there were at least 623,554,200 cases of COVID-19 worldwide with more than 6,550,950 deaths.

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