US stocks gained on the final trading day of January, with the Nasdaq Composite surging above the 14,000 mark on Monday.
Midway through trading Monday, the Dow traded up 0.09% to 34,755.16 while the NASDAQ rose 1.93% to 14,035.89. The S&P also rose, gaining, 0.77% to 4,466.18.
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Leading and Lagging Sectors
Consumer discretionary shares jumped 1.9% on Monday. Meanwhile, top gainers in the sector included Bassett Furniture Industries, Incorporated BSET, up 26% and Arrival ARVL up 23%.
In trading on Monday, consumer staples shares dipped 0.4%.
Trane Technologies plc TT reported upbeat earnings for its fourth quarter.
Trane Technologies reported quarterly earnings of $1.36 per share, exceeding analysts’ estimates of $1.31 per share. The company’s quarterly sales came in at $3.57 billion, versus estimates of $3.55 billion.
Trane Technologies said it sees FY22 EPS of $6.95 to $7.15, versus expectations of $6.97 per share.
Equities Trading UP
Akoustis Technologies, Inc. AKTS shares shot up 18% to $5.94 after the company reported Q2 earnings results and announced five new Wi-Fi design wins. Akoustis sees Q3 revenue growth of 25% Q/Q.
Shares of Inspira Technologies Oxy B.H.N. Ltd. IINN got a boost, shooting 39% to $3.19 after the company announced it signed an exclusive summary distribution agreement with Glo-Med Networks for distribution across 6 states in the United States.
Bassett Furniture Industries, Incorporated BSET shares were also up, gaining 27% to $17.73 after J.B. Hunt announced it will acquire the company's Zenith Freight Lines for $87 million. The company also issued preliminary Q4 results.
Equities Trading DOWN
Imperial Petroleum Inc. IMPP shares tumbled 54% to $1.0161 after the company reported pricing of upsized $12 million underwritten public offering.
Shares of Eros STX Global Corporation ESGC were down 33% to $0.1916. ErosSTX reported a reverse stock split.
AppHarvest, Inc. APPH was down, falling 15% to $2.8901. AppHarvest reported preliminary FY21 net sales and non-GAAP Adjusted EBITDA at the higher end of guidance.
In commodity news, oil traded up 0.1% to $86.86, while gold traded up 0.6% to $1,796.90.
Silver traded up 0.8% Monday to $22.48 while copper fell 0.3% to $4.2985.
European shares were higher today. The eurozone’s STOXX 600 gained 0.98%, London’s FTSE 100 rose 0.14%, while Spain’s IBEX 35 Index rose 0.14%. The German DAX surged 1.1%, French CAC 40 gained 0.5% and Italy’s FTSE MIB Index climbed 1.14%.
Spanish retail trade dropped 2.3% year-over-year in December following a revised 5.1% increase in the prior month, while annual inflation rate eased to 6% in January.
The Dallas Fed manufacturing index dropped to 2 in January from a revised level of 7.8 in December.
Kansas City Fed President Esther George will speak at 12:40 p.m. ET.
Data on farm prices for December will be released at 3:00 p.m. ET.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 75,578,070 cases with around 907,190 deaths. India confirmed a total of at least 41,302,440 cases and 495,050 deaths, while Brazil reported over 25,351,480 COVID-19 cases with 626,920 deaths. In total, there were at least 375,607,490 cases of COVID-19 worldwide with more than 5,682,960 deaths.
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