Mid-Day Market Update: Nasdaq Tops 14,000; Bassett Furniture Industries Shares Surge

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%.

Top Headline

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.

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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.

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Commodities

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.

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Euro zone

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.

Economics

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.

Check out the full economic calendar here

COVID-19 Update

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.