Why U.S. Stocks Are Trading Higher, Manufacturing Report And More

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 100 points on Friday.

The Dow traded up 0.38% to 30,893.82 while the NASDAQ rose 0.50% to 11,084.33. The S&P also rose, gaining, 0.46% to 3,802.86.

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Leading and Lagging Sectors

 

Consumer discretionary shares rose by 1.7% on Friday. Meanwhile, top gainers in the sector included Faraday Future Intelligent Electric Inc. FFIE, up 16% and LightInTheBox Holding Co., Ltd. LITB up 10%.

 

In trading on Friday, materials shares fell by 0.4%.

Top Headline

The ISM manufacturing index fell to 53 for June from 56.1 in May. Analysts, however, were expecting a reading of 54.9.

 

Equities Trading UP

VerifyMe, Inc. VRME shares shot up 33% to $2.61 after the company announced liquidation of the G3 VRM Acquisition SPAC and initiated a new share repurchase program.

Shares of Akebia Therapeutics, Inc. AKBA got a boost, shooting 27% to $0.45 after the company executed an agreement to terminate its vadadustat Collaboration and License Agreements with Otsuka Pharmaceutical. The company will received a $55 million settlement fee.

Lytus Technologies Holdings PTV. Ltd. LYT shares were also up, gaining 19% to $4.96. Lytus recently announced the closing of initial public offering.

Equities Trading DOWN

Kohl's Corporation KSS shares tumbled 19% to $28.91 after the company called off discussions to sell its business to Franchise Group Inc.

Shares of Borr Drilling Limited BORR were down 17% to $3.8450.

Celldex Therapeutics, Inc. CLDX was down, falling 13% to $23.55 after reporting interim data from the Company’s ongoing Phase 1b clinical trial of barzolvolimab in patients with moderate to severe chronic spontaneous urticaria refractory to antihistamines.

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Commodities

In commodity news, oil traded up 2% to $107.90, while gold traded down 0.9% to $1,791.70.

Silver traded down 4.4% to $19.46 on Friday while copper fell 3.2% to $3.5920.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index rose 0.7%. The German DAX gained 0.2%, French CAC 40 rose 0.5% and Italy’s FTSE MIB Index gained 0.5%.

The S&P Global manufacturing PMI for France declined to 51.4 in June from 54.6 in the previous month, while UK manufacturing PMI dropped to a two-year low of 52.8 in June. The S&P Global Eurozone manufacturing PMI declined to 52.1 in June from 54.6 in the previous month, while Italian manufacturing PMI declined to 50.9 from 50.1.

The S&P Global/BME manufacturing PMI for Germany dropped to 52 in June from 54.8 a month ago, while Spanish manufacturing PMI dipped to 52.6 from 53.8.

Economics

The S&P Global manufacturing PMI was revised higher to 52.7 in June from a preliminary reading of 52.4.

The ISM manufacturing index fell to 53 for June from 56.1 in May. Analysts, however, were expecting a reading of 54.9.

US construction spending fell 0.1% for May, compared to analysts’ expectations for a 0.4% increase.

The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 89,360,080 cases with around 1,042,670 deaths. India confirmed a total of at least 43,471,280 cases and 525,130 deaths, while Brazil reported over 32,358,450 COVID-19 cases with 671,460 deaths. In total, there were at least 552,796,530 cases of COVID-19 worldwide with more than 6,358,270 deaths.