S&P 500 Rises 1%, InMed Pharmaceuticals Shares Spike Higher

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 200 points on Monday.

The Dow traded up 0.68% to 32,370.32 while the NASDAQ rose 1.13% to 12,249.34. The S&P 500 also rose, gaining, 0.99% to 4,107.81.

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Leading and Lagging Sectors

• Energy shares jumped by 1.6% on Monday. Meanwhile, top gainers in the sector included PHX Minerals Inc. PHX, up 6% and TETRA Technologies, Inc. TTI up 6%.
• In trading on Monday, communication services shares rose by just 0.2%.

Top Headline

U.S. consumer inflation expectations for the year ahead dropped to 5.7% in August from 6.2% in the previous month. It was the lowest reading since October 2021.

Equities Trading UP

• Ventyx Biosciences, Inc. VTYX shares shot up 61% to $37.26 after Oppenheimer maintained an Outperform rating on the stock and raised its price target from $40 to $65.
• Shares of InMed Pharmaceuticals Inc. INM got a boost, shooting 55% to $17.09 after the company on Friday announced a $6 million private placement priced at $8.68 per share.
• NeuroBo Pharmaceuticals, Inc. NRBO shares were also up, gaining 123% to $0.6150 after the company announced a 1-for-30 reverse stock split.

Equities Trading DOWN

• ShiftPixy, Inc. PIXY shares tumbled 16% to $28.78 amid profit taking after the stock surged last week following the company's announcement it plans to spin-off ShiftPixy Labs and dividend its digital securities to shareholders.
• Shares of Tuesday Morning Corporation TUEM were down 25% to $0.21 after the company secured commitment for strategic investment from a group led by Retail Ecommerce Ventures LLC, the owner of Pier 1 Imports and top consumer brands.
• Akari Therapeutics, Plc AKTX was down, falling 25% to $0.7760 after the company announced a $12.75 million registered direct offering.

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Commodities

In commodity news, oil traded up 1% to $87.69, while gold traded up 0.7% at $1,740.10.

Silver traded up 5.6% to $19.815 on Monday while copper rose 1.3% to $3.6140.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.76%, London’s FTSE 100 rose 1.66%, while Spain’s IBEX 35 Index rose 2.01%. The German DAX gained 2.40%, French CAC 40 rose 1.95% and Italy’s FTSE MIB Index gained 2.33%.

Industrial production in the UK dropped by 0.3% from a month ago in July versus a 0.9% drop in the previous month. The country’s trade deficit also shrank to GBP 7.8 billion in July from GBP 11.4 billion a month ago. The British economy grew by 0.2% in July from the previous month, compared to a 0.6% decline in the prior month.

Industrial production in Italy rose 0.4% from a month ago in July following a revised 2% decline in the prior month.

Economics

U.S. consumer inflation expectations for the year ahead dropped to 5.7% in August from 6.2% in the previous month. It was the lowest reading since October 2021.

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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 97,095,090 cases with around 1,075,660 deaths. India confirmed a total of at least 44,500,580 cases and 528,160 deaths, while France reported over 34,718,130 COVID-19 cases with 154,460 deaths. In total, there were at least 613,950,810 cases of COVID-19 worldwide with more than 6,516,850 deaths.