US Markets Turn Higher As Dow Jumps Over 100 Points

US Markets Turn Higher As Dow Jumps Over 100 Points

U.S. stocks traded higher in volatile trading toward the end of trading, with the Dow Jones gaining more than 100 points on Monday.

The Dow traded up 0.42% to 30,951.15 while the NASDAQ rose 0.55% to 11,511.91. The S&P 500 also rose, gaining, 0.46% to 3,890.96.

Also check this: US Stocks Fall to Two-Month Low Amid Higher Volatility


Leading and Lagging Sectors


Materials shares rose by 0.8% on Monday. Meanwhile, top gainers in the sector included Coeur Mining, Inc. CDE, up 13% and Glatfelter Corporation GLT up 12%.


In trading on Monday, health care shares fell by 1.3%.


Top Headline


The NAHB housing market index declined for the ninth consecutive month to 46 in September, compared to market expectations of 47. It was the lowest reading since May 2020.


Equities Trading UP

 

  • KnowBe4, Inc. KNBE shares shot up 28% to $22.11 after the company confirmed it received a non-binding proposal from Vista Equity Partners Management to acquire all of the outstanding shares of the company for $24 per share.
  • Shares of BYND Cannasoft Enterprises Inc. BCAN got a boost, shooting 68% to $6.97 after the company announced it has signed a share purchase agreement to acquire 100% ownership of Zigi Carmel Initiatives & Investments for $28 million in stock.
  • Purple Innovation, Inc. PRPL shares were also up, gaining 43% to $3.9850 after the company confirmed that it received an unsolicited, non-binding proposal from Coliseum Capital Management to acquire all of the outstanding capital stock of Purple for $4.35 per share.

 

 

Equities Trading DOWN

  • Virios Therapeutics, Inc. VIRI shares tumbled 72% to $2.44 after the company announced top-line results from a Phase 2b study of IMC-1 in fibromyalgia, saying the "study did not achieve statistical significance on the prespecified primary efficacy endpoint of change."
  • Shares of Sonnet BioTherapeutics Holdings, Inc. SONN were down 37% to $1.72. Sonnet BioTherapeutics reported a 1-for-14 reverse stock split.
  • BioLineRx Ltd. BLRX was down, falling 31% to $1.07 after the company announced a $15 million registered direct offering.

 


Also check out: FedEx, NCR, International Paper And Other Big Losers From Friday


Commodities

In commodity news, oil traded up 0.7% to $85.66, while gold traded down 0.3% at $1,679.30.


Silver traded down 0.1% to $19.365 on Monday while copper fell 0.2% to $3.5095.


Euro zone


European shares were mixed today. The eurozone’s STOXX 600 fell 0.09%, while Spain’s IBEX 35 Index rose 0.11%. The German DAX gained 0.49%, French CAC 40 fell 0.26% and Italy’s FTSE MIB Index gained 0.13%.


Construction output in the Eurozone increased 1.5% year-over-year in July compared to a revised 1.3% rise a month ago.

 

Economics


The housing market index for September is scheduled for release at 10:00 a.m. ET. The housing market index is expected to decline slightly to 48 in September from 49 in August.


Check out this: Ethereum Slides Below $1,300; Here Are The Top Crypto Movers For Monday


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 97,509,430 cases with around 1,078,660 deaths. India confirmed a total of at least 44,539,040 cases and 528,350 deaths, while France reported over 34,916,380 COVID-19 cases with 154,670 deaths. In total, there were at least 617,351,300 cases of COVID-19 worldwide with more than 6,531,040 deaths.

Posted In: Mid-Afternoon Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets