US Stocks Open Higher; Dow Jumps 250 Points

US Stocks Open Higher; Dow Jumps 250 Points

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 250 points on Monday.

Following the market opening Monday, the Dow traded up 0.90% to 28,983.55 while the NASDAQ rose 0.33% to 10,611.02. The S&P 500 also rose, gaining, 0.79% to 3,614.08.

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Leading and Lagging Sectors


Energy shares jumped by 4.9% on Monday.


In trading on Monday, consumer discretionary shares fell by 1.8%.


Top Headline


The final reading of S&P Global manufacturing PMI was revised higher to 52 for September from preliminary reading of 51.8 and up from 51.5 in August.

 

Equities Trading UP

 

  • FingerMotion, Inc. FNGR shares shot up 56% to $5.27 after the stock rose more than 80% Friday.
  • Shares of Avenue Therapeutics, Inc. ATXI got a boost, shooting 33% to $13.39.
  • Myovant Sciences Ltd. MYOV shares were also up, gaining 35% to $24.17 after the company received an acquisition offer from Sumitovant Biopharma and Sumitormo Pharma to acquire the company for $22.75 per share in cash.

 

Equities Trading DOWN

  • Clene Inc. CLNN shares tumbled 30% to $1.96 after the company released topline results from the Healey ALS Platform trial of CNM-Au8, an investigational gold nanocrystal suspension, in participants with amyotrophic lateral sclerosis (ALS).
  • Shares of Blue Apron Holdings, Inc. APRN were down 26% to $4.3025 after the company announced an equity distribution agreement allowing the company to sell up to $15M of stock.
  • American Virtual Cloud Technologies, Inc. AVCT was down, falling 23% to $2.3101. American Virtual Cloud Technologies, on Friday, announced the intent to effect a reverse stock split.


Also check out: Dow Tumbles 500 Points, Volatility In Markets Increases Further


Commodities

In commodity news, oil traded up 6% to $84.24, while gold traded up 0.2% at $ 1,675.90.


Silver traded up 5.3% to $20.055 on Monday while copper fell 1.1% to $3.3765.


Euro zone


European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.3%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index rose 0.7%. The German DAX gained 0.3%, French CAC 40 slipped 0.1% and Italy’s FTSE MIB Index gained 1.1%.

The S&P Global Eurozone manufacturing PMI was revised lower to 48.4 in September compared to a preliminary reading of 48.5. The S&P Global/CIPS manufacturing PMI for UK was revised lower to 48.4 in September from a preliminary level of 48.5, while German manufacturing PMI fell to 47.8 in September from a preliminary reading of 48.3.

The S&P Global French manufacturing PMI fell to 47.7 in September versus 50.6 in the previous month, while Italian manufacturing PMI rose to 48.3 in September from the 48 a month ago. The S&P Global manufacturing PMI for Spain dropped to 49 in September from 49.9 in the prior month.


Economics

 

  • The final reading of S&P Global manufacturing PMI was revised higher to 52 for September from preliminary reading of 51.8 and up from 51.5 in August.
  • The ISM Manufacturing PMI for September will be released at 10:00 a.m. ET. The ISM manufacturing index might rise slightly to 52.9 in September from 52.8 in August.
  • Data on construction spending for August will be released at 10:00 a.m. ET. Analysts expect construction spending declining 0.3% in August following a 0.4% drop in the previous month.
  • The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
  • Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 11:45 a.m. ET.
  • Kansas City Federal Reserve Bank President Esther George will speak at 2:15 p.m. ET.

Check out this: Investor Fear Eases Slightly Despite Dow Dipping Around 9% In September


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,254,650 cases with around 1,084,890 deaths. India confirmed a total of at least 44,597,490 cases and 528,700 deaths, while France reported over 35,475,260 COVID-19 cases with 155,110 deaths. In total, there were at least 623,554,200 cases of COVID-19 worldwide with more than 6,550,950 deaths.

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