US Stocks Open Higher; Dow Surges 500 Points

US Stocks Open Higher; Dow Surges 500 Points

U.S. stocks traded higher this morning, with the Dow Jones gaining around 500 points on Monday.

Following the market opening Monday, the Dow traded up 1.70% to 30,137.28 while the NASDAQ rose 3.11% to 10,642.80. The S&P 500 also rose, gaining, 2.48% to 3,672.05.

Also check this: Market Volatility Declines Following US Inflation Data


Leading and Lagging Sectors


Real estate shares climbed 3.4% on Monday. Leading the sector was strength from Seritage Growth Properties SRG and Doma Holdings Inc. DOMA.


In trading on Monday, consumer staples shares rose by just 1%.


Top Headline

 

The NY Empire State Manufacturing Index fell 7.6 points to -9.1 in October, versus market estimates of -4.0.

 

Equities Trading UP


Inpixon INPX shares shot up 54% to $7.36 after gaining 10% on Friday. Last Tuesday the company announced new purchase orders.


Shares of Archaea Energy Inc. LFG got a boost, shooting 52% to $25.72 after the company announced it will be acquired by BP for approximately $4.1 billion.


Roblox Corporation RBLX shares were also up, gaining 17% to $41.65 after the company reported September 2022 key metrics; daily active users were 57.8 million, up 23% year-over-year, and estimated bookings were between $212 million and $219 million, up 11% to 15% year-over-year.


Equities Trading DOWN

NGM Biopharmaceuticals, Inc. NGM shares tumbled 73% to $3.1050 after the company announced topline efficacy and safety results from its CATALINA Phase 2 trial of NGM621 for geographic atrophy (GA) secondary to age-related macular degeneration (AMD). Over 52 weeks of treatment, NGM621 administered every four weeks (Q4W) (n=108) and every eight weeks (Q8W) (n=104) demonstrated a GA lesion area reduction of 6.3% and 6.5%, respectively, compared to sham (n=106), which did not reach statistical significance in either arm.


Shares of Intelligent Living Application Group Inc. ILAG were down 58% to $2.7608 after gaining 24% on Friday.

Minerva Neurosciences, Inc. NERV was down, falling 58% to $5.67 after the company received a refusal to file letter from the FDA regarding its marketing application for roluperidone for negative symptoms in patients with schizophrenia.


Also check out: Fear Among US Investors Increases After Dow Dips 400 Points


Commodities

In commodity news, oil traded up 1% to $86.43, while gold traded up 1.3% at $1,670.30.


Silver traded up 3.6% to $18.715 on Monday while copper rose 0.6% to $3.4430.


Euro zone


European shares were higher today. The eurozone’s STOXX 600 rose 2%, London’s FTSE 100 rose 1.2% while Spain’s IBEX 35 Index jumped 2.4%. The German DAX climbed 1.9%, French CAC 40 rose 2% and Italy’s FTSE MIB Index gained 1.9%.

The annual inflation rate in Italy accelerated to 8.9% in September, the highest level in around 37 years, compared to 8.4% in the prior month.

 

Economics


The NY Empire State Manufacturing Index fell 7.6 points to -9.1 in October, versus market estimates of -4.0.


The Treasury is set to auction 3-and 6-month bills at 11:30 a.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 98,850,120 cases with around 1,090,530 deaths. India confirmed a total of at least 44,630,880 cases and 528,900 deaths, while France reported over 36,258,600 COVID-19 cases with 155,810 deaths. In total, there were at least 630,019,300 cases of COVID-19 worldwide with more than 6,571,720 deaths.

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