US Stocks Extend Monday's Gains; Dow Jumps Over 500 Points

US Stocks Extend Monday's Gains; Dow Jumps Over 500 Points

U.S. stocks traded higher this morning, with the Dow Jones gaining over 500 points on Tuesday. The Dow also climbed around 550 points on Monday.

Following the market opening Tuesday, the Dow traded up 1.81% to 30,732.92 while the NASDAQ rose 1.93% to 10,881.34. The S&P 500 also rose, gaining, 1.84% to 3,745.57.

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Leading and Lagging Sectors


Financials shares climbed 2.7% on Tuesday. Leading the sector was strength from MFA Financial, Inc. MFA and Futu Holdings Limited FUTU.


In trading on Tuesday, energy shares rose by just 1.1%.


Top Headline

 

Industrial production in the US rose 0.4% from a month ago in September versus a revised 0.1% decline in August and above analysts’ estimates of a 0.1% growth. Manufacturing production climbed 0.4% from a month ago in September.

 

Equities Trading UP

 

  • Akouos, Inc. AKUS shares shot up 86% to $13.02. Eli Lilly And Co LLY agreed to acquire Akouos for a 78% premium over Monday’s closing price of $7.01.
  • Shares of AVEO Pharmaceuticals, Inc. AVEO got a boost, shooting 40% to $14.68 after LG Chem announced it will acquire AVEO Oncology for $15 per share in cash.
  • Kiora Pharmaceuticals, Inc. KPRX shares were also up, gaining 37% to $8.45. Kiora Pharmaceuticals, on Monday, announced publication of Phase 1 trial results for KIO-100 as a treatment for ocular inflammatory disease.


Equities Trading DOWN

  • Salarius Pharmaceuticals, Inc. SLRX shares tumbled 24% to $3.80 after the company announced a pause in new patient enrollment in its Phase 1/2 trial of seclidemstat in Ewing Sarcoma and FET-rearranged sarcomas following the death of a patient.
  • Shares of Inpixon INPX were down 20% to $7.30. The company recently announced new purchase orders.
  • Agrify Corporation AGFY was down, falling 20% to $8.59. Agrify said its Board of Directors approved a 1-for-10 reverse stock split.


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Commodities

In commodity news, oil traded down 2.3% to $83.53, while gold traded down 0.3% at $1,658.70.


Silver traded up 0.3% to $18.775 on Tuesday while copper fell 1.4% to $3.3685.


Euro zone


European shares were higher today. The eurozone’s STOXX 600 rose 1%, London’s FTSE 100 rose 0.9% while Spain’s IBEX 35 Index jumped 1.4%. The German DAX climbed 1.8%, French CAC 40 rose 1.3% and Italy’s FTSE MIB Index gained 2%.

Passenger car registrations in the European Union surged 9.6% year-over-year to 787,870 units in September. The ZEW Indicator of Economic Sentiment for the Eurozone rose to -59.7 in October versus September's 14-year low level of -60.7, while German ZEW Indicator of Economic Sentiment increased by 2.7 points to -59.2 in October.

Spanish trade deficit increased to EUR 7.94 billion in August from EUR 3.88 billion in the year-ago month, while Italy reported a trade deficit of EUR 9.57 billion in August versus a year-ago surplus EUR 1.02 billion.

 

Economics

 

  • Industrial production in the US rose 0.4% from a month ago in September versus a revised 0.1% decline in August and above analysts’ estimates of a 0.1% growth. Manufacturing production climbed 0.4% from a month ago in September.
  • The NAHB housing market index declined for the 10th consecutive month to a reading of 38 in October, down from market estimates of 43.
  • Atlanta Fed President Raphael Bostic is set to speak at 2:00 p.m. ET.
  • The Treasury International Capital report for August will be released at 4:00 p.m. ET.
  • Minneapolis Fed President Neel Kashkari will speak at 5:30 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 98,877,880 cases with around 1,090,800 deaths. India confirmed a total of at least 44,632,430 cases and 528,910 deaths, while France reported over 36,268,020 COVID-19 cases with 155,980 deaths. In total, there were at least 630,430,620 cases of COVID-19 worldwide with more than 6,573,170 deaths.

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