Dow Rises Over 200 Points; US Durable Goods Orders Down 4.5%

U.S. stocks traded higher this morning, with the Dow Jones gaining over 200 points on Monday.

Following the market opening Monday, the Dow traded up 0.68% to 33,041.22 while the NASDAQ rose 1.04% to 11,513.25. The S&P 500 also rose, gaining, 0.77% to 4,000.58.

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Leading and Lagging Sectors

• Consumer discretionary shares rose 0.9% on Monday. Meanwhile, top gainers in the sector included Fisker Inc FSR, up 34%, and Youdao, Inc. DAO, up 8%.

   

  In trading on Monday, consumer staples shares fell by 0.1%.

Top Headline

Durable goods orders in the US dropped 4.5% month-over-month in January, the most since April 2020.

Equities Trading UP

• ContraFect Corporation CFRX shares shot up 94% to $6.02.
• Shares of Moolec Science SA MLEC got a boost, shooting 49% to $9.83.
• Fisker Inc. FSR shares were also up, gaining 23% to $7.01 after the company reported Q4 financial results. The company said Q4 and FY22 operational results were better than expected. FY22 total spending was below the company's anticipated range and its cash balance at year end 2022 was ahead of expectations.

Equities Trading DOWN

• Smith Micro Software, Inc. SMSI shares tumbled 38% to $1.5528 after the company announced notice of termination from Tier 1 carrier for the company's family safety solution.
• Shares of TEGNA Inc. TGNA were down 24% to $16.69 after the Federal Communications Commission said it would hold a hearing to review the company's pending acquisition by Standard General. The company also posted downbeat quarterly results.
• fuboTV Inc. FUBO was down, falling 17% to $1.92 after the company reported Q4 financial resuls.

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Commodities

In commodity news, oil traded down 0.8% to $75.68 while gold traded up 0.3% at $1,822.90.

Silver traded down 0.6% to $20.81 on Monday while copper rose 0.8% to $3.9840.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.2%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 1.4%. The German DAX gained 1.5% French CAC 40 climbed 1.7% and Italy’s FTSE MIB Index gained 1.7%.

Loans to households in the Eurozone climbed 3.6% year-over-year in January. Consumer confidence in Italy climbed to 104 in February from 100.9 in the prior month, while manufacturing confidence in the country came in unchanged at 102.8 in February.

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei 225 dropping 0.11%, Hong Kong’s Hang Seng Index falling 0.33% and China’s Shanghai Composite Index dropping 0.28%. India’s S&P BSE Sensex dropped 0.3%.

Imports to Hong Kong dipped 30.2% year-over-year to $316.3 billion in January, while exports declined 36.7% year-over-year to $290.9 billion. The index of coincident economic indicators in Japan rose to 99.1 in December from a flash reading of 98.8, while index of leading economic indicators came in at 97.2 in December following a final reading of 97.7 in November.

Economics

Durable goods orders in the US dropped 4.5% month-over-month in January, the most since April 2020.

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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 105,251,150 cases with around 1,145,290 deaths. India confirmed a total of at least 44,686,200 cases and 530,770 deaths, while France reported over 39,615,730 COVID-19 cases with 164,870 deaths. In total, there were at least 679,726,820 cases of COVID-19 worldwide with more than 6,798,630 deaths.