Crude Oil Down 1%; Wholesale Inventories Unchanged For May

U.S. stocks traded mostly higher midway through trading, with the Nasdaq Composite trading slightly lower on Monday.

The Dow traded up 0.42% to 33,875.27 while the NASDAQ fell 0.14% to 13,641.41. The S&P 500, also rose, gaining, 0.05% to 4,401.08.

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Leading and Lagging Sectors

• Industrials shares rose by 1.2% on Monday.
• In trading on Monday, communication services shares fell by 1.1%.

Top Headline

Wholesale inventories in the U.S. came in unchanged month-over-month in May versus earlier estimates of a 0.1% decline.

Equities Trading UP

• Mobilicom Limited MOB shares shot up 81% to $2.72 after the company announced it received a commercial scale purchase order from Teledyne-FLIR for the production of drones for the U.S. Department of Defense.
• Shares of Jupiter Wellness, Inc. JUPW got a boost, shooting 38% to $0.5035 after the company announced it has executed an Asset Purchase Agreement with GBB Drink Lab to acquire all operating assets including the "Safety Shot" rapid alcohol detox drink.
• Nanobiotix S.A. NBTX shares were also up, gaining 41% to $7.08 after the company entered into a license agreement with Janssen Pharmaceutical for global co-development and commercialization of NBTXR3.

Equities Trading DOWN

• Tivic Health Systems, Inc. TIVC shares dropped 40% to $0.0671 after the company priced public offering of 32.5 million shares at $0.055 per share.
• Shares of The Aaron's Company, Inc. AAN were down 12% to $13.49 after Loop Capital downgraded the stock from Buy to Hold.
• FMC Corporation FMC was down, falling 10% to $93.45 after the company cut its second-quarter and 2023 guidance.

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Commodities

In commodity news, oil traded down 1% to $73.15 while gold traded down 0.1% at $1,930.10.

Silver traded up 0.1% to $23.295 on Monday while copper rose 0.1% to $3.7825.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.18%, London’s FTSE 100 rose 0.23% while Spain’s IBEX 35 Index gained 0.04% The German DAX gained 0.45% French CAC 40 climbed 0.45% and Italy’s FTSE MIB Index gained 0.34%.

The BNP Paribas Real Estate Construction PMI for Ireland rose to 50.4 in June from 49.4 in the prior month, recording the first growth in construction activity since Sept. 2022.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 dropping 0.61%, Hong Kong’s Hang Seng Index gaining 0.62%, China’s Shanghai Composite Index gaining 0.22%. India’s S&P BSE Sensex rose 0.1%.

The gauge for service sector sentiment in Japan dropped 1.4 points from the previous month to 53.6 in June, while Japan's current account surplus widened to JPY 1,862.4 billion in May compared to JPY 773..4 billion in the same year-ago period.

Chinese consumer prices came in flat for June 2023, following May's reading of a 0.2% increase, while producer prices declined 5.4% year-over-year in June. Vehicle sales in China rose 0.14% year-over-year to 2.51 million units in June.

Economics

Wholesale inventories in the U.S. came in unchanged month-over-month in May versus earlier estimates of a 0.1% decline.

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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 107,356,620 cases with around 1,168,500 deaths. India confirmed a total of at least 44,994,570 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 691,235,020 cases of COVID-19 worldwide with more than 6,898,480 deaths.