US Stocks Edge Higher; NY Empire State Manufacturing Index Falls In July

U.S. stocks traded slightly higher this morning, with the Dow Jones moving higher by around 20 points on Monday.

Following the market opening Monday, the Dow traded up 0.06% to 34,529.57 while the NASDAQ rose 0.25% to 14,149.04. The S&P 500, also rose, gaining, 0.06% to 4,508.18.

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Leading and Lagging Sectors

  • Financial shares climbed by 0.6% on Monday.
  • In trading on Monday, health care shares fell by 0.7%.
  • Top Headline

  • The NY Empire State Manufacturing Index fell by 5.5 points from the prior month to a reading of +1.1 in July, topping market estimates of -4.3.


Equities Trading UP

  • ProMIS Neurosciences, Inc. PMN shares shot up 117% to $6.11. ProMIS showcased preclinical data at the Alzheimer's Association International Conference 2023 on computationally-derived antibody and vaccine from Alzheimer's pipeline.
  • Shares of BridgeBio Pharma, Inc. BBIO got a boost, shooting 61% to $29.36 after the company's Phase 3 ATTRibute-CM study of acoramidis for transthyretin amyloid cardiomyopathy met its primary endpoint.
  • Acumen Pharmaceuticals, Inc. ABOS shares were also up, gaining 61% to $10.08 after the company presented topline results from Phase 1 study of ACU193 for early Alzheimer's disease at the Alzheimer's Association International Conference 2023.


Equities Trading DOWN

  • Novan, Inc. NOVN shares dropped 67% to $0.2033 after the company entered into agreement to sell substantially all of its assets, including Berdazimer Gel, 10.3%, and filed for Chapter 11 protection.
  • Shares of ViewRay, Inc. VRAY were down 65% to $0.1262 after the company filed voluntary Chapter 11 petitions.
  • BYND Cannasoft Enterprises Inc. BCAN was down, falling 54% to $1.39 after the company priced 1,733,334 shares offering at $1.50 per share.
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In commodity news, oil traded down 1.3% to $74.46 while gold traded down 0.3% at $1,957.70.

Silver traded down 0.8% to $24.995 on Monday while copper fell 2.7% to $3.8270.


Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.7%, London’s FTSE 100 slipped 0.3% while Spain’s IBEX 35 Index slipped 0.3% The German DAX declined 0.6% French CAC 40 declined 1.4% and Italy’s FTSE MIB Index fell 0.4%.

The annual inflation rate in Italy eased to a 14-month low level of 6.4% in June, down from 7.6% in the earlier month.


Asia Pacific Markets

Asian markets closed mixed on Monday, with China’s Shanghai Composite Index falling 0.87% and India’s S&P BSE Sensex rising 0.8%.

The Chinese economy advanced by 6.3% year-over-year during the second quarter, higher than a 4.5% growth in the prior quarter, but missing expectations of 7.3%. Chinese retail sales rose by 3.1% year-over-year in June, compared to a 12.7% growth in May. The country’s industrial production climbed 4.4% year-over-year in June, topping market views of 2.7%, while average new home prices in the country came in flat year-over-year in June. The People's Bank of China held its one-year medium-term lending facility rate at 2.65%.



The NY Empire State Manufacturing Index fell by 5.5 points from the prior month to a reading of +1.1 in July, topping market estimates of -4.3.

Now Read This: Top 5 Financial Stocks That Could Blast Off In July


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,394,980 cases with around 1,168,880 deaths. India confirmed a total of at least 44,994,870 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 691,481,970 cases of COVID-19 worldwide with more than 6,899,730 deaths.

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