Nasdaq Gains 100 Points; Guaranty Bancshares Posts Upbeat Results

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 100 points on Monday.

The Dow traded up 0.19% to 34,574.01 while the NASDAQ rose 0.71% to 14,214.50. The S&P 500, also rose, gaining, 0.31% to 4,519.25.

Check This Out: Baidu To Rally Around 32%? Here Are 10 Other Analyst Forecasts For Monday

Leading and Lagging Sectors

• Financial shares climbed by 1% on Monday.
• In trading on Monday, utilities shares fell by 0.7%.

Top Headline

Guaranty Bancshares, Inc. GNTY reported better-than-expected second-quarter financial results.

Guaranty Bancshares posted quarterly earnings of 81 cents per share, topping market estimates of 56 cents per share. The company’s quarterly sales came in at $32.58 million, versus expectations of $29.48 million.

Equities Trading UP

• ProMIS Neurosciences, Inc. PMN shares shot up 107% to $5.83. 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 64% to $29.93 after the company's Phase 3 ATTRibute-CM study of acoramidis for transthyretin amyloid cardiomyopathy met its primary endpoint.
• GreenPower Motor Company Inc. GP shares were also up, gaining 53% to $5.31 after the company reported better-than-expected fourth-quarter sales results.

Equities Trading DOWN

• Novan, Inc. NOVN shares dropped 69% to $0.1869 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 71% to $0.1059 after the company filed voluntary Chapter 11 petitions.
• Jiuzi Holdings, Inc. JZXN was down, falling 55% to $1.4886 after the company announced pricing of a $2.3 million registered direct offering.

Also Check This Out: General Motors, Alphabet And 2 Other Stocks Insiders Are Selling

Commodities

In commodity news, oil traded down 0.7% to $74.88 while gold traded down 0.4% at $1,956.30.

Silver traded down 0.6% to $25.055 on Monday while copper fell 2.5% to $3.8330.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.57%, London’s FTSE 100 slipped 0.31% while Spain’s IBEX 35 Index gained 0.06% The German DAX declined 0.27% French CAC 40 declined 1.17% and Italy’s FTSE MIB Index fell 0.17%.

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%.

Economics

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.