US Stocks Open Higher; Kimco Realty To Acquire RPT Realty

U.S. stocks traded higher this morning, with the Dow Jones gaining over 250 points on Monday.

Following the market opening Monday, the Dow traded up 0.81% to 34,626.22 while the NASDAQ rose 0.61% to 13,674.08. The S&P 500, also rose, gaining, 0.61% to 4,432.51.

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Leading and Lagging Sectors

Energy shares jumped by 1.4% on Monday.

In trading on Monday, consumer discretionary shares rose by just 0.3%.

Top Headline

Kimco Realty Corp KIM penned a merger agreement to acquire RPT Realty RPT in an all-stock transaction for around $2 billion, including the assumption of debt and preferred stock.

Equities Trading UP

Mobile Infrastructure Corporation BEEP shares shot up 76% to $10.66.

Shares of GD Culture Group Limited GDC got a boost, shooting 59% to $4.03 after it announced the launch of live-streaming e-commerce business on TikTok, a popular social media platform.

Hersha Hospitality Trust HT shares were also up, gaining 57% to $9.83 after it announced a merger with KSL Capital Partners LLC, an investor in travel and leisure businesses.

Equities Trading DOWN

AgileThought, Inc. AGIL shares dropped 37% to $0.1651. Alliance Global Partners downgraded AgileThought from Buy to Sell.

Shares of NovoCure Limited NVCR were down 32% to $20.25 after the company announced its Phase 3 ENGOT-ov50 / GOG-3029 / INNOVATE-3 trial of TTFields with paclitaxel did not meet its primary endpoint.

Faraday Future Intelligent Electric Inc. FFIE was down, falling 20% to $9.94. Faraday Future announced a 1-for-80 reverse stock split and authorized share reduction from 1,765,000,000 to 154,437,500.

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Commodities

In commodity news, oil traded up 1.2% to $80.75 while gold traded up 0.2% at $1,944.40.

Silver traded up 0.1% to $24.24 on Monday while copper rose 0.2% to $3.7695.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1% while Spain’s IBEX 35 Index rose 1.7% The German DAX rose 1.1% French CAC 40 gained 1.5%, while Italy’s FTSE MIB Index surged 1.4%.

M3 money supply in the Eurozone fell 0.4% year-over-year to EUR 15.6 trillion in July 2023, compared to a 0.6% growth in June. Bank lending to households in the Eurozone increased by 1.3% year-over-year to EUR 6.86 trillion in July.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 1.73%, China’s Shanghai Composite Index climbing 1.13% and Hong Kong’s Hang Seng Index gaining 0.97%. India’s S&P BSE Sensex, meanwhile, rose 0.3%.

The index of coincident economic indicators in Japan was revised lower to 115.1 in June from preliminary reading of 115.2, while index of leading economic indicators was confirmed at 108.9 in June compared to a final level of 109.1 a month ago. Profits earned by Chinese industrial firms dipped by 15.5% from a year ago to CNY 3,943.98 billion during the first seven months of the year.

Economics

No major economic reports are scheduled for release this morning.

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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 107,969,970 cases with around 1,173,390 deaths. India confirmed a total of at least 44,996,960 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 694,215,410 cases of COVID-19 worldwide with more than 6,910,770 deaths.