Dow Surges Over 200 Points; Empire State Manufacturing Index Falls In October

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

The Dow traded up 0.72% to 33,913.22 while the NASDAQ rose 0.46% to 13,468.82. The S&P 500 also rose, gaining, 0.60% to 4,353.60.

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Leading and Lagging Sectors

Energy shares climbed by 1.1% on Monday.

In trading on Monday, information technology shares rose by just 0.2%.

Top Headline

The NY Empire State Manufacturing Index declined to -4.6 in October from 1.9 in the prior month, compared to market estimates for a reading of -7.

Equities Trading UP

LQR House Inc. LQR shares shot up 76% to $0.3030. LQR House announced that through its custom marketing campaign and strategic efforts, Von Payne Whiskey is now displayed on the shelves of the retail giant, Costco.

Shares of PCTEL, Inc. PCTI got a boost, shooting 47% to $6.86. On Friday, Amphenol Corp APH inked a deal to acquire PCTEL for around $139.7 million.

Momentus Inc. MNTS shares were also up, gaining 32% to $4.11.

Equities Trading DOWN

Aldeyra Therapeutics, Inc. ALDX shares dropped 60% to $2.17. The company received feedback from the U.S. Food and Drug Administration (FDA) regarding their new drug application (NDA) for reproxalap, intended for treating dry eye disease.

Shares of Biocept, Inc. BIOC were down 58% to $0.4239. Biocept said Antonino Morales tendered his resignation as the company's President And Chief Executive Officer, effective on Oct. 13, 2023. The company also Filed voluntary petition under the provisions of Chapter 7 in Bankruptcy Court.

Omeros Corporation OMER was down, falling 47% to $1.20 after the company announced it will discontinue the ARTEMIS-IGAN trial, which did not reach statistical significance on the primary endpoint of reduction in proteinuria from baseline compared to placebo.

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Commodities

In commodity news, oil traded down 0.3% to $87.47 while gold traded down 0.5% at $1,932.40.

Silver traded down 0.2% to $22.85 on Monday while copper rose 0.2% to $3.5765.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.1% London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index rose 0.4% The German DAX rose 0.1% French CAC 40 rose 0.2%, while Italy’s FTSE MIB Index gained 0.5%.

The Eurozone recorded a trade surplus of EUR 6.7 billion in August versus a year-ago gap of EUR 54.4 billion. The annual inflation rate in Italy eased to 5.3% in September from 5.4% a month ago. German wholesale prices fell for the sixth straight period by 4.1% year-over-year in September.

Asia Pacific Markets

Asian markets closed lower on Monday, with Japan’s Nikkei 225 falling 2.03%, China’s Shanghai Composite Index falling 0.46% and Hong Kong’s Hang Seng Index dropping 0.97%. India’s S&P BSE Sensex, meanwhile, slipped 0.2%.

India's wholesale prices fell by 0.26% year-over-year in September following a 0.52% decline in the previous month. Industrial production in Japan fell by 0.7% month-over-month in August.

Economics

The NY Empire State Manufacturing Index declined to -4.6 in October from 1.9 in the prior month, compared to market estimates for a reading of -7.

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