Nasdaq Turns Higher; Akumin Shares Jump

U.S. stocks pared losses midway through trading, with the Nasdaq Composite gaining over 60 points on Monday.

The Dow traded down 0.01% to 33,126.50 while the NASDAQ rose 0.54% to 13,054.00. The S&P 500 also rose, gaining, 0.29% to 4,236.55.

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Leading and Lagging Sectors

Communication services shares rose by 0.9% on Monday.

In trading on Monday, energy shares dipped by 1%.

Top Headline

The Chicago Fed National Activity Index climbed to +0.02 in September versus a revised reading of -0.22 in the prior month.

Equities Trading UP

LumiraDx Limited LMDX shares shot up 205% to $0.2650 after the company reported a strategic collaboration with AstraZeneca and Everton in the Community to set up England’s first community-based heart and lung screening hub.

Shares of INVO Bioscience, Inc. INVO got a boost, shooting 337% to $2.36 as the company agreed to acquire NAYA Biosciences in an all-stock transaction.

Akumin Inc. AKU shares were also up, gaining 154% to $0.3703 after the company reached an agreement with Stonepeak to become a private company.

Equities Trading DOWN

Li-Cycle Holdings Corp. LICY shares dropped 42% to $1.3082 after the company announced plans to halt construction work on its Rochester Hub project, pending completion of a comprehensive review of the go-forward strategy for the project..

Shares of Revolution Medicines, Inc. RVMD were down 43% to $16.00 after the company announced it presented clinical activity and safety data from its Phase 1/1b trial of RMC-6236.

Apollomics, Inc. APLM was down, falling 40% to $1.04 after the company announced the presentation of vebreltinib efficacy and safety data from the KUNPENG clinical trial at ESMO 2023.

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Commodities

In commodity news, oil traded down 2% to $86.39 while gold traded down 0.3% at $1,988.50.

Silver traded down 1.2% to $23.225 on Monday while copper rose 0.4% to $3.5765.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.12%, London’s FTSE 100 fell 0.36% while Spain’s IBEX 35 Index fell 0.41% The German DAX fell 0.03% French CAC 40 rose 0.51%, while Italy’s FTSE MIB Index gained 0.80%.

Asia Pacific Markets

Asian markets closed lower on Monday, with Japan’s Nikkei 225 falling 0.83% and China’s Shanghai Composite Index falling 1.47%. India’s S&P BSE Sensex, meanwhile, fell 0.8%.

Food prices in Singapore rose by 4.3% year-over-year in September following a 4.8% increase in August. Singapore's annual inflation rate rose to 4.1% in September from August's level of 4.0%.

Economics

The Chicago Fed National Activity Index climbed to +0.02 in September versus a revised reading of -0.22 in the prior month.

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