Dow Surges 250 Points; US Manufacturing PMI Tops Expectations

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

Following the market opening Tuesday, the Dow traded up 0.80% to 33,200.75 while the NASDAQ rose 0.88% to 13,132.62. The S&P 500 also rose, gaining, 0.79% to 4,250.15.

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Leading and Lagging Sectors

Utilities shares rose by 1.7% on Tuesday.

In trading on Tuesday, energy shares fell by 0.3%.

Top Headline

The S&P Global manufacturing PMI for the US increased to 50 in October from 49.8 in the prior month and topping market expectations of 49.5. The S&P Global services PMI rose to 50.9 in October versus 50.1 a month ago.

Equities Trading UP

InMed Pharmaceuticals Inc. INM shares shot up 187% to $1.66. InMed Pharmaceuticals said INM-901 demonstrates unique pharmacological effects in Alzheimer's disease in preclinical proof-of-concept studies.

Shares of Ascent Solar Technologies, Inc. ASTI got a boost, shooting 76% to $1.73 after the company received encouragement from the U.S. Department of Energy to submit a full application for federal funding of the Agrivoltaic Product Development Project.

LianBio LIAN shares were also up, gaining 62% to $2.2575 after the company entered into agreement with Bristol Myers Squibb for Mavacamten in China and other Asian markets.

Equities Trading DOWN

reAlpha Tech Corp. AIRE shares dropped 61% to $160.00. reAlpha announced effectiveness of registration statement for proposed direct listing of its common stock on Nasdaq.

Shares of LumiraDx Limited LMDX were down 39% to $0.1685. LumiraDx shares jumped 216% on Monday after the company announced a strategic collaboration with AstraZeneca and Everton in the Community to set up England's first community-based heart and lung screening hub.

INVO Bioscience, Inc. INVO was down, falling 34% to $1.3968 after jumping over 292% on Monday. The company announced it will acquire NAYA Biosciences in an all-stock transaction.

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Commodities

In commodity news, oil traded down 0.7% to $84.89 while gold traded down 0.6% at $1,976.10.

Silver traded down 0.4% to $23.12 on Tuesday while copper rose 1% to $3.6230.

Euro zone

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

The S&P Global/CIPS UK services PMI fell to 49.2 in October from 49.3 in the prior month, while manufacturing PMI climbed to 45.2 from 44.3. Labor productivity in the UK increased by 0.7% on quarter during the second quarter.

The HCOB Eurozone manufacturing PMI declined to 43 in October from 43.4 in the prior month, while services PMI slipped to 47.8 from 48.7. Germany’s services PMI fell to 48 in October from 50.3 in the prior month, while manufacturing PMI rose to a five-month high level of 40.7 in October. The HCOB France composite PMI climbed to 45.3 in October from September’s reading of 44.1.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 rising 0.20%, Hong Kong’s Hang Seng Index fell 1.05% and China’s Shanghai Composite Index gaining 0.78%.

The au Jibun Bank Japan services PMI fell to 51.1 in October from 53.9 in the prior month, while manufacturing PMI came in unchanged at 48.5 in October.

Economics

The S&P Global manufacturing PMI for the US increased to 50 in October from 49.8 in the prior month and topping market expectations of 49.5.

The S&P Global services PMI rose to 50.9 in October versus 50.1 a month ago.

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