U.S. stocks traded higher this morning, with the Nasdaq Composite gaining more than 100 points on Monday.
Following the market opening Monday, the Dow traded up 0.84% to 32,421.64 while the NASDAQ rose 1.14% to 12,249.84. The S&P 500 also rose, gaining, 1.04% to 4,109.73.
Also check this: Volatility In Markets Drops After US Stocks Record Weekly Gains
Leading and Lagging Sectors
Energy shares jumped by 2.5% on Monday. Meanwhile, top gainers in the sector included Borr Drilling Limited (NYSE:BORR), up 8% and Dynagas LNG Partners LP (NYSE:DLNG) up 6%.
In trading on Monday, utilities shares rose by just 0.01%.
Top Headline
Yum! Brands Inc (NYSE:YUM) Board of Directors approved a new share repurchase authorization for up to $2 billion in shares of common stock through June 30, 2024.
Equities Trading UP
- Ventyx Biosciences, Inc. (NASDAQ:VTYX) shares shot up 71% to $39.54 after Oppenheimer maintained an Outperform rating on the stock and raised its price target from $40 to $65.
- Shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) got a boost, shooting 30% to $14.35 after the company on Friday announced a $6 million private placement priced at $8.68 per share.
- Arqit Quantum Inc. (NASDAQ:ARQQ) shares were also up, gaining 20% to $6.72. The company will present at the H.C. Wainwright 24th Annual Global Investment Conference later today.
Equities Trading DOWN
- Yoshiharu Global Co. (NASDAQ:YOSH) shares tumbled 19% to $3.36. The company, on Friday, priced its IPO at $4 per share.
- Shares of DICE Therapeutics, Inc. (NASDAQ:DICE) were down 17% to $18.90. Stifel, last week, initiated coverage on the stock with a Buy rating and a $37 price target.
- MOGU Inc. (NYSE:MOGU) was down, falling 15% to $2.2173. Mogu’s board of directors, on Friday, authorized a new share repurchase program of up to $10 million of its shares.
Also check out: Kroger, DocuSign And Other Big Gainers From Friday
Commodities
In commodity news, oil traded up 2% to $88.55, while gold traded up 0.5% at $1,736.60.
Silver traded up 4.8% to $19.66 on Monday while copper rose 0.9% to $3.6015.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 1.7%, London’s FTSE 100 rose 1.6%, while Spain’s IBEX 35 Index rose 2%. The German DAX gained 2.5%, French CAC 40 rose 2.1% and Italy’s FTSE MIB Index gained 2.5%.
Industrial production in the UK dropped by 0.3% from a month ago in July versus a 0.9% drop in the previous month. The country’s trade deficit also shrank to GBP 7.8 billion in July from GBP 11.4 billion a month ago. The British economy grew by 0.2% in July from the previous month, compared to a 0.6% decline in the prior month.
Industrial production in Italy rose 0.4% from a month ago in July following a revised 2% decline in the prior month.
Economics
- Data on consumer inflation expectations will be released at 11:00 a.m. ET.
- The Treasury is set to auction 6-month bills and 3-year notes at 11:30 a.m. ET.
- The Treasury will also auction 3-month bills and 10-year notes at 1:00 p.m. ET.
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 97,095,090 cases with around 1,075,660 deaths. India confirmed a total of at least 44,500,580 cases and 528,160 deaths, while France reported over 34,718,130 COVID-19 cases with 154,460 deaths. In total, there were at least 613,950,810 cases of COVID-19 worldwide with more than 6,516,850 deaths.
