Nasdaq Surges Over 1%; US Wholesale Inventories Rise 0.2% In July

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 200 points on Monday.

The Dow traded up 1.04% to 40,764.12 while the NASDAQ rose 1.31% to 16,908.76. The S&P 500 also rose, gaining, 1.09% to 5,467.56.

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Leading and Lagging Sectors

Consumer discretionary shares surged by 1.7% on Monday.

In trading on Monday, utilities shares fell by 0.1%.

Top Headline

U.S. wholesale inventories increased by 0.2% month-over-month to $903.5 billion in July compared to a preliminary reading of a 0.3% rise, and versus a revised flat reading a month ago.

Equities Trading UP
                       

• Sintx Technologies, Inc. SINT shares shot up 100% to $5.63 after the company announced it received a Notice of Allowance from the United States Patent and Trademark Office for patent application no. 17/634,141 entitled “Methods of Surface Functionalization of Zirconia-Toughed Alumina with Silicon Nitride Ceramic.”
• Shares of Intelligent Bio Solutions Inc. INBS got a boost, surging 78% to $2.8150 after the company announced preliminary fourth-quarter revenue results of $730K and FY24 revenue of $3.11 million.
• Relay Therapeutics, Inc. RLAY shares were also up, gaining 45% to $9.06 after the company reported interim data for its breast cancer treatment.

Equities Trading DOWN

• Edgio, Inc. EGIO shares dropped 77% to $1.42. Edgio launched a strategic financial restructuring to facilitate sale and strengthen operations.
• Shares of Pineapple Energy Inc. PEGY were down 63% to $0.2974 after the company entered into exchange agreements to swap Series A preferred stock and warrants for Series C preferred stock, convertible at $0.45 per share.
• AMC Networks Inc. AMCX was down, falling 10% to $8.09. CSW Industrials Inc. CSWI will replace AMC Networks in the S&P SmallCap 600.

Commodities

In commodity news, oil traded up 0.5% to $68.01 while gold traded up 0.1% at $2,526.60.

Silver traded up 1.2% to $28.51 on Monday, while copper rose 1.2% to $4.1225.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.79%, Germany's DAX gained 0.72% and France's CAC 40 rose 0.95%. Spain's IBEX 35 Index rose 0.85%, while London's FTSE 100 rose 0.85%.

The BNP Paribas Real Estate Construction PMI in Ireland edged higher to 50.0 in August from 49.9 in July.

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan's Nikkei 225 falling 0.48%, Hong Kong's Hang Seng Index declining 1.42%, China's Shanghai Composite Index falling 1.06% and India's BSE Sensex gaining 0.46%.

Foreign exchange reserves in Singapore declined to SGD 501.3 billion in August compared to SGD 506.4 billion a month ago. The gauge for Japan's service sector rose to 49.0 in August versus 47.5 in the prior month, while the country' economy expanded by 2.9% on an annualized basis during the second quarter.

China’s annual inflation rate accelerated to 0.6% in August from 0.5% in the prior month, while producer prices fell by 1.8% year-over-year in August.

Economics

• The Manheim Used Vehicle Value Index rose 1.2% month-over-month in August compared to a 2.8% gain in July.
• U.S. wholesale inventories increased by 0.2% month-over-month to $903.5 billion in July compared to a preliminary reading of a 0.3% rise, and versus a revised flat reading a month ago.

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