Nasdaq Surges 1%; Boeing Reports 10% Workforce Reduction

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining around 1% on Monday.

Following the market opening Monday, the Dow traded up 0.06% to 42,890.67 while the NASDAQ rose 0.97% to 18,521.52. The S&P 500 also rose, gaining, 0.67% to 5,854.60.

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Leading and Lagging Sectors

Information technology shares jumped by 1.6% on Monday.

In trading on Monday, energy shares fell by 0.4%.

Top Headline

Boeing BA revealed plans to cut its workforce by about 10%, reportedly equating to approximately 17,000 jobs.

The layoffs will unfold over the next few months, affecting executives, managers, and other employees. Kelly Ortberg, Boeing's president and CEO, communicated this decision to staff via email. According to a Reuters report, these layoffs will impact nearly 17,000 jobs.

Equities Trading UP

Tevogen Bio Holdings Inc. TVGN shares shot up 222% to $1.21. Tevogen Bio plans to share $1 billion + revenue potential of its pipeline portfolio beginning week of Oct. 14.
Shares of Verb Technology Company, Inc. VERB got a boost, surging 64% to $12.96 on the press release for news initially released on October 11. The company’s CEO in an October 10 shareholder letter highlighted its cash balance and implied the stock is undervalued.
Expion360 Inc. XPON shares were also up, gaining 54% to $3.6786.

Equities Trading DOWN

Molecular Templates, Inc. MTEM shares dropped 78% to $0.32 after the company announced it approved the liquidation and wind-up of the company.
Shares of Zapata Computing Holdings Inc. ZPTA were down 70% to $0.0782.
Vicinity Motor Corp. VEV was down, falling 32% to $0.0800. Vicinity Motor failed to renegotiate terms with creditors and concluded workout plan without restructuring.

Commodities

In commodity news, oil traded down 2.1% to $74.02 while gold traded down 0.4% at $2,666.90.

Silver traded down 0.8% to $31.515 on Monday, while copper fell 1.8% to $4.4115.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.4%, Germany's DAX gained 0.6% and France's CAC 40 rose 0.3%. Spain's IBEX 35 Index rose 0.9%, while London's FTSE 100 rose 0.3%.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Hong Kong's Hang Seng Index falling 0.75%, China's Shanghai Composite Index gaining 2.07% and India's BSE Sensex gaining 0.73%.

Economics

No major economic reports are scheduled for release today.

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