US Stocks Open Higher, Nasdaq Surges Over 100 Points

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.

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Leading and Lagging Sectors

Energy shares jumped by 2.5% on Monday. Meanwhile, top gainers in the sector included Borr Drilling Limited BORR, up 8% and Dynagas LNG Partners LP DLNG up 6%.

In trading on Monday, utilities shares rose by just 0.01%.

Top Headline

Yum! Brands Inc 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. 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. 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. 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. YOSH shares tumbled 19% to $3.36. The company, on Friday, priced its IPO at $4 per share.
• Shares of DICE Therapeutics, Inc. 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. 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.

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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.

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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.