Why U.S. Stocks Are Trading Mostly Higher; Chicago Fed National Activity Index Remains Unchanged

U.S. stocks traded mostly higher this morning, with the Dow Jones gaining around 100 points on Monday.

Following the market opening Monday, the Dow traded up 0.30% to 31,995.81 while the NASDAQ fell 0.05% to 11,828.12. The S&P also rose, gaining, 0.17% to 3,968.52.

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Leading and Lagging Sectors

Energy shares rose 1.4% on Monday. Meanwhile, top gainers in the sector included Borr Drilling Limited BORR, up 11% and Uranium Energy Corp. UEC up 7%.

In trading on Monday, information technology shares fell 0.5%.

Top Headline

The Chicago Fed National Activity Index came in unchanged at -0.19 in June versus a revised reading of -0.19 in the previous month.

 

Equities Trading UP

Redbox Entertainment Inc. RDBX shares shot up 79% to $5.47 after dropping 12% on Friday.

Shares of Infrastructure and Energy Alternatives, Inc. IEA got a boost, shooting 29% to $13.41 after the company announced it will be acquired by MasTec for $14 per share in cash and stock.

SIGA Technologies, Inc. SIGA shares were also up, gaining 25% to $15.21 after the World Health Organization declared monkeypox a public health emergency of global concern.

Equities Trading DOWN

AMTD Digital Inc. HKD shares tumbled 40% to $41.00 amid continued post-IPO volatility.

Shares of ToughBuilt Industries, Inc. TBLT were down 29% to $5.64 after the company announced a $20 million private placement priced at a premium to market under Nasdaq rules.

Enveric Biosciences, Inc. ENVB was down, falling 26% to $7.15 after the company announced an $8 million registered direct offering and private placement.

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Commodities

In commodity news, oil traded up 1.1% to $95.72, while gold traded down 0.5% to $1,718.90.

Silver traded down 1.6% to $18.325 on Monday while copper rose 0.7% to $3.3720.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.3%. The German DAX gained 0.1%, French CAC 40 rose 0.3% and Italy’s FTSE MIB Index rose 0.5%.

UK’s CBI's quarterly gauge of manufacturing optimism rose to -21 in the third quarter from -34 in the prior three-month period. The Ifo Business Climate indicator for Germany declined to 88.6 in July, recording the weakest in more than two years.

Economics

The Chicago Fed National Activity Index came in unchanged at -0.19 in June versus a revised reading of -0.19 in the previous month.

The Dallas Fed's general activity index for July will be released at 10:30 a.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The Treasury will auction 2-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 92,194,890 cases with around 1,051,990 deaths. India confirmed a total of at least 43,905,620 cases and 526,070 deaths, while Brazil reported over 33,591,350 COVID-19 cases with 677,020 deaths. In total, there were at least 575,405,520 cases of COVID-19 worldwide with more than 6,403,450 deaths.