Dow Surges Over 100 Points; Crude Oil Falls Sharply

U.S. stocks turned higher midway through trading, with the Dow Jones gaining more than 100 points on Monday.

The Dow traded up 0.37% to 33,886.02 while the NASDAQ rose 0.42% to 13,102.18. The S&P also rose, gaining, 0.26% to 4,291.20.

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Leading and Lagging Sectors

Consumer staples shares climbed 0.9% on Monday. Meanwhile, top gainers in the sector included Revlon, Inc. REV, up 26% and Blue Apron Holdings, Inc. APRN up 18%.

In trading on Monday, energy shares fell by 1.8%.

Top Headline

The New York Empire State Manufacturing Index fell to -31.3 in August, notching the weakest reading since May 2020.

 

Equities Trading UP

Plus Therapeutics, Inc. PSTV shares shot up 43% to $0.7562 after the company presented data from two ongoing trials of its lead investigational drug, Rhenium-186 Nanoliposome (186RNL), for recurrent glioblastoma (GBM) and leptomeningeal metastases.

Shares of Viridian Therapeutics, Inc. VRDN got a boost, shooting 56% to $23.01 after the company reported better-than-expected Q2 sales results. The company also announced initial data from the 10mg/kg cohort in its ongoing Phase 1/2 trial of VRDN-001 for thyroid eye disease (TED), a rare autoimmune disease in which the body's immune system attacks the tissues around and behind the eyes.

Team, Inc. TISI shares were also up, gaining 49% to $1.46 after the company announced the sale of its Quest Integrity business to Baker Hughes for $280 million cash. The company also said Q2 EPS and sales results were up year over year.

Equities Trading DOWN

IDEAYA Biosciences, Inc. IDYA shares tumbled 35% to $10.18 after the company reported a wider Q2 loss.

Shares of AMMO, Inc. POWW were down 13% to $5.18 after the company announced plans to separate its ammunition and marketplace businesses into two independent publicly-traded companies.

LogicBio Therapeutics, Inc. LOGC was down, falling 17% to $0.5143. LogicBio Therapeutics posted a Q2 loss of $0.15 per share.

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Commodities

In commodity news, oil traded down 3.7% to $88.68, while gold traded down 1.1% to $1,795.60.

Silver traded down 2.1% to $20.26 on Monday while copper fell 1.2% to $3.6235.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.34%, London’s FTSE 100 rose 0.11% while Spain’s IBEX 35 Index rose 0.32%. The German DAX gained 0.15%, while French CAC 40 rose 0.25% .

Wholesale prices in Germany rose by 19.5% year-over-year in July following a 21.2% increase in the prior month.

 

Economics

 

The New York Empire State Manufacturing Index fell to -31.3 in August, notching the weakest reading since May 2020.

The NAHB housing market index fell for an eighth consecutive month to 49 in August, recording the lowest reading since May 2020.

The Treasury International Capital report for June will be released at 4:00 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 94,688,160 cases with around 1,062,340 deaths. India confirmed a total of at least 44,268,380 cases and 527,060 deaths, while France reported over 34,229,440 COVID-19 cases with 153,060 deaths. In total, there were at least 595,397,160 cases of COVID-19 worldwide with more than 6,454,880 deaths.