US Stocks Open Higher, Dow Surges 300 Points

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 300 points on Friday.

Following the market opening Friday, the Dow traded up 1.01% to 32,096.33 while the NASDAQ rose 1.65% to 12,057.71. The S&P 500 also rose, gaining, 1.21% to 4,054.75.

Also check this: Market Volatility Falls Further As US Stocks Settle Higher On Thursday

Leading and Lagging Sectors

Communication services shares jumped by 1.8% on Thursday. Meanwhile, top gainers in the sector included Playtika Holding Corp. PLTK, up 9% and Vinco Ventures, Inc. BBIG up 8%.

In trading on Thursday, utilities shares rose by just 0.5%.

Top Headline

Wholesale inventories in the US rose by 0.6% from a month ago to $900.7 billion in July, versus an initial estimate of a 0.8% increase.

 

Equities Trading UP

MOGU Inc. MOGU shares shot up 34% to $2.70 after the company announced a $10 million repurchase program.

 

Shares of Zscaler, Inc. ZS got a boost, shooting 18% to $182.21 after the company reported better-than-expected Q4 results and issued sales guidance above estimates.

 

Zai Lab Limited ZLAB shares were also up, gaining 17% to $50.50.

 

Equities Trading DOWN

Immunocore Holdings plc IMCR shares tumbled 13% to $50.25 after the company presented its Phase 1 data for TCR therapy targeting PRAME.

Shares of Intellinetics, Inc. INLX were down 15% to $6.76.
Intellinetics has been uplisted to NYSE.

TPI Composites, Inc. TPIC was down, falling 12% to $16.54.

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Commodities

In commodity news, oil traded up 3.2% to $86.23, while gold traded up 0.3% at $1,724.70.

Silver traded up 0.9% to $18.615 on Friday while copper rose 0.8% to $3.5540.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1.7%, London’s FTSE 100 rose 1.5%, while Spain’s IBEX 35 Index rose 1.7%. The German DAX gained 1.5%, French CAC 40 rose 1.6% and Italy’s FTSE MIB Index gained 1.8%.

Industrial production in France dropped by 1.6% from a month ago in July versus a revised 1.2% increase in June, while industrial production in Spain gained by 5.3% year-over-year in July.

 

Economics

 

Wholesale inventories in the US rose by 0.6% from a month ago to $900.7 billion in July, versus an initial estimate of a 0.8% increase.

Federal Reserve Bank of Kansas City President Esther George will speak at 12:00 p.m. ET.

Federal Reserve Governor Christopher Waller will speak at 12:00 p.m. ET.

The Baker Hughes North American rig count report for the recent week is scheduled for release 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 96,959,160 cases with around 1,074,780 deaths. India confirmed a total of at least 44,484,720 cases and 528,120 deaths, while France reported over 34,663,100 COVID-19 cases with 154,430 deaths. In total, there were at least 612,754,590 cases of COVID-19 worldwide with more than 6,512,830 deaths.