US Stocks Open Higher As Dow Jumps 550 Points

U.S. stocks traded higher this morning, with the Dow Jones climbing more than 550 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 1.90% to 30,050.95 while the NASDAQ rose 2.49% to 11,084.45. The S&P 500 also rose, gaining, 2.15% to 3,757.54.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 3.2% on Tuesday. Leading the sector was strength from Poshmark, Inc POSH and ThredUp Inc. TDUP.

In trading on Tuesday, consumer staples shares rose by just 1.2%.

Top Headline

Acuity Brands, Inc. AYI reported better-than-expected earnings for its fourth quarter on Tuesday.

Acuity Brands reported quarterly earnings of $3.95 per share, which beat market expectations of $3.58 per share. Its sales came in at $1.11 billion, versus analysts’ estimates of $1.08 billion.

Equities Trading UP

AeroClean Technologies, Inc. AERC shares shot up 33% to $4.29 after the company and Molekule announced they have entered into a definitive agreement to combine the companies in an all-stock merger.

 

Shares of Avenue Therapeutics, Inc. ATXI got a boost, shooting 27% to $14.66 after gaining 14% on Monday.

 

Inhibrx, Inc. INBX shares were also up, gaining 30% to $26.29 after the company announced that, based on discussions with the FDA, there is potential to pursue an accelerated approval in the U.S. for INBRX-101.

 

Equities Trading DOWN

KalVista Pharmaceuticals, Inc. KALV shares tumbled 55% to $6.45 after the company announced it terminated the KOMPLETE phase 2 clinical trial for KVD824 for the prevention of attacks in people with hereditary angioedema.

Shares of FaZe Holdings Inc. FAZE were down 36% to $5.24 after the company issued a filing showing issuance of up to roughly 5.92 million shares of common stock, the resale of up to roughly 64 million shares of common stock and the resale of roughly 173,000 warrants.

AXT, Inc. AXTI was down, falling 22% to $5.49 after the company cut preliminary Q3 revenue guidance below estimates.

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Commodities

In commodity news, oil traded up 2.7% to $85.86, while gold traded up 1% at $1,718.60.

Silver traded up 2% to $21.005 on Tuesday while copper rose 0.3% to $3.42.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 2.5%, London’s FTSE 100 rose 2.2% while Spain’s IBEX 35 Index rose 2.7%. The German DAX gained 3%, French CAC 40 gained 3.4% and Italy’s FTSE MIB Index gained 2.7%.

The producer price inflation in the Eurozone surged to a new record high of 43.3% year-over-year in August following a revised 38.0% in the previous month. The number of people registered as unemployed in Spain increased by 17,679 from a month ago to 2.94 million in September.

 

Economics

Data on factory orders for August will be released at 10:00 a.m. ET. Factory orders are expected to increase 0.2% in August compared to a 1.0% drop in July.

The Labor Department's JOLTS report for August will be released at 10:00 a.m. ET. Job openings are likely to decline to 11.150 million in August from 11.239 million in the previous month.

The Treasury is set to auction 52-week bills at 11:30 a.m. ET.

Fed Governor Philip N. Jefferson will speak at 11:45 a.m. ET.

San Francisco Fed President Mary Daly will speak 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 98,285,730 cases with around 1,085,060 deaths. India confirmed a total of at least 44,599,460 cases and 528,710 deaths, while France reported over 35,483,950 COVID-19 cases with 155,190 deaths. In total, there were at least 623,821,960 cases of COVID-19 worldwide with more than 6,552,050 deaths.