Dow Surges 400 Points; Crude Oil Down 1%

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining around 400 points on Monday.

The Dow traded up 1.24% to 32,804.26 while the NASDAQ rose 0.67% to 10,545.27. The S&P 500 also rose, gaining, 0.78% to 3,799.81.

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Leading and Lagging Sectors

Energy shares gained 1.5% on Monday. Leading the sector was strength from Millicom Peabody Energy Corporation BTU and Uranium Royalty Corp. UROY.

In trading on Monday, utilities shares tumbled by 3.1%.

Top Headline

 

HF Sinclair Corporation DINO reported better-than-expected results for its third quarter on Monday.

HF Sinclair posted quarterly earnings of $4.58 per share, topping market estimates of $4.12 per share. The company’s quarterly sales came in at $10.60 billion, versus expectations of $8.28 billion.

Equities Trading UP

 

• Veru Inc. VERU shares shot up 35% to $14.00 following publication of briefing documents ahead of the Nov. 9 FDA Adcom meeting for its COVID-19 treatment candidate.
• Shares of Oyster Point Pharma, Inc. OYST got a boost, shooting 39% to $11.64 after the company announced it will be acquired by Viatris for $11 per share.
• ACM Research, Inc. ACMR shares were also up, gaining 26% to $8.35 after Jefferies upgraded the stock from Underperform to Hold. ACM Research, last week, reported better-than-expected Q3 results.

 

Equities Trading DOWN

• Huadi International Group Co., Ltd. HUDI shares tumbled 91% to $16.78 after the company reported pricing of $25 million registered direct offering.
• Shares of Verve Therapeutics, Inc. VERV were down 26% to $23.02 after the company reported its VERVE-101 IND application was placed on hold by the FDA. The company also reported Q3 earnings results.
• Inhibikase Therapeutics, Inc. IKT was down, falling 40% to $0.4650 after the company announced an FDA clinical hold on its IkT-148009 programs.

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Commodities

In commodity news, oil traded down 1.1% to $91.64 while gold traded up 0.2% at $1,680.00.

Silver traded up 0.7% to $20.93 on Monday while copper fell 2.2% to $3.6070.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.33%, London’s FTSE 100 fell 0.48% while Spain’s IBEX 35 Index rose 0.25%. The German DAX gained 0.55%, French CAC 40 rose 0.01% and Italy’s FTSE MIB Index jumped 0.90%.

The S&P Global Eurozone construction PMI dropped to 44.9 in October versus 45.3 a month ago, signalling a contraction in output for the sixth striaght month. The S&P Global construction PMI for France dropped to 44.3 in October from 49.1 in the previous month, while German construction PMI came in at 43.8 for October. Industrial production in Germany increased 0.6% from a month ago in September

The Halifax house price index in the UK climbed 8.3% year-over-year in October following a 9.8% growth in the previous month.

Asia Pacific Markets

Asian markets closed higher on Monday, with the Japan’s Nikkei climbing 1.21% and Hong Kong’s Hang Seng Index jumping 2.69%. China’s Shanghai Composite Index gained 0.23%.

China's foreign exchange reserves increased to $3.052 trillion in October from $3.029 trillion in the earlier month. Chinese trade surplus widened to $85.2 billion in October from $84.8 billion in the year-ago month.

Economics

Data on consumer credit for September will be released at 3:00 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 99,647,810 cases with around 1,098,230 deaths. India confirmed a total of at least 44,661,510 cases and 530,500 deaths, while France reported over 36,946,900 COVID-19 cases with 157,270 deaths. In total, there were at least 637,830,710 cases of COVID-19 worldwide with more than 6,605,910 deaths.