US Stocks Edge Higher; Goldman Sachs Downgrades Tesla To Neutral

U.S. stocks traded slightly higher this morning, with the Dow Jones gaining around 25 points on Monday.

Following the market opening Monday, the Dow traded up 0.08% to 33,753.64 while the NASDAQ rose 0.05% to 13,498.73. The S&P 500, also rose, gaining, 0.04% to 4,350.12.

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Top Headline

Goldman Sachs analyst Mark Delaney downgraded Tesla, Inc. TSLA from Buy to Neutral. The firm, however, upped the price target for the stock from $185 to $248, citing higher estimates and increased valuation multiple.

The stock received back-to-back downgrades last week. Barclays analyst Dan Levy downgraded Tesla and Morgan Stanley analyst Adam Jonas lowered ratings from Overweight to Equal Weight. The former upped the price target from $220 to $260, and the latter from $200 to $250.

 

Equities Trading UP

• TRxADE HEALTH, Inc. MEDS shares shot up 95% to $16.47. TRxADE HEALTH issued correction to press release announcing its anticipated combination with Superlatus, Inc.
• Shares of MoonLake Immunotherapeutics MLTX got a boost, shooting 89% to $48.80 after the company's Phase 2 study for Nanobody sonelokimabint met its primary endpoint in hidradenitis suppurativa.
• Acelyrin, Inc. SLRN shares were also up, gaining 30% to $22.92.

 

Equities Trading DOWN

• Avalo Therapeutics, Inc. AVTX shares dropped 84% to $0.70 after the company's Phase 2 Peak trial For quisovalimab In patients With non-eosinophilic asthma missed its primary endpoint
• Shares of FibroGen, Inc. FGEN were down 79% to $3.32 after the company's Phase 3 ZEPHYRUS-1 trial of pamrevlumab failed to meet its primary endpoint in idiopathic pulmonary fibrosis patients
• Nauticus Robotics, Inc. KITT was down, falling 15% to $1.96. Nauticus Robotics announced inclusion in Russell Microcap® Index.

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Commodities

In commodity news, oil traded down 0.3% to $68.98 while gold traded up 0.7% at $1,942.30.

Silver traded up 2% to $22.805 on Monday while copper fell 0.1% to $3.80.

 

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index rose 0.1% The German DAX dropped 0.2% French CAC 40 rose 0.2% and Italy’s FTSE MIB Index fell 0.3%.

The Ifo Business Climate indicator for Germany dropped for the second month in a row to a reading of 88.5 in June. Producer prices in Spain dropped 6.9% year-over-year in May.

 

Asia Pacific Markets

Asian markets closed lower on Monday, with Japan’s Nikkei 225 dropping 0.25%, Hong Kong’s Hang Seng Index falling 0.51%, China’s Shanghai Composite Index dropping 1.48%. India’s S&P BSE Sensex slipped 0.01%.

The index of leading economic indicators in Japan fell to 96.8 in April 2023 versus a preliminary reading of 97.6, while index of coincident economic indicators slipped to 97.3 in April 2023 versus a flash reading of 99.4.

 

Economics

 

The Dallas Fed manufacturing index will be released at 10:30 a.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 107,280,820 cases with around 1,167,760 deaths. India confirmed a total of at least 44,993,990 cases and 531,900 deaths, while France reported over 40,133,300 COVID-19 cases with 167,610 deaths. In total, there were at least 690,847,660 cases of COVID-19 worldwide with more than 6,894,410 deaths.