Crude Oil Rises Over 2%; US Composite PMI Falls In July

U.S. stocks traded higher midway through trading, with the S&P 500 gaining around 0.5% on Monday.

The Dow traded up 0.59% to 35,434.26 while the NASDAQ rose 0.25% to 14,067.65. The S&P 500, also rose, gaining, 0.51% to 4,559.39.

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Leading and Lagging Sectors

• Energy shares climbed by 2% on Monday.
• In trading on Monday, health care shares fell by 0.2%.

 

Top Headline

The S&P Global composite PMI fell to 52.0 in July from 53.2 the prior month.

 

Equities Trading UP

• Tupperware Brands Corporation TUP shares shot up 66% to $1.4912 on above-average volume amid retail investor interest.
• Shares of AMC Entertainment Holdings, Inc. AMC got a boost, shooting 28% to $5.61 after a Delaware judge denied the company from converting its AMC preferred equity units into common stock.
• Applied Digital Corporation APLD shares were also up, gaining 17% to $9.00 after the company reported better-than-expected fourth-quarter adjusted EPS results and issued FY24 revenue guidance above estimates.

 

Equities Trading DOWN

• AppHarvest, Inc. APPH shares dropped 70% to $0.1001. AppHarvest announced Chapter 11 filing to support a financial and operational transition.
• Shares of Kodiak Sciences Inc. KOD were down 50% to $3.61 after the company released topline results from three Phase 3 studies of tarcocimab tedromer for neovascular age-related macular degeneration and diabetic macular edema.
• 22nd Century Group, Inc. XXII was down, falling 38% to $2.9999. 22nd Century named interim CEO and implemented a $15 million cost reduction initiative.

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Commodities

In commodity news, oil traded up 2.5% to $78.97 while gold traded down 0.3% at $1,961.20.

Silver traded down 1.1% to $24.585 on Monday while copper rose 1.1% to $3.8585.

 

Euro zone

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

The HCOB Eurozone manufacturing PMI declined to 42.7 in July from 43.4 in the prior month, while composite PMI slipped to 48.9 in July from 49.9 in the prior month.

The HCOB France composite PMI declined to 46.6 in July from 47.2 in June, while German composite PMI slipped to 48.3 in July from 50.6 in the prior month. Spain's producer prices fell 8.1% year-over-year in June. Excluding energy, the producer price inflation eased to 2.2% in June from 2.9% in May.

 

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei 225 falling 0.57%, China’s Shanghai Composite Index falling 0.06% and Hong Kong’s Hang Seng Index gaining 0.78%. India’s S&P BSE Sensex, meanwhile, fell 1.3%.

The au Jibun Bank Flash Japan services PMI fell to 53.9 in July compared to a final reading of 54.0 in the previous month, while manufacturing PMI declined to 49.4 in July from a final level of 49.8 in May. The Judo Bank Flash Australian composite PMI slipped to 48.3 in July from 50.1 in the prior month.

 

Economics

• The S&P Global services PMI fell to 52.4 in July from 54.4 the prior month.
• The S&P Global manufacturing PMI rose to 49 in July from a six-month low level of 46.3 in June.
• The Chicago Fed National Activity Index fell to -0.32 in June versus a revised -0.28 in May.

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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 107,455,000 cases with around 1,169,350 deaths. India confirmed a total of at least 44,995,050 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 691,827,450 cases of COVID-19 worldwide with more than 6,902,170 deaths.