US Stocks Mostly Higher; Nasdaq Jumps 100 Points

U.S. stocks traded mostly higher this morning, with the Nasdaq Composite gaining more than 100 points on Monday.

Following the market opening Monday, the Dow traded down 0.11% to 34,461.22 while the NASDAQ rose 0.95% to 13,416.64. The S&P 500, also rose, gaining, 0.39% to 4,386.63.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 1.3% on Monday.

In trading on Monday, utilities shares fell by 0.8%.

 

Top Headline

Palo Alto Networks, Inc. PANW reported better-than-expected fourth-quarter earnings and issued strong billings outlook for the year.

Palo Alto posted quarterly earnings of $1.44 per share, beating market estimates of $1.28 per share. The company’s quarterly sales came in at $1.95 billion versus estimates of $1.96 billion.

 

Equities Trading UP

China SXT Pharmaceuticals, Inc. SXTC shares shot up 113% to $0.3199.

Shares of Timber Pharmaceuticals, Inc. TMBR got a boost, shooting 96% to $2.78 as the company agreed to be acquired by LEO US Holding, Inc., a wholly-owned subsidiary of LEO Pharma A/S, for a total transaction value of $36 million..

Waldencast plc WALD shares were also up, gaining 19% to $7.40.

 

Equities Trading DOWN

Super League Gaming, Inc. SLGG shares dropped 47% to $0.1271 after the company reported pricing of $2.2 million underwritten public offering of 16,923,077 shares of common stock at $0.13 per share.

Shares of Napco Security Technologies, Inc. NSSC were down 40% to $23.02 after the company reported preliminary fourth quarter results and restatement of prior three quarters.

PARTS iD, Inc. ID was down, falling 22% to $0.2501. PARTS iD recently announced acceptance of compliance plan by NYSE American.

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Commodities

In commodity news, oil traded up 0.5% to $81.68 while gold traded up 0.1% at $1,918.60.

Silver traded up 1.4% to $23.055 on Monday while copper rose 0.3% to $3.7155.

 

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.3% London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index slipped 0.1% The German DAX gained 0.3% French CAC 40 rose 0.6%, while Italy’s FTSE MIB Index jumped 1%.

Producer prices in Germany fell by 6.0% year-over-year in July compared to a 0.1% increase in June.

 

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 rising 0.37%, China’s Shanghai Composite Index declining 1.24% and Hong Kong’s Hang Seng Index falling 1.82%. India’s S&P BSE Sensex, meanwhile, rose 0.41%.

The annual inflation rate in Hong Kong eased to 1.8% in July from 1.9% in the prior month.

 

Economics

There were no major US economic releases Monday.

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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 107,805,870 cases with around 1,172,450 deaths. India confirmed a total of at least 44,996,590 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,688,420 cases of COVID-19 worldwide with more than 6,908,730 deaths.