Mid-Afternoon Market Update: Nasdaq Jumps 375 Points; Imperial Petroleum Shares Drop

US stocks recorded gains on the final trading day of January, with the Nasdaq Composite surging more than 350 points on Monday.

Toward the end of trading Monday, the Dow traded up 0.78% to 34,996.36 while the NASDAQ rose 2.72% to 14,146.04. The S&P also rose, gaining, 1.48% to 4,497.22.

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Leading and Lagging Sectors

Consumer discretionary shares jumped 2.6% on Monday. Meanwhile, top gainers in the sector included Bassett Furniture Industries, Incorporated BSET, up 32% and Arrival ARVL up 28%.

In trading on Monday, energy shares rose by just 0.02%.

Top Headline

Trane Technologies plc TT reported upbeat earnings for its fourth quarter.

Trane Technologies reported quarterly earnings of $1.36 per share, exceeding analysts’ estimates of $1.31 per share. The company’s quarterly sales came in at $3.57 billion, versus estimates of $3.55 billion.

Trane Technologies said it sees FY22 EPS of $6.95 to $7.15, versus expectations of $6.97 per share.

Equities Trading UP

Akoustis Technologies, Inc. AKTS shares shot up 17% to $5.91 after the company reported Q2 earnings results and announced five new Wi-Fi design wins. Akoustis sees Q3 revenue growth of 25% Q/Q.

Shares of Inspira Technologies Oxy B.H.N. Ltd. IINN got a boost, shooting 32% to $3.03 after the company announced it signed an exclusive summary distribution agreement with Glo-Med Networks for distribution across 6 states in the United States.

Bassett Furniture Industries, Incorporated BSET shares were also up, gaining 32% to $18.40 after J.B. Hunt announced it will acquire the company's Zenith Freight Lines for $87 million. The company also issued preliminary Q4 results.

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Equities Trading DOWN

Imperial Petroleum Inc. IMPP shares tumbled 52% to $1.04 after the company reported pricing of upsized $12 million underwritten public offering.

Shares of Eros STX Global Corporation ESGC were down 22% to $0.2221. ErosSTX reported a reverse stock split.

NRx Pharmaceuticals, Inc. NRXP was down, falling 9% to $2.8350. NRx Pharmaceuticals reported $25 million private placement priced at a premium to market under Nasdaq rules.

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Commodities

In commodity news, oil traded up 0.6% to $87.35, while gold traded up 0.7% to $1,798.90.

Silver traded up 0.9% Monday to $22.49 while copper rose 0.4% to $4.3265.

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Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.72%, London’s FTSE 100 slipped 0.02%, while Spain’s IBEX 35 Index rose 0.03%. The German DAX surged 0.99%, French CAC 40 gained 0.48% and Italy’s FTSE MIB Index climbed 0.94%.

Spanish retail trade dropped 2.3% year-over-year in December following a revised 5.1% increase in the prior month, while annual inflation rate eased to 6% in January.

Economics

The Dallas Fed manufacturing index dropped to 2 in January from a revised level of 7.8 in December.

Data on farm prices for December will be released at 3:00 p.m. ET.

Check out the full economic calendar here