U.S. Stocks Turn Higher; Crude Oil Tumbles

U.S. stocks turned higher midway through trading, after recording gains in the previous session.

The Dow traded up 0.29% to 32,939.84 while the NASDAQ rose 0.65% to 12,471.17. The S&P also rose, gaining, 0.24% to 4,140.40.

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Leading and Lagging Sectors

Consumer discretionary shares climbed 1.6% on Monday. Meanwhile, top gainers in the sector included Golden Sun Education Group Limited GSUN, up 17% and Volta Inc. VLTA up 17%.

In trading on Monday, energy shares fell 2.6%.

Top Headline

The ISM manufacturing PMI fell to 52.8 in July from 53 in the previous month. However, analysts were expecting a reading of 52.

Equities Trading UP

TherapeuticsMD, Inc. TXMD shares shot up 21% to $7.54 after the company announced it has received a $15 million private investment from Rubric Capital Management.

Shares of Celyad Oncology SA CYAD got a boost, shooting 45% to $2.52. The FDA has lifted the clinical hold on Celyad Oncology’s CYAD-101-002 (KEYNOTE-B79) Phase 1b trial after the company made changes to the eligibility criteria for the trial.

MediaCo Holding Inc. MDIA shares were also up, gaining 68% to $3.48. MediaCo Holding 10% owner Soohyung Kim bought a total of 12,899,480 shares at an average price of $2.32.

Equities Trading DOWN

Kazia Therapeutics Limited KZIA shares tumbled 42% to $2.10 after the company announced its GBM AGILE pivotal study for paxalisib did not meet the pre-defined criteria for continuing to a second stage.

Shares of Zovio Inc ZVO were down 28% to $0.74 as the company reported a second-quarter FY22 sales decline of 25.7% year-on-year, to $51.38 million.

Otonomy, Inc. OTIC was down, falling 77% to $0.3240 after the company announced it will discontinue development of OTO-313 after the Phase 2 trial of OTO-313 in patients with tinnitus demonstrated no clinically meaningful improvement versus placebo for primary and secondary endpoints across all timepoints.

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Commodities

In commodity news, oil traded down 5.5% to $93.18, while gold traded up 0.2% to $1,785.30.

Silver traded up 0.5% to $20.295 on Monday while copper fell 1.4% to $3.5220.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.08%, London’s FTSE 100 gained 0.07% while Spain’s IBEX 35 Index fell 0.82%. The German DAX gained 0.15%, French CAC 40 fell 0.05% and Italy’s FTSE MIB Index gained 0.29%.

The unemployment rate in the Eurozone came in unchanged at 6.6% for June, while manufacturing PMI fell to 49.8 in July from 52.1 in June. Retail sales in Germany declined 1.6% month-over-month in June versus a revised 1.2% increase in May, while the country’s manufacturing PMI rose to 49.3 in July from a preliminary level of 49.2.

The S&P Global/CIPS UK manufacturing PMI fell to 52.1 in July from a preliminary reading of 52.2, while Italian manufacturing PMI declined to 48.5 in July from 50.9 in June. The S&P Global manufacturing PMI for France dropped to 49.5 in July from 51.4 a month ago.

Economics

The S&P Global manufacturing PMI fell to 52.2 in July from a preliminary reading of 52.3.

The ISM manufacturing PMI fell to 52.8 in July from 53 in the previous month. However, analysts were expecting a reading of 52.

Construction spending dropped by 1.1% from the prior month to an annual rate of $1.76 trillion in June.

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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 93,082,190 cases with around 1,055,050 deaths. India confirmed a total of at least 44,036,270 cases and 526,390 deaths, while France reported over 33,859,570 COVID-19 cases with 151,980 deaths. In total, there were at least 582,459,460 cases of COVID-19 worldwide with more than 6,420,210 deaths.