Dow Jumps 250 Points; Crude Oil Rises Over 1%

U.S. stocks traded higher midway through trading, with the Dow Jones gaining around 250 points on Monday.

The Dow traded up 0.80% to 32,408.75 while the NASDAQ rose 0.75% to 12,203.21. The S&P 500 also rose, gaining, 0.89% to 4,103.64.

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Leading and Lagging Sectors

• Energy shares jumped by 2.1% on Monday. Meanwhile, top gainers in the sector included ProFrac Holding Corp. PFHC, up 5% and Kinetik Holdings Inc. KNTK up 5%.
• In trading on Monday, communication services shares fell by 0.1%.

Top Headline

U.S. consumer inflation expectations for the year ahead dropped to 5.7% in August from 6.2% in the previous month. It was the lowest reading since October 2021.

Equities Trading UP

• Ventyx Biosciences, Inc. VTYX shares shot up 57% to $36.25 after Oppenheimer maintained an Outperform rating on the stock and raised its price target from $40 to $65.
• Shares of InMed Pharmaceuticals Inc. INM got a boost, shooting 67% to $18.35 after the company on Friday announced a $6 million private placement priced at $8.68 per share.
• NeuroBo Pharmaceuticals, Inc. NRBO shares were also up, gaining 89% to $0.5220 after the company announced a 1-for-30 reverse stock split.

Equities Trading DOWN

• Apexigen, Inc. APGN shares tumbled 15% to $6.49 after the company announced the presentation of new data from a Phase 2 trial evaluating sotigalimab in combination with neoadjuvant chemoradiation for resectable esophageal and gastroesophageal junction cancers.
• Shares of Tuesday Morning Corporation TUEM were down 24% to $0.2126 after the company secured commitment for strategic investment from a group led by Retail Ecommerce Ventures LLC, the owner of Pier 1 Imports and top consumer brands.
• Akari Therapeutics, Plc AKTX was down, falling 25% to $0.7799 after the company announced a $12.75 million registered direct offering.

Also check out: Kroger, DocuSign And Other Big Gainers From Friday

Commodities

In commodity news, oil traded up 1.4% to $87.97, while gold traded up 0.7% at $1,740.00.

Silver traded up 5.1% to $19.725 on Monday while copper rose 0.4% to $3.5810.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1.61%, London’s FTSE 100 rose 1.53%, while Spain’s IBEX 35 Index rose 1.92%. The German DAX gained 2.16%, French CAC 40 rose 1.81% and Italy’s FTSE MIB Index gained 2.09%.

Industrial production in the UK dropped by 0.3% from a month ago in July versus a 0.9% drop in the previous month. The country’s trade deficit also shrank to GBP 7.8 billion in July from GBP 11.4 billion a month ago. The British economy grew by 0.2% in July from the previous month, compared to a 0.6% decline in the prior month.

Industrial production in Italy rose 0.4% from a month ago in July following a revised 2% decline in the prior month.

Economics

• U.S. consumer inflation expectations for the year ahead dropped to 5.7% in August from 6.2% in the previous month. It was the lowest reading since October 2021.
• The Treasury will also auction 3-month bills and 10-year notes at 1:00 p.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 97,095,090 cases with around 1,075,660 deaths. India confirmed a total of at least 44,500,580 cases and 528,160 deaths, while France reported over 34,718,130 COVID-19 cases with 154,460 deaths. In total, there were at least 613,950,810 cases of COVID-19 worldwide with more than 6,516,850 deaths.