US Stocks Mostly Higher; Nasdaq Rises Over 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 0.05% to 29,574.61 while the NASDAQ rose 1.18% to 10,996.37. The S&P 500 also rose, gaining, 0.43% to 3,709.16.

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Top Headline

The Chicago Fed National Activity Index declined to 0 in August compared to a five-month high level of 0.29 in the previous month.

 

Equities Trading UP

 

• LAVA Therapeutics N.V. LVTX shares shot up 88% to $4.50 after the company and Seagen Inc SGEN announced an exclusive license agreement in which Seagen will work to develop, manufacture and commercialize LAVA-1223.
• Shares of Melco Resorts & Entertainment Limited MLCO got a boost, shooting 34% to $7.08 after Macau officials signaled that COVID-19 travel restrictions will be lifted. Citigroup analyst George Choi also maintained Melco with a Buy rating and raised the price target from $11 to $11.50.
• Aditxt, Inc. ADTX shares were also up, gaining 30% to $3.47 after amended 13G filing showed a 9.9% stake from Intracoastal Capital LLC.

 

 

Equities Trading DOWN

• Snow Lake Resources Ltd. LITM shares tumbled 23% to $2.4413 after jumping 92% on Friday.
• Shares of Golden Sun Education Group Limited GSUN were down 16% to $44.50 after the company announced pricing of a $3.1 million public offering of 2 million shares of common stock at $1.55 per share.
• Avenue Therapeutics, Inc. ATXI was down, falling 16% to $3.78. Avenue Therapeutics recently received the official meeting minutes from the FDA regarding a meeting conducted for IV Tramadol in combination with other opioid analgesics to manage moderate-to-moderately severe pain. Concurrently, Avenue Therapeutics announced that it would effect a 1-for-15 reverse stock split.

 

Also check out: BP, Costco, FedEx And Other Big Losers From Friday

Commodities

In commodity news, oil traded up 1.8% to $80.13, while gold traded down 0.2% at $1,653.10.

Silver traded up 0.3% to $18.965 on Monday while copper rose 0.4% to $3.3560.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 0.6%. The German DAX gained 0.1%, French CAC 40 rose 0.1% and Italy’s FTSE MIB Index gained 0.8%.

The Ifo Business Climate indicator for Germany fell to 84.3 in September 2022, down from market expectations of 87.0, while Spanish producer price inflation accelerated to 41.8% in August versus a revised 40.5% in the prior month.

 

Economics

 

• The Chicago Fed National Activity Index declined to 0 in August compared to a five-month high level of 0.29 in the previous month.
• The Dallas Fed manufacturing index for September will be released at 10:30 a.m. ET.
• The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
• Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 12:00 p.m. ET.
• The Treasury will auction 2-year notes at 1:00 p.m. ET.
• Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 4:00 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 97,905,910 cases with around 1,081,710 deaths. India confirmed a total of at least 44,572,240 cases and 528,530 deaths, while France reported over 35,157,040 COVID-19 cases with 154,880 deaths. In total, there were at least 620,376,900 cases of COVID-19 worldwide with more than 6,540,610 deaths.