US Stocks Open Higher; Dow Surges 300 Points

U.S. stocks traded higher this morning, with the Dow Jones gaining around 300 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 1.03% to 29,563.11 while the NASDAQ rose 1.67% to 10,983.20. The S&P 500 also rose, gaining, 1.19% to 3,698.48.

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Leading and Lagging Sectors

Energy shares rose by 2.8% on Tuesday.

In trading on Tuesday, utilities shares rose by just 0.1%.

Top Headline

US durable goods orders fell 0.2% month-over-month in August.

 

Equities Trading UP

 

• Avenue Therapeutics, Inc. ATXI shares shot up 189% to $10.19. 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.
• Shares of InMed Pharmaceuticals Inc. INM got a boost, shooting 45% to $7.41. InMed recently reported a FY22 net loss of $33.17 per share.
• Grove Collaborative Holdings, Inc. GROV shares were also up, gaining 39% to $4.10. Grove Collaborative continued retail expansion with entry into thousands of more stores.

 

 

Equities Trading DOWN

• Avidity Biosciences, Inc. RNA shares tumbled 16% to $15.73. The FDA has placed a partial clinical hold on new participant enrollment in Avidity Biosciences’ Phase 1/2 MARINA trial of AOC 1001 in adults with myotonic dystrophy type 1 (DM1).
• Shares of Evaxion Biotech A/S EVAX were down 13% to $2.39. Evaxion Biotech recently announced it reached an important milestone announcing today that it had enrolled its first patient in the global phase 2b clinical trial of EVX-01.
• Polar Power, Inc. POLA was down, falling 12% to $2.78 after gaining around 25% on Monday.

 

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Commodities

In commodity news, oil traded up 2.6% to $78.72, while gold traded up 0.7% at $1,644.70.

Silver traded up 1.4% to $18.73 on Tuesday while copper rose 0.9% to $3.3235.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.7%, London’s FTSE 100 rose 0.4% while Spain’s IBEX 35 Index fell 0.1%. The German DAX gained 0.5%, French CAC 40 rose 0.7% and Italy’s FTSE MIB Index gained 0.2%.

Loans to households in the Eurozone climbed 4.5% year-over-year in August, while number of people registered at out of work in mainland France dropped by 1 thousand from the prior month to 2.966 million during August.

 

Economics

 

• US durable goods orders fell 0.2% month-over-month in August.
• The S&P CoreLogic Case-Shiller 20-city home price index rose 16.1% year-over-year in July.
• The FHFA's house price index fell 0.6% from a month ago in July.
• New home sales jumped 28.8% from a month ago to a five-month high of 685,000 in August.
• The Richmond Fed composite manufacturing index came in at 0 in September versus -8 in the prior month.
• The Treasury is set to auction 5-year notes at 1:00 p.m. ET.
• Data on money supply for August will be released at 1:00 p.m. ET.
• Federal Reserve Bank of San Francisco President Mary Daly will speak at 8:55 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 97,959,570 cases with around 1,082,030 deaths. India confirmed a total of at least 44,575,470 cases and 528,560 deaths, while France reported over 35,164,530 COVID-19 cases with 154,960 deaths. In total, there were at least 620,803,240 cases of COVID-19 worldwide with more than 6,541,900 deaths.