US Stocks Open Higher; Dow Jumps 150 Points

U.S. stocks traded higher this morning, with the Dow Jones gaining around 150 points on Monday.

Following the market opening Monday, the Dow traded up 0.46% to 34,736.26 while the NASDAQ rose 0.94% to 13,891.02. The S&P 500, also rose, gaining, 0.68% to 4,488.02.

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Leading and Lagging Sectors

 

Consumer discretionary shares jumped by 1.4% on Monday.

In trading on Monday, health care shares rose by just 0.1%.

 

Top Headline

 

Virco Mfg. Corporation VIRC reported better-than-expected second-quarter earnings.

Virco Mfg posted quarterly earnings of 95 cents per share, beating market estimates of 64 cents per share. The company’s quarterly sales came in at $107.32 million versus expectations of $95.22 million.

 

Equities Trading UP

 

NovaBay Pharmaceuticals, Inc. NBY shares shot up 101% to $1.24 after the company granted Biostem Technologies the right to commercialize amniotic tissue allograft, which is intended for use as a protective covering during the repair of ocular surfaces.

Shares of Crinetics Pharmaceuticals, Inc. CRNX got a boost, shooting 61% to $25.77 after the company's once-daily oral paltusotine achieved the primary and secondary endpoints in the Phase 3 PATHFNDR-1 study in acromegaly.

Versus Systems Inc. VS shares were also up, gaining 23% to $0.3205.

 

Equities Trading DOWN

 

SigmaTron International, Inc. SGMA shares dropped 39% to $4.59 after the company released first-quarter earnings.

Shares of Tenon Medical, Inc. TNON were down 31% to $0.1735 after the company announced proposed public offering of common stock.

Solowin Holdings SWIN was down, falling 24% to $3.7180. Solowin Holdings announced closing of initial public offering.

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Commodities

 

In commodity news, oil traded down 0.5% to $87.04 while gold traded up 0.3% at $1,948.70.

Silver traded up 0.6% to $23.32 on Monday while copper rose 1.9% to $3.7870.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 gained 0.3% London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.2% The German DAX rose 0.5% French CAC 40 rose 0.4%, while Italy’s FTSE MIB Index rose 0.8%.

Industrial production in Italy fell 0.7% from a month ago in July versus a 0.5% growth in the prior month.

 

Asia Pacific Markets

 

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 falling 0.43%, Hong Kong’s Hang Seng Index fell 0.58% and China’s Shanghai Composite Index gaining 0.84%. India’s S&P BSE Sensex, meanwhile, rose 0.5%.

China's consumer prices increased by 0.1% year-over-year in August compared to market views of a 0.2% gain, while producer prices fell 3.0% year-over-year in August following a 4.4% decline a month ago. China's vehicle sales jumped by 8.4% year-over-year to 2.582 million units in August versus a 1.4% fall in the prior month, while total social financing increased to CNY 3.12 trillion in August from CNY 0.53 trillion a month ago. Japan's machine tool orders declined 17.6% year-over-year to JPY 114,746 million in August.

 

Economics

 

There were no major US economic releases Monday.

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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 108,296,300 cases with around 1,174,580 deaths. India confirmed a total of at least 44,997,710 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 695,108,160 cases of COVID-19 worldwide with more than 6,914,370 deaths.