Crude Oil Down Over 2%; Verb Technology Shares Spike Higher

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 150 points on Monday.

The Dow traded up 0.41% to 43,039.53 while the NASDAQ rose 0.81% to 18,490.66. The S&P 500 also rose, gaining, 0.69% to 5,855.38.

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Leading and Lagging Sectors

Information technology shares jumped by 1.2% on Monday.

In trading on Monday, energy shares fell by 0.1%.

Top Headline

Boeing BA revealed plans to cut its workforce by about 10%, reportedly equating to approximately 17,000 jobs.

The layoffs will unfold over the next few months, affecting executives, managers, and other employees. Kelly Ortberg, Boeing's president and CEO, communicated this decision to staff via email. According to a Reuters report, these layoffs will impact nearly 17,000 jobs.

Equities Trading UP
                       

• Tevogen Bio Holdings Inc. TVGN shares shot up 201% to $1.1450. Tevogen Bio plans to share $1 billion + revenue potential of its pipeline portfolio beginning week of Oct. 14.
• Shares of Verb Technology Company, Inc. VERB got a boost, surging 75% to $13.90 after the CEO, in a letter to shareholders, highlighted the company's cash balance and implied the stock is undervalued. CEO Rory J. Cutaia started off the letter to shareholders highlighting key pieces of financial data related to Verb. Specifically, Cutaia highlighted the company's market cap of $3.8 million as October 10 and its cash balance of $17.2 million as of the its last Form 10-Q filing.
• Expion360 Inc. XPON shares were also up, gaining 36% to $3.24.

Equities Trading DOWN

• Molecular Templates, Inc. MTEM shares dropped 75% to $0.3664 after the company announced it approved the liquidation and wind-up of the company.
• Shares of Zapata Computing Holdings Inc. ZPTA were down 70% to $0.0776.
• Vicinity Motor Corp. VEV was down, falling 32% to $0.0800. Vicinity Motor failed to renegotiate terms with creditors and concluded workout plan without restructuring.

Commodities

In commodity news, oil traded down 2.4% to $73.78 while gold traded down 0.5% at $2,663.60.

Silver traded down 1.4% to $31.325 on Monday, while copper fell 2.1% to $4.4005.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.53%, Germany's DAX gained 0.69% and France's CAC 40 rose 0.32%. Spain's IBEX 35 Index rose 1.12%, while London's FTSE 100 rose 0.47%.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Hong Kong's Hang Seng Index falling 0.75%, China's Shanghai Composite Index gaining 2.07% and India's BSE Sensex gaining 0.73%.

Economics

No major economic reports are scheduled for release today.

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