Dow Rises 1.5%; Nasdaq Jumps Over 100 Points
U.S. stocks traded higher toward the end of trading, with the Dow Jones surging more than 450 points on Monday.
The Dow traded up 1.50% to 31,547.65 while the NASDAQ rose 1.04% to 10,972.47. The S&P 500 also rose, gaining, 1.38% to 3,804.48.
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Leading and Lagging Sectors
Health care shares climbed 2.1% on Monday. Leading the sector was strength from Vaxcyte, Inc. (NASDAQ:PCVX) and IMARA Inc. (NASDAQ:IMRA).
In trading on Monday, materials shares fell by 0.3%.
Top Headline
The S&P Global manufacturing PMI dropped to 49.9 in October from 52 in September, down from market estimates of 51. US services PMI fell to 46.6 in October from 49.3 in the prior month.
Equities Trading UP
- Vaxcyte, Inc. (NASDAQ:PCVX) shares shot up 67% to $34.29 after the company announced positive topline results from the Phase 1/2 clinical proof-of-concept study evaluating the safety, tolerability and immunogenicity of VAX-24.
- Shares of Applied Genetic Technologies Corporation (NASDAQ:AGTC) got a boost, shooting 60% to $0.3845 after Syncona announced it will acquire the company for $0.34 per share in cash plus up to $0.73 per CVR.
- Motus GI Holdings, Inc. (NASDAQ:MOTS) shares were also up, gaining 30% to $2.0785 after the company announced clinical data for Pure-Vu EVS in three poster presentations at the American College of Gastroenterology 2022 Annual Scientific Meeting.
Equities Trading DOWN
- Tricida, Inc. (NASDAQ:TCDA) shares tumbled 94% to $0.5994 after the company announced its VALOR-CKD trial did not meet its primary endpoint.
- Shares of Accelerate Diagnostics, Inc. (NASDAQ:AXDX) were down 40% to $0.9550 after the FDA clarified to the company that it must obtain a 510(k) clearance in order to continue marketing and distributing the Accelerate Arc Products in the United States.
- Soluna Holdings, Inc. (NASDAQ:SLNH) was down, falling 34% to $1.1950 after the company reported pricing of $2 million underwritten public offering of common stock.
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Commodities
In commodity news, oil traded down 0.3% to $84.79, while gold traded down 0.1% at $1,654.70.
Silver traded down 0.7% to $19.225 on Monday while copper fell 1.2% to $3.4340.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 1.4%, London’s FTSE 100 rose 0.64% while Spain’s IBEX 35 Index rose 1.79%. The German DAX gained 1.58%, French CAC 40 gained 1.59% and Italy’s FTSE MIB Index gained 1.93%.
UK’s manufacturing PMI declined to 45.8 in October from 48.4 a month ago. The S&P Global Eurozone manufacturing PMI dropped to 46.6 in October from 48.4 in September, while services PMI fell to 48.2 from 48.8. The S&P Global Composite PMI in Germany fell to 44.1 in October from 45.7 in the previous month, while French Composite PMI dropped to 50 in October from 51.2 in September.
Economics
- The Chicago Fed National Activity Index came in unchanged at +0.10 in September, compared to the prior month's revised reading.
- The S&P Global manufacturing PMI dropped to 49.9 in October from 52 in September, down from market estimates of 51. US services PMI fell to 46.6 in October from 49.3 in the prior month.
Check out this: Investor Sentiment Improves Ahead Of Earnings Results
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,087,540 cases with around 1,092,940 deaths. India confirmed a total of at least 44,644,070 cases and 528,970 deaths, while France reported over 36,599,820 COVID-19 cases with 156,330 deaths. In total, there were at least 632,978,010 cases of COVID-19 worldwide with more than 6,583,160 deaths.