Nasdaq Edges Higher; Applied Digital Shares Jump

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining around 175 points on Monday.

The Dow traded up 0.50% to 35,404.68 while the NASDAQ rose 0.07% to 14,043.11. The S&P 500, also rose, gaining, 0.33% to 4,551.17.

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Leading and Lagging Sectors

• Energy shares climbed by 1.7% on Monday.
• In trading on Monday, utilities shares fell by 0.5%.

 

Top Headline

The S&P Global composite PMI fell to 52.0 in July from 53.2 the prior month.

 

Equities Trading UP

• Tupperware Brands Corporation (NYSE:TUP) shares shot up 61% to $1.45 on above-average volume amid retail investor interest.
• Shares of AMC Entertainment Holdings, Inc. (NYSE:AMC) got a boost, shooting 34% to $5.88 after a Delaware judge denied the company from converting its AMC preferred equity units into common stock.
• Applied Digital Corporation (NASDAQ:APLD) shares were also up, gaining 13% to $8.70 after the company reported better-than-expected fourth-quarter adjusted EPS results and issued FY24 revenue guidance above estimates.

 

Equities Trading DOWN

• AppHarvest, Inc. (NASDAQ:APPH) shares dropped 72% to $0.0924. AppHarvest announced Chapter 11 filing to support a financial and operational transition.
• Shares of Kodiak Sciences Inc. (NASDAQ:KOD) were down 46% to $3.9250 after the company released topline results from three Phase 3 studies of tarcocimab tedromer for neovascular age-related macular degeneration and diabetic macular edema.
• 22nd Century Group, Inc. (NYSE:XXII) was down, falling 39% to $2.9690. 22nd Century named interim CEO and implemented a $15 million cost reduction initiative.

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Commodities

In commodity news, oil traded up 2.5% to $78.97 while gold traded down 0.6% at $1,955.80.

Silver traded down 1.4% to $24.50 on Monday while copper rose 0.7% to $3.8450.

 

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.06%, London’s FTSE 100 rose 0.19% while Spain’s IBEX 35 Index fell 0.29% The German DAX rose 0.08% French CAC 40 fell 0.07% and Italy’s FTSE MIB Index rose 0.18%.

The HCOB Eurozone manufacturing PMI declined to 42.7 in July from 43.4 in the prior month, while composite PMI slipped to 48.9 in July from 49.9 in the prior month.

The HCOB France composite PMI declined to 46.6 in July from 47.2 in June, while German composite PMI slipped to 48.3 in July from 50.6 in the prior month. Spain's producer prices fell 8.1% year-over-year in June. Excluding energy, the producer price inflation eased to 2.2% in June from 2.9% in May.

 

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei 225 falling 0.57%, China’s Shanghai Composite Index falling 0.06% and Hong Kong’s Hang Seng Index gaining 0.78%. India’s S&P BSE Sensex, meanwhile, fell 1.3%.

The au Jibun Bank Flash Japan services PMI fell to 53.9 in July compared to a final reading of 54.0 in the previous month, while manufacturing PMI declined to 49.4 in July from a final level of 49.8 in May. The Judo Bank Flash Australian composite PMI slipped to 48.3 in July from 50.1 in the prior month.

 

Economics

• The S&P Global services PMI fell to 52.4 in July from 54.4 the prior month.
• The S&P Global manufacturing PMI rose to 49 in July from a six-month low level of 46.3 in June.
• The Chicago Fed National Activity Index fell to -0.32 in June versus a revised -0.28 in May.

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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 107,455,000 cases with around 1,169,350 deaths. India confirmed a total of at least 44,995,050 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 691,827,450 cases of COVID-19 worldwide with more than 6,902,170 deaths.