Nasdaq Jumps 270 Points; Silver Surges Over 8%
U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite climbing more than 200 points on Monday.
The Dow traded up 2.93% to 29,566.07 while the NASDAQ rose 2.56% to 10,846.26. The S&P 500 also rose, gaining, 2.85% to 3,687.75.
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Leading and Lagging Sectors
Energy shares jumped by 4.9% on Monday. Leading the sector was strength from Ultrapar Participações S.A. (NYSE:UGP) and Amplify Energy Corp. (NYSE:AMPY).
In trading on Monday, consumer discretionary shares rose by just 0.2%.
Top Headline
The ISM manufacturing PMI unexpectedly dropped to 50.9 in September, compared with 52.8 in the previous month. However, analysts were expecting a reading of 52.2.
Equities Trading UP
- LogicBio Therapeutics, Inc. (NASDAQ:LOGC) shares shot up 644% to $2.0264 after the company announced it will be acquired by AstraZeneca's subsidiary, Alexion, for $2.07 per share.
- Shares of Flexible Solutions International, Inc. (NYSE:FSI) got a boost, shooting 39% to $2.3016. FSI reported termination of merger with Lygos Inc.
- Myovant Sciences Ltd. (NYSE:MYOV) shares were also up, gaining 38% to $24.84 after the company received an acquisition offer from Sumitovant Biopharma and Sumitormo Pharma to acquire the company for $22.75 per share in cash.
Equities Trading DOWN
- Clene Inc. (NASDAQ:CLNN) shares tumbled 29% to $1.9770 after the company released topline results from the Healey ALS Platform trial of CNM-Au8, an investigational gold nanocrystal suspension, in participants with amyotrophic lateral sclerosis (ALS).
- Shares of Blue Apron Holdings, Inc. (NYSE:APRN) were down 40% to $3.4808 after the company announced an equity distribution agreement allowing the company to sell up to $15 million of stock.
- Timber Pharmaceuticals, Inc. (NASDAQ:TMBR) was down, falling 20% to $0.0961 after the company announced a $1.3 million registered direct offering.
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Commodities
In commodity news, oil traded up 5.1% to $83.53, while gold traded up 1.8% at $1,701.70.
Silver traded up 8.2% to $20.605 on Monday while copper fell 0.1% to $3.4115.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 gained 0.77%, London’s FTSE 100 rose 0.22% while Spain’s IBEX 35 Index rose 1.29%. The German DAX gained 0.79%, French CAC 40 gained 0.55% and Italy’s FTSE MIB Index gained 1.57%.
The S&P Global Eurozone manufacturing PMI was revised lower to 48.4 in September compared to a preliminary reading of 48.5. The S&P Global/CIPS manufacturing PMI for UK was revised lower to 48.4 in September from a preliminary level of 48.5, while German manufacturing PMI fell to 47.8 in September from a preliminary reading of 48.3.
The S&P Global French manufacturing PMI fell to 47.7 in September versus 50.6 in the previous month, while Italian manufacturing PMI rose to 48.3 in September from the 48 a month ago. The S&P Global manufacturing PMI for Spain dropped to 49 in September from 49.9 in the prior month.
Economics
- The final reading of S&P Global manufacturing PMI was revised higher to 52 for September from preliminary reading of 51.8 and up from 51.5 in August.
- The ISM manufacturing PMI unexpectedly dropped to 50.9 in September, compared with 52.8 in the previous month. However, analysts were expecting a reading of 52.2.
- Construction spending in the US dropped by 0.7% from the prior month to an annual rate of $1.78 billion in August.
Check out this: Investor Fear Eases Slightly Despite Dow Dipping Around 9% In September
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,254,650 cases with around 1,084,890 deaths. India confirmed a total of at least 44,597,490 cases and 528,700 deaths, while France reported over 35,475,260 COVID-19 cases with 155,110 deaths. In total, there were at least 623,554,200 cases of COVID-19 worldwide with more than 6,550,950 deaths.