U.S. stocks traded mostly higher this morning, with the Nasdaq Composite gaining more than 100 points on Monday.
Following the market opening Monday, the Dow traded down 0.05% to 29,574.61 while the NASDAQ rose 1.18% to 10,996.37. The S&P 500 also rose, gaining, 0.43% to 3,709.16.
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Leading and Lagging Sectors
Health care shares fell by just 1.5% on Monday. Meanwhile, top gainers in the sector included Cassava Sciences, Inc. (NASDAQ:SAVA), up 35% and Talkspace, Inc. (NASDAQ:TALK) up 17%.
In trading on Monday, energy shares dipped by 7.2%.
The Chicago Fed National Activity Index declined to 0 in August compared to a five-month high level of 0.29 in the previous month.
Equities Trading UP
- LAVA Therapeutics N.V. (NASDAQ:LVTX) shares shot up 88% to $4.50 after the company and Seagen Inc (NASDAQ:SGEN) announced an exclusive license agreement in which Seagen will work to develop, manufacture and commercialize LAVA-1223.
- Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) got a boost, shooting 34% to $7.08 after Macau officials signaled that COVID-19 travel restrictions will be lifted. Citigroup analyst George Choi also maintained Melco with a Buy rating and raised the price target from $11 to $11.50.
- Aditxt, Inc. (NASDAQ:ADTX) shares were also up, gaining 30% to $3.47 after amended 13G filing showed a 9.9% stake from Intracoastal Capital LLC.
Equities Trading DOWN
- Snow Lake Resources Ltd. (NASDAQ:LITM) shares tumbled 23% to $2.4413 after jumping 92% on Friday.
- Shares of Golden Sun Education Group Limited (NASDAQ:GSUN) were down 16% to $44.50 after the company announced pricing of a $3.1 million public offering of 2 million shares of common stock at $1.55 per share.
- Avenue Therapeutics, Inc. (NASDAQ:ATXI) was down, falling 16% to $3.78. Avenue Therapeutics recently received the official meeting minutes from the FDA regarding a meeting conducted for IV Tramadol in combination with other opioid analgesics to manage moderate-to-moderately severe pain. Concurrently, Avenue Therapeutics announced that it would effect a 1-for-15 reverse stock split.
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In commodity news, oil traded up 1.8% to $80.13, while gold traded down 0.2% at $1,653.10.
Silver traded up 0.3% to $18.965 on Monday while copper rose 0.4% to $3.3560.
European shares were mixed today. The eurozone’s STOXX 600 fell 0.1%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 0.6%. The German DAX gained 0.1%, French CAC 40 rose 0.1% and Italy’s FTSE MIB Index gained 0.8%.
The Ifo Business Climate indicator for Germany fell to 84.3 in September 2022, down from market expectations of 87.0, while Spanish producer price inflation accelerated to 41.8% in August versus a revised 40.5% in the prior month.
- The Chicago Fed National Activity Index declined to 0 in August compared to a five-month high level of 0.29 in the previous month.
- The Dallas Fed manufacturing index for September will be released at 10:30 a.m. ET.
- The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
- Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 12:00 p.m. ET.
- The Treasury will auction 2-year notes at 1:00 p.m. ET.
- Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 4:00 p.m. ET.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 97,905,910 cases with around 1,081,710 deaths. India confirmed a total of at least 44,572,240 cases and 528,530 deaths, while France reported over 35,157,040 COVID-19 cases with 154,880 deaths. In total, there were at least 620,376,900 cases of COVID-19 worldwide with more than 6,540,610 deaths.