S&P 500 Rises 1%, InMed Pharmaceuticals Shares Spike Higher

This post was originally published on this site

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 200 points on Monday.

The Dow traded up 0.68% to 32,370.32 while the NASDAQ rose 1.13% to 12,249.34. The S&P 500 also rose, gaining, 0.99% to 4,107.81.

Also check this: Volatility In Markets Drops After US Stocks Record Weekly Gains

Leading and Lagging Sectors

  • Energy shares jumped by 1.6% on Monday. Meanwhile, top gainers in the sector included PHX Minerals Inc. (NYSE:PHX), up 6% and TETRA Technologies, Inc. (NYSE:TTI) up 6%.
  • In trading on Monday, communication services shares rose by just 0.2%.

Top Headline

U.S. consumer inflation expectations for the year ahead dropped to 5.7% in August from 6.2% in the previous month. It was the lowest reading since October 2021.

Equities Trading UP

  • Ventyx Biosciences, Inc. (NASDAQ:VTYX) shares shot up 61% to $37.26 after Oppenheimer maintained an Outperform rating on the stock and raised its price target from $40 to $65.
  • Shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) got a boost, shooting 55% to $17.09 after the company on Friday announced a $6 million private placement priced at $8.68 per share.
  • NeuroBo Pharmaceuticals, Inc. (NASDAQ:NRBO) shares were also up, gaining 123% to $0.6150 after the company announced a 1-for-30 reverse stock split.

Equities Trading DOWN

  • ShiftPixy, Inc. (NASDAQ:PIXY) shares tumbled 16% to $28.78 amid profit taking after the stock surged last week following the company’s announcement it plans to spin-off ShiftPixy Labs and dividend its digital securities to shareholders.
  • Shares of Tuesday Morning Corporation (NASDAQ:TUEM) were down 25% to $0.21 after the company secured commitment for strategic investment from a group led by Retail Ecommerce Ventures LLC, the owner of Pier 1 Imports and top consumer brands.
  • Akari Therapeutics, Plc (NASDAQ:AKTX) was down, falling 25% to $0.7760 after the company announced a $12.75 million registered direct offering.

Also check out: Kroger, DocuSign And Other Big Gainers From Friday

Commodities

In commodity news, oil traded up 1% to $87.69, while gold traded up 0.7% at $1,740.10.

Silver traded up 5.6% to $19.815 on Monday while copper rose 1.3% to $3.6140.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.76%, London’s FTSE 100 rose 1.66%, while Spain’s IBEX 35 Index rose 2.01%. The German DAX gained 2.40%, French CAC 40 rose 1.95% and Italy’s FTSE MIB Index gained 2.33%.

Industrial production in the UK dropped by 0.3% from a month ago in July versus a 0.9% drop in the previous month. The country’s trade deficit also shrank to GBP 7.8 billion in July from GBP 11.4 billion a month ago. The British economy grew by 0.2% in July from the previous month, compared to a 0.6% decline in the prior month.

Industrial production in Italy rose 0.4% from a month ago in July following a revised 2% decline in the prior month.

Economics

U.S. consumer inflation expectations for the year ahead dropped to 5.7% in August from 6.2% in the previous month. It was the lowest reading since October 2021.

Check out this: Bitcoin Surges Past $22,000, Here Are Other Crypto Movers That Should Be On Your Radar Today

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 97,095,090 cases with around 1,075,660 deaths. India confirmed a total of at least 44,500,580 cases and 528,160 deaths, while France reported over 34,718,130 COVID-19 cases with 154,460 deaths. In total, there were at least 613,950,810 cases of COVID-19 worldwide with more than 6,516,850 deaths.