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S&P 500 Rises 100 Points; Nasdaq Up 3%

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite climbing more than 300 points on Tuesday.

The Dow traded up 2.55% to 30,241.93 while the NASDAQ rose 3.14% to 11,155.04. The S&P 500 also rose, gaining, 2.72% to 3,778.66.

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Leading and Lagging Sectors



Energy shares jumped by 3.8% on Tuesday. Leading the sector was strength from The Cross Timbers Royalty Trust CRT and Genesis Energy, L.P. GEL.



In trading on Tuesday, consumer staples shares rose by just 1.3%.



Top Headline



US factory orders came in flat for August following a 1% drop in July.



Equities Trading UP

 

  • AeroClean Technologies, Inc. AERC shares shot up 58% to $5.07 after the company and Molekule announced they have entered into a definitive agreement to combine the companies in an all-stock merger.
  • Shares of Immunovant, Inc. IMVT got a boost, shooting 22% to $8.02. Immunovant announced pricing of a $75 million underwritten offering of common stock.
  • Inhibrx, Inc. INBX shares were also up, gaining 45% to $29.22 after the company announced that, based on discussions with the FDA, there is potential to pursue an accelerated approval in the U.S. for INBRX-101.

 

Equities Trading DOWN

  • KalVista Pharmaceuticals, Inc. KALV shares tumbled 57% to $6.12 after the company announced it terminated the KOMPLETE phase 2 clinical trial for KVD824 for the prevention of attacks in people with hereditary angioedema.
  • Shares of FaZe Holdings Inc. FAZE were down 36% to $5.20 after the company issued a filing showing issuance of up to roughly 5.92 million shares of common stock, the resale of up to roughly 64 million shares of common stock and the resale of roughly 173,000 warrants.
  • Verastem, Inc. VSTM was down, falling 31% to $0.60 after the company announced RAMP VS-6766 clinical trials and corporate updates.



Also check out: Investor Fear Eases As Dow Jumps Over 750 Points



Commodities

In commodity news, oil traded up 3.4% to $86.44, while gold traded up 1.7% at $1,730.40.



Silver traded up 2.4% to $21.085 on Tuesday while copper rose 2.4% to $3.49.



Euro zone



European shares closed higher today. The eurozone’s STOXX 600 gained 3.12%, London’s FTSE 100 rose 2.57% while Spain’s IBEX 35 Index rose 3.14%. The German DAX gained 3.78%, French CAC 40 gained 4.24% and Italy’s FTSE MIB Index gained 3.42%.

The producer price inflation in the Eurozone surged to a new record high of 43.3% year-over-year in August following a revised 38.0% in the previous month. The number of people registered as unemployed in Spain increased by 17,679 from a month ago to 2.94 million in September.

 

Economics

 

  • US factory orders came in flat for August following a 1% drop in July.
  • The number of job openings declined to 10.1 million in August from a revised 11.2 million in the earlier month.
  • The Logistics Manager’s Index rose for to 61.4 in September from 59.7 in the prior month.



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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 98,285,730 cases with around 1,085,060 deaths. India confirmed a total of at least 44,599,460 cases and 528,710 deaths, while France reported over 35,483,950 COVID-19 cases with 155,190 deaths. In total, there were at least 623,821,960 cases of COVID-19 worldwide with more than 6,552,050 deaths.

 

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