Crude Oil Tumbles 7%; ISM Manufacturing PMI Rises In October

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 200 points on Monday.

The Dow traded up 0.95% to 52,260.43 while the NASDAQ climbed 0.90% to 25,666.12. The S&P 500 also rose, gaining, 0.70% to 7,632.83.

Leading and Lagging Sectors

Consumer discretionary shares jumped by 3.7% on Monday.

In trading on Monday, energy stocks fell by 2.3%.

Top Headline

The ISM manufacturing PMI rose to 55.5 in October from 54.5 in September and topping market estimates of 54.6.

Equities Trading UP
           

• Inovio Pharmaceuticals Inc (NASDAQ:INO) shares shot up 190% to $1.74 after the FDA granted accelerated approval for Voceryq for the treatment of adults with recurrent respiratory papillomatosis.
• Shares of Perion Network Ltd (NASDAQ:PERI) got a boost, surging 31% to $11.40 after the company announced it will be acquired by Affle.
• Evgo Inc (NASDAQ:EVGO) shares were also up, gaining 48% to $1.86 after the company announced it will be acquired by LS Power Equity Advisors.

Equities Trading DOWN

• Karyopharm Therapeutics Inc (NASDAQ:KPTI) shares dipped 85% to $0.10 after the company announced it entered into a Restructuring Support Agreement.
• Shares of Bright Minds Biosciences Inc (NASDAQ:DRUG) were down 63% to $20.28 after the company announced that the FDA that the investigational new drug application for Developmental and Epileptic Encephalopathies and related Protocol BMB-101-105 has been placed on a partial clinical hold.
• Once Upon A Farm PBC (NYSE:OFRM) was down, falling 37% to $9.56 after the company said its Tractor Wheels recall affects a product line that accounted for about 18% of year-to-date sales and that it has not yet identified a root cause or estimated the financial impact.

Commodities 

In commodity news, oil traded down 7% to $96.81 while gold traded up 1.9% at $3,971.30.

Silver traded up 3.7% to $51.100 on Monday, while copper rose 1.4% to $6.5720.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.5%, while Spain’s IBEX 35 Index rose 1.6%, London’s FTSE 100 rose 0.4%, Germany’s DAX gained 0.7%, while France’s CAC 40 rose 1.1%.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 falling 0.33%, Hong Kong’s Hang Seng index gaining 0.42%, China’s SSE Composite Index surging 1.08% and India’s BSE Sensex gaining 1.66%.

Economics

• The ISM manufacturing PMI rose to 55.5 in October from 54.5 in September and topping market estimates of 54.6.
• The S&P Global manufacturing PMI was revised lower to 54.9 from an initial reading of 56, and versus 55.9 in September.

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