US Stocks Mostly Higher; Nasdaq Jumps 100 Points

Benzinga2023-08-21

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 0.11% to 34,461.22 while the NASDAQ rose 0.95% to 13,416.64. The S&P 500, also rose, gaining, 0.39% to 4,386.63.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 1.3% on Monday.

In trading on Monday, utilities shares fell by 0.8%.

Top Headline

Palo Alto Networks, Inc. (NYSE:PANW) reported better-than-expected fourth-quarter earnings and issued strong billings outlook for the year.

Palo Alto posted quarterly earnings of $1.44 per share, beating market estimates of $1.28 per share. The company’s quarterly sales came in at $1.95 billion versus estimates of $1.96 billion.

Equities Trading UP

China SXT Pharmaceuticals, Inc. (NASDAQ:SXTC) shares shot up 113% to $0.3199.

Shares of Timber Pharmaceuticals, Inc. (NYSE:TMBR) got a boost, shooting 96% to $2.78 as the company agreed to be acquired by LEO US Holding, Inc., a wholly-owned subsidiary of LEO Pharma A/S, for a total transaction value of $36 million..

Waldencast plc (NASDAQ:WALD) shares were also up, gaining 19% to $7.40.

Equities Trading DOWN

Super League Gaming, Inc. (NASDAQ:SLGG) shares dropped 47% to $0.1271 after the company reported pricing of $2.2 million underwritten public offering of 16,923,077 shares of common stock at $0.13 per share.

Shares of Napco Security Technologies, Inc. (NASDAQ:NSSC) were down 40% to $23.02 after the company reported preliminary fourth quarter results and restatement of prior three quarters.

PARTS iD, Inc. (NYSE:ID) was down, falling 22% to $0.2501. PARTS iD recently announced acceptance of compliance plan by NYSE American.

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Commodities

In commodity news, oil traded up 0.5% to $81.68 while gold traded up 0.1% at $1,918.60.

Silver traded up 1.4% to $23.055 on Monday while copper rose 0.3% to $3.7155.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.3% London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index slipped 0.1% The German DAX gained 0.3% French CAC 40 rose 0.6%, while Italy’s FTSE MIB Index jumped 1%.

Producer prices in Germany fell by 6.0% year-over-year in July compared to a 0.1% increase in June.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 rising 0.37%, China’s Shanghai Composite Index declining 1.24% and Hong Kong’s Hang Seng Index falling 1.82%. India’s S&P BSE Sensex, meanwhile, rose 0.41%.

The annual inflation rate in Hong Kong eased to 1.8% in July from 1.9% in the prior month.

Economics

There were no major US economic releases Monday.

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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 107,805,870 cases with around 1,172,450 deaths. India confirmed a total of at least 44,996,590 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,688,420 cases of COVID-19 worldwide with more than 6,908,730 deaths.

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